| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Good |
| Demographics | 46th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2160 78th St, Brooklyn, NY, 11214, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1991 |
| Units | 52 |
| Transaction Date | 2015-05-21 |
| Transaction Price | $9,100,000 |
| Buyer | BENSONHURST HOUSING FOR THE ELDERLY HOUS |
| Seller | BENSONHURST HOUSING FOR THE ELDERLY HOUS |
2160 78th St Brooklyn Multifamily — 52 Units, 1991
Renter demand is reinforced by a high neighborhood renter concentration and elevated ownership costs, according to WDSuite’s CRE market data. Expect durable leasing fundamentals with room for operational focus on retention as affordability pressure varies by household segment.
The property sits in an Urban Core neighborhood rated A- and ranked 169 out of 889 within the New York–Jersey City–White Plains metro, placing it in the top quartile among metro neighborhoods. Amenity access is a clear strength: cafes, groceries, restaurants, pharmacies, and parks register in the upper national percentiles, supporting daily convenience and lifestyle appeal that typically aids leasing and renewal velocity.
Vintage is a relative differentiator. With a 1991 construction year in a submarket where the average building stock skews older (1950s), this asset should compete favorably against legacy product. Investors should still underwrite routine modernization of interiors and building systems over the hold, but the age profile provides a competitive baseline versus prewar stock common in the area.
The neighborhood’s renter-occupied share is high (mid-60s percent), indicating a deep tenant base and sustained multifamily demand. Reported occupancy in the neighborhood has been healthy but modestly softer versus five years ago, suggesting stable day-to-day performance with a watchlist on renewal management and marketing cadence to preserve occupancy stability.
Within a 3-mile radius, demographics show a large population base with households trending upward and average household size edging lower over time. This combination points to a gradual renter pool expansion and broader demand for smaller formats, which aligns with the property’s average unit size. Household incomes have stepped higher in recent years, and median contract rents have also risen, consistent with metro patterns based on commercial real estate analysis from WDSuite’s datasets. Elevated home values locally reinforce reliance on rental housing, supporting pricing power, while a relatively high rent-to-income ratio in the neighborhood argues for careful lease management to limit turnover.
Schools in the area average around mid-scale ratings, which, while not a primary driver for all renter cohorts, can aid family retention. Overall, the combination of amenity density, a deep renter base, and competitive vintage underpins the location’s investment attractiveness, with the main watchpoints being affordability pressure and maintaining occupancy near recent norms.
Neighborhood safety trends are mixed in a broader context. Compared with neighborhoods nationwide, safety levels sit below the national median, but recent year-over-year data indicate meaningful declines in both violent and property offense rates, a constructive trend for investor sentiment and tenant retention. These are neighborhood-level indicators rather than property-specific observations.
Within the New York–Jersey City–White Plains metro (889 neighborhoods), the area is competitive but not top-tier on safety; however, the recent improvement trajectory suggests risk is easing rather than escalating. Investors should incorporate standard security, lighting, and access-control measures in operations to support leasing and resident satisfaction.
Proximity to major Manhattan and Brooklyn employers supports a wide commuter renter base and leasing stability. The following nearby corporate offices and headquarters provide diversified white-collar employment accessible from the property.
- Dr Pepper Snapple Group — corporate offices (5.2 miles)
- S&P Global — corporate offices (6.7 miles) — HQ
- Robert Half International — corporate offices (6.8 miles)
- Guardian Life Ins. Co. of America — corporate offices (6.8 miles) — HQ
- AIG — corporate offices (6.9 miles) — HQ
2160 78th St combines a competitive vintage (built 1991) with Urban Core fundamentals that score in the top quartile among 889 metro neighborhoods. Amenity density and elevated ownership costs underpin sustained renter demand, while the neighborhood’s high share of renter-occupied housing supports depth of the tenant base. According to CRE market data from WDSuite, neighborhood occupancy remains healthy despite a modest multi-year softening, suggesting a focus on renewals and targeted concessions can preserve stability.
Within a 3-mile radius, households are expanding as average household size trends lower, pointing to incremental demand for multifamily units and smaller floor plans. Income gains over recent years and rising contract rents validate pricing power, but a relatively high rent-to-income ratio and below-median national safety positioning argue for prudent lease management and ongoing property-level security investments. Overall, the asset’s relative youth versus local stock and location fundamentals create a balanced, long-term hold case with manageable operational risks.
- Competitive vintage (1991) versus older local stock supports leasing and reduces near-term obsolescence risk.
- High renter concentration and amenity-rich Urban Core location deepen the tenant base and aid retention.
- Household growth within 3 miles and smaller household sizes bolster demand for smaller units over time.
- Risk: affordability pressure (higher rent-to-income) and safety below national median require proactive renewal and security strategies.