| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 37th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 223 Lee Ave, Brooklyn, NY, 11206, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2007 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
223 Lee Ave, Brooklyn — 24-Unit Multifamily Position
Neighborhood occupancy sits in the low 90s with a deep renter pool, supporting steady leasing and retention, according to WDSuite’s CRE market data. This location offers durable renter demand in a high-cost ownership market, with 2007 construction providing relative competitiveness versus older stock.
Located in Brooklyn’s Urban Core, the neighborhood scores A- (ranked 137 of 889), placing it in the top quartile among metro neighborhoods. Amenity density is a clear strength: grocery, dining, parks, pharmacies, and cafes all register near the top of national distributions, reinforcing day-to-day convenience and supporting renter retention.
Occupancy in the neighborhood is in the low 90s and above the national median, per WDSuite. Renter-occupied share is high (near the top nationally), indicating a deep tenant base for smaller-unit product. Median home values are elevated for the area, which tends to sustain reliance on multifamily housing and supports pricing power when managed carefully.
Within a 3-mile radius, population and households have grown over the past five years, with further increases projected by mid-decade; this points to a larger tenant base and supports occupancy stability. Household incomes have also risen meaningfully, expanding the pool of renters able to absorb professionally managed product. These dynamics align with strong neighborhood-level NOI per unit, which ranks near the top of the metro and indicates competitive property performance potential.
Vintage matters: built in 2007, the asset is newer than the neighborhood average (1980). That positioning enhances competitiveness versus older walk-up inventory, though investors should still plan for mid-life system refreshes and targeted common-area updates to maintain rental positioning.
Safety indicators are mixed. The neighborhood’s crime rank sits in the lower tier (173 of 889 metro neighborhoods), suggesting crime levels are elevated relative to many parts of the metro. Nationally, the area tracks below median safety, though both property and violent offense rates have shown notable year-over-year declines, according to CRE market data from WDSuite.
For underwriting, this profile generally argues for prudent security measures and attention to lighting, access control, and community management, while recognizing the improving trend line over the past year.
Proximity to major employers supports workforce housing demand and commute convenience for residents. Nearby anchors include AIG, Yahoo, AmTrust Financial Services, S&P Global, and Consolidated Edison.
- AIG — insurance (2.7 miles) — HQ
- Yahoo — technology/media (2.8 miles)
- AmTrust Financial Services — insurance (2.8 miles) — HQ
- S&P Global — financial data & ratings (2.9 miles) — HQ
- Consolidated Edison — utilities (2.9 miles) — HQ
223 Lee Ave offers exposure to a high-demand Brooklyn neighborhood where renter concentration is high and occupancy trends remain stable in the low 90s. Elevated home values reinforce renter reliance on multifamily housing, while strong amenity access supports retention. Based on CRE market data from WDSuite, neighborhood NOI per unit benchmarks near the top of the metro, aligning with a strategy focused on steady cash flow and disciplined pricing.
The 2007 vintage is newer than much of the surrounding housing stock, providing competitive positioning against older product. Within a 3-mile radius, population and household growth alongside rising incomes suggest a larger tenant base and sustained demand. Key underwriting considerations include rent-to-income affordability pressure typical for the area and safety metrics that, while improving, remain below national medians—both manageable with proactive lease management and property operations.
- Deep renter-occupied base and stable neighborhood occupancy support leasing durability
- Elevated ownership costs underpin rental demand and pricing power
- 2007 construction offers competitive positioning versus older stock with targeted mid-life CapEx
- Amenity-rich Urban Core location aids retention and renter appeal
- Risks: affordability pressure and below-median safety metrics require active asset management