| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 83rd | Best |
| Demographics | 95th | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 224 Wythe Ave, Brooklyn, NY, 11249, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2008 |
| Units | 21 |
| Transaction Date | 2012-10-17 |
| Transaction Price | $13,500,000 |
| Buyer | OLIVE PARTNERS LLC |
| Seller | 224 WYTHE AVENUE LLC |
224 Wythe Ave, Brooklyn Multifamily Investment
Positioned in a high-demand Williamsburg corridor, the property benefits from strong neighborhood renter concentration and amenity depth, according to WDSuite’s CRE market data. Neighborhood occupancy is steady, supporting tenant retention dynamics rather than rapid lease-up risk.
The property sits in an Urban Core pocket of Williamsburg with exceptional amenity access. Restaurants, cafes, groceries, pharmacies, and parks all register at the top end nationally, indicating daily-needs convenience and lifestyle appeal that typically supports leasing velocity and retention. Home values are elevated relative to national norms, which tends to reinforce renter reliance on multifamily housing and can support pricing power.
Within the New York metro, the neighborhood ranks near the top (2 out of 889) on overall performance. NOI per unit is in the top quartile nationally, signaling strong income potential at the neighborhood level rather than a guarantee for any single asset. Median contract rents in the neighborhood are also high and have grown meaningfully over the past five years, while the rent-to-income ratio sits near the lower half nationally, which points to moderated affordability pressure and supports lease management.
Vintage dynamics matter for competitive positioning. The average construction year in the neighborhood skews older than 1973; with a 2008 build, this asset is newer than much of the local stock, which can enhance competitiveness versus older properties, while still warranting planning for mid-life systems and selective modernization.
Tenure patterns favor multifamily demand: a high share of housing units in the neighborhood are renter-occupied, indicating depth in the tenant base and supporting occupancy stability. Demographic statistics within a 3-mile radius show recent population and household growth with a forecasted increase ahead, alongside a shift toward smaller average household size. These trends typically point to a larger renter pool and consistent demand for well-located apartments. Based on commercial real estate analysis from WDSuite, neighborhood occupancy is around the national middle, suggesting stable operations rather than outsized vacancy risk.
Safety indicators are mixed when viewed against national benchmarks. The neighborhood sits below the national median on safety percentiles, but recent trends show improvement, with estimated violent and property offense rates declining year over year. For investors, this suggests monitoring neighborhood trendlines and property-level security practices, while recognizing that urban-core submarkets often balance proximity advantages with higher baseline incident rates compared to suburban areas.
Proximity to major employers supports workforce housing demand and commute convenience for residents. Key nearby employers include Con Edison, Yahoo, Netflix, and New York Life Insurance Company — all within roughly two miles.
- Con Edison Distribution Engineering — utilities engineering (1.8 miles)
- Consolidated Edison — utilities (1.8 miles) — HQ
- Yahoo — technology/media (1.8 miles)
- Netflix — media & entertainment (2.0 miles)
- New York Life Insurance Company — insurance (2.0 miles)
This 21-unit 2008-vintage asset offers exposure to a top-performing Williamsburg neighborhood characterized by deep renter demand, elevated home values, and exceptional amenity access. Neighborhood occupancy trends sit near the national middle, which supports operating stability, while a high share of renter-occupied housing units enhances the depth of the tenant base. According to CRE market data from WDSuite, the local area scores near the top of the metro on overall performance, and neighborhood NOI per unit trends are among the strongest nationally — a constructive backdrop for multifamily operators.
Relative to an older local average vintage, 2008 construction provides competitive positioning versus legacy stock, with a prudent eye toward mid-life systems, common-area refreshes, and selective unit updates that can sustain rentability. Demographic statistics within a 3-mile radius point to population and household growth and a shift toward smaller households, which typically supports renter pool expansion and lease retention in well-located assets.
- Urban-core location with top-tier amenity density that supports leasing velocity and retention
- 2008 vintage competes well against older neighborhood stock; plan for mid-life systems and targeted modernization
- High renter-occupied share and growing 3-mile population/households expand the tenant base
- Neighborhood NOI per unit among the strongest nationally offers a constructive income backdrop
- Risks: safety sits below national median and urban-core variability warrants ongoing monitoring