| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Best |
| Demographics | 49th | Fair |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 229 Parkville Ave, Brooklyn, NY, 11230, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2004 |
| Units | 41 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
229 Parkville Ave Brooklyn Multifamily Investment Opportunity
Neighborhood renter concentration and stable occupancy suggest a resilient tenant base, according to CRE market data from WDSuite. High ownership costs nearby support leasing durability without relying on aggressive rent growth assumptions.
Located in Brooklyn’s Urban Core, the property benefits from a neighborhood rated A- and ranked 146 out of 889 within the New York–Jersey City–White Plains metro, indicating competitive positioning among metro neighborhoods. Amenity access is a clear strength, supporting resident retention and leasing.
Amenity density measures in the neighborhood land well into top national quartiles: groceries and pharmacies are at the very top nationally, with restaurants and cafés also performing in the upper percentiles. For investors, this concentration of daily-needs and lifestyle services tends to reduce friction in lease-ups and supports longer stays.
The building’s 2004 vintage compares favorably to the neighborhood’s older housing stock (average vintage 1957). This newer profile can enhance competitiveness versus nearby legacy assets, while still warranting mid-life capital planning for systems and common areas to sustain rentability.
Tenure dynamics point to steady demand: the share of housing units that are renter-occupied in the neighborhood is 61.4% (above metro medians), indicating depth in the tenant pool and supporting occupancy stability. Within a 3-mile radius, demographics show households have grown recently even as population edged down, implying smaller household sizes; projections indicate additional household growth ahead, expanding the local renter pool. Combined with elevated home values locally, these factors favor ongoing reliance on multifamily rentals.
Neighborhood occupancy is 92.4%, modestly above national medians per WDSuite’s CRE market data, and median contract rents are above national levels while still tracking within local income capacity. For investors, this balances pricing power with manageable affordability pressure, which can support renewals and mitigate turnover risk.
Safety metrics for the neighborhood are mixed. Relative to neighborhoods nationwide, property and violent offense rates sit below national medians (i.e., higher incidence), yet recent trends show improvement in violent offenses over the last year. Compared with the New York–Jersey City–White Plains metro, the neighborhood’s overall crime rank (398 out of 889) places it below metro average, so underwriting should incorporate prudent security and insurance assumptions.
Investors commonly address this profile with measures such as lighting, access control, and resident engagement, which can support retention and protect common areas. Monitoring ongoing trend improvement will be useful when assessing renewal strategies and expense forecasts.
Nearby corporate offices in finance and consumer goods provide a broad white-collar employment base that supports renter demand and commute convenience. The list below highlights major employers within roughly 4–6 miles that are relevant to leasing stability in this submarket.
- Dr Pepper Snapple Group — consumer goods offices (4.2 miles)
- S&P Global — financial information & ratings (5.3 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (5.4 miles) — HQ
- Robert Half International — staffing & professional services (5.4 miles)
- AIG — insurance (5.5 miles) — HQ
This 41-unit asset from 2004 is newer than much of the surrounding housing stock, offering competitive positioning versus older buildings while calling for measured mid-life capital planning. The neighborhood’s renter-occupied share (61.4%) and occupancy near the low-90s point to a sizable tenant base and steady leasing, while elevated for-sale values in the area reinforce reliance on multifamily. According to CRE market data from WDSuite, amenity density is among the strongest nationally, which supports resident satisfaction and renewal prospects.
Within a 3-mile radius, households have increased recently and are projected to expand further, growing the renter pool even as household sizes trend smaller. Median rents sit above national levels but remain supported by local incomes, balancing pricing power with retention. The investment case centers on durable demand in an amenity-rich urban location, with scope to maintain competitiveness through selective upgrades.
- 2004 vintage competes well against older stock; plan targeted system and common-area updates
- High renter-occupied share and stable neighborhood occupancy support leasing durability
- Amenity-rich Urban Core location enhances retention and day-to-day livability
- Elevated ownership costs sustain multifamily reliance, underpinning demand and renewals
- Risk: safety metrics trail metro averages; budget for security, insurance, and tenant-experience measures