| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 55th | Fair |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2350 Ocean Ave, Brooklyn, NY, 11229, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1974 |
| Units | 110 |
| Transaction Date | 2023-05-03 |
| Transaction Price | $807,007 |
| Buyer | EDELMAN NEIL |
| Seller | TANNENBAUM TERRY |
2350 Ocean Ave, Brooklyn Multifamily Opportunity
Neighborhood fundamentals point to durable renter demand—driven by a high renter-occupied share and an ownership market with elevated home values—according to WDSuite’s CRE market data. Occupancy figures referenced here reflect the surrounding neighborhood, not the property.
Situated in Brooklyn’s Urban Core, the area around 2350 Ocean Ave ranks competitive among New York–Jersey City–White Plains neighborhoods (101 out of 889), indicating solid location fundamentals for workforce and market-rate renters. Amenity access scores in the top quartile nationally across food, parks, pharmacies, and daily-needs retail, which supports resident convenience and lease retention.
Neighborhood occupancy is reported at 93% and sits above the national median, based on CRE market data from WDSuite. Importantly for multifamily investors, renter-occupied housing constitutes a majority of local units (over half), signaling a deep tenant base and ongoing demand for apartments rather than ownership.
Within a 3-mile radius, households have edged higher even as population has softened slightly, reflecting smaller average household sizes and a broader shift toward more, smaller households. This dynamic typically supports demand for efficiently sized units and can help stabilize occupancy and leasing velocity for a 110‑unit asset with modest average square footage.
Ownership costs in the neighborhood are high relative to income benchmarks, and home values sit in the upper tier nationally. For investors, this high-cost ownership market tends to reinforce reliance on rental housing, which can underpin pricing power and reduce turnover sensitivity when managed alongside rent-to-income levels that remain manageable for many households.
The average construction year in the area is 1980; the property’s 1974 vintage is somewhat older, which may present value‑add opportunities through unit and building system upgrades. School quality indicators trend near the national midpoint, suggesting education access is serviceable but not a distinguishing demand driver.
Safety metrics for the surrounding neighborhood track below national comparisons, with both violent and property offense rates positioned in lower national percentiles. However, recent trend data shows year‑over‑year improvement, including double‑digit decreases in estimated violent and property offenses, indicating directionally improving conditions.
Within the New York–Jersey City–White Plains metro, the neighborhood’s crime rank is 275 out of 889. This places it below the metro median for safety but not among the highest‑risk subareas, and the improving trend provides some support for long‑term stabilization. Investors should underwrite prudent security and operations plans while monitoring continuing trend data.
Proximity to established corporate employers supports workforce renter demand and commute convenience, notably among financial services and corporate office tenants listed below.
- Dr Pepper Snapple Group — corporate offices (6.2 miles)
- Prudential — financial services offices (6.9 miles)
- S&P Global — financial information services (7.4 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (7.5 miles) — HQ
- Robert Half International — professional staffing (7.5 miles)
2350 Ocean Ave offers scale at 110 units in a location that performs well relative to the metro, with a renter-occupied majority, broad amenity access, and neighborhood occupancy above the national median. Elevated home values and a high value‑to‑income landscape tend to sustain renter reliance on multifamily, while smaller household sizes within a 3‑mile radius point to ongoing depth for efficiently sized units. According to CRE market data from WDSuite, the area’s safety indicators have been improving year over year, which supports a steadying outlook when paired with disciplined operations.
The 1974 vintage is somewhat older than the neighborhood average, suggesting scope for targeted renovations and building system updates to enhance competitive positioning and drive rent premiums where supported by local affordability. Investors should balance the value‑add upside against prudent capital planning and acknowledge that school quality signals are closer to the national middle than the top tier.
- Renter-occupied majority and high-cost ownership market support durable multifamily demand
- Amenity-rich urban core location aids retention and leasing velocity
- Improving safety trends and above-median neighborhood occupancy underpin stability
- 1974 vintage presents value-add potential via unit and system upgrades
- Risks: older building capex needs, safety metrics still below national comparisons, and schools near mid-tier