| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 30th | Poor |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 246 55th St, Brooklyn, NY, 11220, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1998 |
| Units | 35 |
| Transaction Date | 2014-08-29 |
| Transaction Price | $8,870,000 |
| Buyer | 238 LU INC |
| Seller | EGALEO REALTY LLC |
246 55th St Brooklyn Multifamily Investment Opportunity
According to WDSuite’s CRE market data, the surrounding neighborhood shows above-median occupancy and a high renter-occupied share, indicating a deep tenant base and support for leasing stability at the asset and submarket levels. These metrics reflect neighborhood conditions, not the property’s specific operations.
Located in Brooklyn’s Urban Core, 246 55th St sits in a neighborhood rated B+ where renter-occupied housing is prevalent. The area’s renter concentration is high (above the 90th percentile nationally), which typically supports a broad tenant pool and consistent leasing. Neighborhood occupancy trends are above the national median, suggesting steady absorption and lower downtime risk relative to weaker submarkets.
Daily-life convenience is a core strength. Amenity access ranks 22 out of 889 metro neighborhoods, placing the area in the top quartile among New York–Jersey City–White Plains neighborhoods. Cafes, restaurants, groceries, pharmacies, and parks all benchmark in top national percentiles, reinforcing walkability and lifestyle appeal that can aid retention and reduce concessions.
Home values are elevated for the area, and the value-to-income profile trends among the highest nationally. In investor terms, this is a high-cost ownership market that can sustain reliance on rental housing and support pricing power over the cycle, though it requires thoughtful lease management. Rent-to-income metrics indicate affordability pressure for some households; operators should monitor renewals and exposure to price-sensitive segments to sustain occupancy and collections.
Within a 3-mile radius, demographics show a large, diverse population and rising incomes over recent years. WDSuite’s data indicates households are projected to grow into the next five years alongside a modest reduction in average household size, expanding the local renter pool and supporting demand for smaller-format units. The 1998 vintage is newer than much of the area’s housing stock (the neighborhood skews older), which can be a competitive advantage versus prewar product, while still warranting ongoing system upgrades and selective modernization for positioning.
Safety indicators are mixed. Compared with neighborhoods nationwide, this area benchmarks below the national median for safety. Within the New York–Jersey City–White Plains metro, the neighborhood’s crime rank is 174 out of 889, indicating higher incident levels than many peer neighborhoods. That said, recent year-over-year trends from WDSuite show notable declines in both property and violent offense estimates, which is directionally supportive for long-term stability. Interpret these figures as neighborhood-level context rather than block-level conditions.
The location draws from a deep Manhattan–Brooklyn employment base, with nearby corporate offices across consumer goods, staffing, financial services, and insurance supporting commuter demand and retention. The list below highlights proximate employers relevant to workforce access from this address.
- Dr Pepper Snapple Group — consumer goods (2.37 miles)
- Robert Half International — staffing & recruiting (4.01 miles)
- S&P Global — financial information services (4.01 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (4.06 miles) — HQ
- Aig — insurance (4.26 miles) — HQ
This 35-unit, 1998-vintage property benefits from neighborhood fundamentals that historically support multifamily performance: a large renter base, above-median neighborhood occupancy, and exceptional access to daily amenities. The vintage is newer than much of the local housing stock, giving the asset relative appeal versus older prewar inventory, while targeted upgrades can further enhance positioning. According to CRE market data from WDSuite, elevated ownership costs in the area reinforce reliance on rental housing, which can underpin demand across cycles.
Investor considerations include managing affordability pressure to sustain renewals, monitoring neighborhood safety trends, and calibrating capital plans for mid-life building systems. Demographic projections within a 3-mile radius indicate growth in households and higher incomes over the next five years, pointing to a larger tenant base and durable demand for well-managed units.
- High renter concentration and above-median neighborhood occupancy support demand stability
- 1998 vintage is competitive versus older stock; selective upgrades can drive value
- Amenity-rich Urban Core location aids retention and reduces lease-up friction
- Household and income growth within 3 miles expand the tenant base over the medium term
- Risks: affordability pressure and neighborhood safety require active lease and Opex management