| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 52nd | Fair |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 251 Central Ave, Brooklyn, NY, 11221, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1982 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
251 Central Ave Brooklyn 48-Unit Multifamily
Positioned in an amenity-rich Brooklyn neighborhood with strong renter-occupied housing, this asset benefits from broad, needs-based demand supported by stable occupancy at the neighborhood level, according to WDSuite’s CRE market data.
The property sits within an Urban Core pocket of Brooklyn that ranks 97 out of 889 metro neighborhoods overall (A rating), placing it in the top decile locally. Amenity access is a clear strength: the area’s amenity rank of 78 among 889 is top quartile in the metro, and national amenity measures (grocery, restaurants, parks, childcare, and pharmacies) score in the upper percentiles, reinforcing daily convenience that supports leasing and retention.
Renter concentration is high, with the share of housing units that are renter-occupied ranking 69 of 889 and in the 98th percentile nationally. For investors, that depth of renter households points to a wide tenant base and durable multifamily demand. Neighborhood occupancy is solid and sits above the national median (65th percentile), which helps underpin income stability through cycles rather than late-cycle volatility.
Vintage matters here. With a 1983 construction year in a neighborhood where the average building vintage skews older (1940s), the asset should compete well versus much of the surrounding stock, while still warranting capital planning for aging systems and targeted modernization to sustain positioning and rents.
Within a 3-mile radius, demographics show a large and growing renter pool: population increased over the last five years and is projected to expand further, while households have risen and are forecast to grow meaningfully. This combination suggests more renters entering the market and supports occupancy stability and absorption for well-located units. Income levels have climbed and are projected to continue rising, which can support rent growth management and reduce turnover risk when paired with thoughtful lease strategies.
Ownership remains a high-cost proposition in this part of Brooklyn (home values rank near the top of national comparisons), which tends to reinforce reliance on multifamily rentals and can bolster leasing depth. At the same time, elevated rent-to-income ratios at the neighborhood level warrant attention to affordability pressure and renewal tactics to maintain retention.
School quality indicators in the immediate neighborhood trail national benchmarks, which may moderate appeal for family-oriented tenants; however, the high density of parks, childcare, and everyday services offers counterbalancing livability benefits that support urban renter demand patterns.
Safety trends should be considered in underwriting. The neighborhood’s safety profile ranks in the lower half of the metro (crime rank 265 out of 889), and national percentiles indicate it is below national safety medians. Recent data from WDSuite points to improving momentum, with both violent and property offense rates showing year-over-year declines, but the area still compares less favorably to many U.S. neighborhoods on safety.
For investors, this means emphasizing property-level security features, lighting, and tenant communications, and recognizing that proximity to transit and amenities can mitigate some perception risks while improvements in reported incidents may continue to trend in the right direction.
Nearby corporate anchors across aviation, utilities, media/tech, and financial services support a diversified employment base within typical urban commute times, helping sustain renter demand and lease retention for workforce and professional tenants.
- JetBlue Airways — aviation HQ (3.8 miles) — HQ
- Prudential — financial services (4.2 miles)
- Con Edison Distribution Engineering — utilities (4.3 miles)
- Consolidated Edison — utilities (4.3 miles) — HQ
- Yahoo — media & tech (4.3 miles)
251 Central Ave offers scale at 48 units in an amenity-dense Urban Core location with a deep renter base and solid neighborhood occupancy. The 1983 vintage is newer than much of the surrounding stock, creating a competitive set advantage while leaving room for targeted value-add to mechanicals and finishes to support rent positioning. According to CRE market data from WDSuite, the neighborhood’s renter-occupied share is among the highest in the metro and occupancy trends sit above national norms, supporting income durability.
Macro drivers also favor multifamily: within a 3-mile radius, recent population and household growth — with forecasts pointing to further expansion — imply a larger tenant base and support for leasing velocity. High-cost ownership dynamics in this part of Brooklyn sustain reliance on rentals, though elevated rent-to-income ratios call for disciplined pricing and renewal strategies to manage retention risk.
- Amenity-rich Urban Core location with top-quartile metro access to daily services, reinforcing leasing and retention
- 1983 vintage newer than neighborhood average, with potential to capture value through selective renovations
- Deep renter base and occupancy above national median support income stability and pricing power
- 3-mile population and household growth expands the tenant pool and supports absorption
- Risks: below-national safety percentiles and elevated rent-to-income ratios require proactive security, pricing, and renewal management