| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 82nd | Best |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 261 N 9th St, Brooklyn, NY, 11211, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2013 |
| Units | 42 |
| Transaction Date | 2016-03-31 |
| Transaction Price | $79,672,500 |
| Buyer | EQR-NORTH NINTH II LLC |
| Seller | EM N9 LLC |
261 N 9th St Brooklyn NY Multifamily Opportunity
Neighborhood occupancy around 95% points to durable renter demand, based on CRE market data from WDSuite. A 2013 vintage positions this 42-unit asset competitively versus older local stock.
This Urban Core location in Brooklyn carries an A+ neighborhood rating and ranks Top quartile among 889 metro neighborhoods for overall performance. Amenity density is a standout: cafes, groceries, parks, and pharmacies score in the very highest national percentiles and are Top quartile among 889 metro neighborhoods by rank—an everyday convenience profile that supports leasing velocity and renewals.
Renter concentration is high at 78.4% of housing units being renter-occupied, signaling a deep tenant base and steady multifamily demand. Neighborhood occupancy is near 95% with modest five-year improvement, and median contract rents have trended higher—supported by strong household incomes and a highly educated renter pool (top national percentiles for educational attainment).
Within a 3-mile radius, population and household counts have grown in recent years, with forecasts pointing to further expansion by 2028. Rising median and mean household incomes in this 3-mile catchment, alongside gradually smaller average household sizes, suggest renter pool expansion that supports occupancy stability and uptake of renovated units.
Ownership is a high-cost option here (home values sit near the top national percentiles). In practice, that sustains reliance on multifamily, aiding pricing power and lease retention. At the same time, a rent-to-income ratio around 0.22 indicates manageable affordability pressure, warranting ongoing attention to renewals and concessions as rents evolve.
The property’s 2013 construction year is newer than the neighborhood’s average vintage (1974). Newer systems and layouts can help compete against older stock while leaving room for targeted upgrades that capture value-add returns and align with contemporary renter preferences.
School ratings trend around the national midpoint—typical for dense urban cores—so leasing performance is more closely tied to location, transit optionality, and amenity access than to school-driven demand.
Relative to neighborhoods nationwide, safety indicators here are below national averages (lower national percentiles indicate comparatively higher incident rates). Within the metro, overall crime ranks around the middle of the 889 neighborhoods, which is consistent with an active Urban Core environment.
Recent movement is constructive: WDSuite reports year-over-year declines in violent offenses (about -10%) and property offenses (about -5%). Investors commonly address Urban Core dynamics through access control, lighting, and professional management to support resident experience and retention.
Nearby corporate offices create a robust commuter tenant base across utilities, technology, insurance, and telecommunications—drivers that support leasing stability and renewal depth for workforce and professional renters.
- Con Edison Distribution Engineering — utilities (2.2 miles)
- Consolidated Edison — utilities (2.2 miles) — HQ
- Yahoo — technology (2.3 miles)
- New York Life Insurance Company — insurance (2.3 miles)
- Verizon Communications — telecommunications (2.4 miles)
The investment case centers on durable renter demand supported by a high renter-occupied share, occupancy near the mid‑90s, and top-tier amenity access that underpins leasing performance. Elevated ownership costs in the area reinforce reliance on multifamily, while incomes in the 3-mile trade area continue to rise—factors that can support rent levels and retention when managed thoughtfully, according to CRE market data from WDSuite.
Built in 2013, the property is newer than the local average vintage, providing relative competitiveness versus older stock and leaving room for targeted value-add to meet current renter expectations. Demographic growth within a 3-mile radius—along with a trend toward smaller households—supports ongoing renter pool expansion and occupancy stability, though operators should balance pricing with potential affordability pressure and typical Urban Core safety considerations.
- High renter concentration and occupancy near the mid-90s support leasing stability
- 2013 vintage competes well versus older neighborhood stock with value-add upside
- Top-tier amenity density and strong incomes bolster demand and pricing power
- Risks: Urban Core safety variability and affordability pressure require active lease management