| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 24th | Poor |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2709 Pitkin Ave, Brooklyn, NY, 11208, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1993 |
| Units | 40 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2709 Pitkin Ave, Brooklyn — 40-Unit 1994 Multifamily
Renter-heavy Urban Core location with stable neighborhood occupancy supports steady leasing, according to WDSuite’s CRE market data. Newer-than-average vintage for the area positions the asset competitively while leaving room for targeted modernization.
Located in Brooklyn’s Urban Core, the property sits in a neighborhood that is competitive among New York-Jersey City-White Plains neighborhoods (221 of 889 by amenity access) and in the top quartile nationally for overall amenities. Grocery, parks, and pharmacies are especially dense, while cafes are comparatively sparse. For family-oriented renters, childcare options are notably abundant, though average public school ratings in the area trend below national norms.
Neighborhood occupancy is solid and has trended upward, supporting leasing stability. The share of renter-occupied housing units is high (about seven in ten), indicating a deep tenant base and broad applicability for multifamily operations.
Within a 3-mile radius, population and household counts have grown in recent years, with projections calling for additional population growth and a sizable increase in households over the next five years. This points to a larger tenant base and potential renter pool expansion that can support occupancy and retention.
Median home values in the area are elevated versus national levels, reinforcing reliance on rental housing and supporting sustained renter demand. At the same time, rent-to-income ratios indicate some affordability pressure, suggesting careful lease management and pricing discipline to protect retention. Compared with the neighborhood’s older average construction (1930s), a 1994 asset offers relative competitive positioning versus legacy stock, while investors should still plan for ongoing system updates and modernization over the hold.
Safety indicators for the neighborhood track below national averages, and the area does not rank among the safer parts of the New York-Jersey City-White Plains metro. However, recent trend data shows improvement, with both violent and property offense rates moving lower year over year, according to WDSuite’s CRE market data.
For underwriting, this suggests emphasizing security-forward operations and tenant communication, while recognizing that the direction of change has been favorable. When benchmarking locally, the neighborhood’s crime rank sits in the mid-range relative to 889 metro neighborhoods, not the highest-risk cohort but warranting prudent management protocols.
Proximity to finance, insurance, utilities, and airline employers supports a diverse commuter renter base and helps drive weekday demand and lease retention. The list below highlights nearby offices that underpin local employment.
- Prudential — insurance (1.2 miles)
- Jetblue Airways — airline HQ and operations (6.3 miles) — HQ
- Aig — insurance (7.3 miles) — HQ
- New York Life Insurance Company — life insurance (7.3 miles)
- Con Edison Distribution Engineering — utility engineering (7.3 miles)
This 40-unit, 1994-vintage property benefits from a renter-concentrated Brooklyn location, steady neighborhood occupancy, and strong amenity access that aligns with daily needs. The asset is newer than the neighborhood’s predominantly prewar stock, offering relative competitiveness and the potential to capture demand from households preferring modern layouts, with room for targeted value-add through system upgrades and finishes.
Elevated ownership costs in the area reinforce reliance on multifamily, while 3-mile population growth and projected household expansion point to a larger tenant base that can support occupancy stability and leasing velocity. According to CRE market data from WDSuite, rent burdens are meaningful locally, so disciplined rent setting and resident retention strategies are important, as are prudent responses to below-average safety indicators.
- Renter-heavy submarket with solid neighborhood occupancy supports leasing stability
- 1994 vintage is newer than local averages, with value-add potential via modernization
- Strong amenity access (grocers, parks, pharmacies) aligns with daily renter needs
- 3-mile population and household growth expand the tenant base and support occupancy
- Risks: below-average safety metrics and affordability pressure warrant careful lease management