| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Good |
| Demographics | 23rd | Poor |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2828 W 16th St, Brooklyn, NY, 11224, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2010 |
| Units | 21 |
| Transaction Date | 2006-02-01 |
| Transaction Price | $880,000 |
| Buyer | NEW W 16TH STREET LLC |
| Seller | 3030-28 WEST 16 ST LLC |
2828 W 16th St, Brooklyn — Boutique 2010 Multifamily
Renter demand is supported by high neighborhood occupancy and a deep renter-occupied housing base, according to WDSuite’s CRE market data. Amenity density and a high-cost ownership market reinforce leasing durability for a 21-unit asset.
This Urban Core location benefits from strong daily-life convenience: restaurants, groceries, parks, pharmacies, and cafes all index in the upper national percentiles, offering residents short-trip access to essentials and lifestyle amenities. For investors, this tends to support leasing velocity and retention, particularly for smaller-format units like those at this property.
Occupancy in the neighborhood is competitive among New York-Jersey City-White Plains neighborhoods (889 total), with rates sitting above national norms. A high share of renter-occupied housing units indicates a deep tenant base, which can translate to steadier renewal activity and fewer exposure gaps during turns.
Within a 3-mile radius, household counts have inched higher while average household size has edged down, pointing to more, smaller households entering the rental market. Forward-looking forecasts show additional household growth and modest population stability, which typically supports occupancy stability and ongoing demand for rental units. Median incomes have trended upward, and projected gains suggest a larger pool of income-qualified renters.
Home values in the neighborhood sit well above national benchmarks, creating a high-cost ownership market. For multifamily investors, that dynamic generally sustains renter reliance on apartments and can support pricing power, though it also warrants attention to affordability pressure and lease management. School ratings trail national averages, so marketing and positioning should lean into transit, amenities, and convenience rather than school district appeal.
The 2010 vintage is newer than the neighborhood’s older housing stock on average, offering relative competitive positioning versus prewar buildings; investors should still plan for mid-life systems and common-area updates to keep the asset competitive.
Safety metrics indicate conditions that are weaker than national averages, with neighborhood crime levels tracking below the metro median (among 889 New York-Jersey City-White Plains neighborhoods). Nationally, the area sits in low safety percentiles; however, recent data show year-over-year declines in both property and violent offenses, suggesting incremental improvement. Investors should underwrite prudent security measures and consider retention strategies that emphasize well-lit common areas and professional management presence.
Proximity to Manhattan’s and Downtown Brooklyn’s corporate employment base supports commuter demand and weekday occupancy. Nearby employers span financial services and corporate offices, reinforcing a stable white-collar renter pool.
- Dr Pepper Snapple Group — corporate offices (7.2 miles)
- S&P Global — financial information services (8.7 miles) — HQ
- Robert Half International — professional staffing (8.8 miles)
- Guardian Life Ins. Co. of America — insurance (8.8 miles) — HQ
- Aig — insurance (8.9 miles) — HQ
2828 W 16th St offers a 2010-vintage, 21-unit profile in a renter-heavy Brooklyn neighborhood where occupancy trends are above metro medians. Amenity density is a clear strength, supporting leasing and renewal prospects, while elevated ownership costs in the area reinforce reliance on rental housing. Based on CRE market data from WDSuite, the neighborhood’s renter concentration and competitive occupancy suggest durable demand, though investors should calibrate rents and concessions to local income bands to manage affordability pressure.
Relative to much older local stock, the asset’s vintage provides competitive positioning and potential for targeted mid-life upgrades to drive rent premiums. Key risks to consider include safety metrics that lag national benchmarks and below-average school scores; pairing thoughtful security, maintenance, and amenity programming with value-oriented unit finishes can help sustain retention and occupancy stability.
- Renter-heavy submarket with occupancy above metro medians supports stable leasing
- High-cost ownership market reinforces apartment demand and renewal potential
- 2010 vintage offers competitive positioning vs. older stock with mid-life upgrade upside
- Dense amenities and transit access bolster day-to-day livability and retention
- Risks: safety metrics below national averages and weaker school ratings require underwriting prudence