| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 52nd | Fair |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 291 Central Ave, Brooklyn, NY, 11221, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1983 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
291 Central Ave Brooklyn Multifamily Investment
Neighborhood occupancy is solid with a deep renter base, supporting leasing durability according to WDSuite’s CRE market data. Elevated ownership costs in this part of Brooklyn further sustain rental demand and pricing power for professionally managed assets.
Located in an A-rated Urban Core neighborhood that ranks 97th out of 889 metro neighborhoods — top quartile in the New York–Jersey City–White Plains metro — the area combines dense amenities with steady renter demand. Grocery, restaurant, park, and pharmacy access all score in the upper national percentiles, which can aid resident retention and day-to-day convenience for tenants.
Neighborhood occupancy is above the national median and has improved in recent years, and approximately three-quarters of local housing units are renter-occupied, indicating a sizable tenant base for multifamily. Median contract rents have risen over the past five years, and neighborhood NOI per unit ranks in a high national percentile, suggesting operational performance that supports professional management and disciplined rent strategy.
Within a 3-mile radius, demographics point to renter pool expansion: population and households have grown in recent years, with forecasts showing further increases alongside a shift toward smaller average household sizes. This dynamic typically broadens the pool for studios and mid-sized units while supporting occupancy stability across unit mixes.
Home values in the neighborhood are elevated relative to incomes (high value-to-income ratio), reinforcing reliance on multifamily rentals and helping sustain demand. At the same time, higher rent-to-income ratios signal affordability pressure, so operators should balance renewal increases with retention objectives. Average school ratings in the area trend below national norms, which may matter for family-oriented leasing but is less determinative for young-professional demand typical of Urban Core locations.
Vintage context: built in 1984 versus a neighborhood average nearer the late 1940s, the asset is newer than much of the surrounding stock. That positioning can be competitively favorable versus prewar buildings, though investors should still plan for system updates and selective renovations to maintain appeal against renovated comparables.
Safety trends should be evaluated at the neighborhood level. The area ranks 265th out of 889 metro neighborhoods for crime — competitive among New York–Jersey City–White Plains neighborhoods but below many neighborhoods nationally. Recent year-over-year shifts show double-digit declines in both property and violent offense estimates, indicating improvement momentum, though national percentiles remain on the lower end.
For underwriting, consider property-level security measures, lighting, and tenant mix, and compare trends to nearby Urban Core locations to gauge relative positioning and potential impact on leasing and retention.
The surrounding employment base includes major corporate offices within 3–5 miles, supporting commute convenience and weekday activity that can stabilize renter demand. Notable nearby employers include JetBlue Airways, Prudential, Consolidated Edison (including Distribution Engineering), and Yahoo.
- Jetblue Airways — airline HQ (3.9 miles) — HQ
- Prudential — insurance offices (4.1 miles)
- Con Edison Distribution Engineering — utilities engineering offices (4.4 miles)
- Consolidated Edison — utilities HQ (4.4 miles) — HQ
- Yahoo — technology/media offices (4.4 miles)
The investment case centers on durable renter demand in a high-amenity Urban Core setting, with neighborhood occupancy above the national median and a renter-occupied share near the upper end for the metro. Elevated home values relative to incomes reinforce reliance on rentals, while five-year rent gains and strong neighborhood NOI per unit point to operational resilience. Built in 1984, the asset is newer than much of the local stock, offering competitive positioning versus older inventory while still warranting targeted system upgrades and value-add finishes.
According to CRE market data from WDSuite, amenity density and proximity to major employers support retention and lease-up prospects. Key underwriting considerations include managing rent-to-income affordability pressures and monitoring safety trends that, while improving, still trail national percentiles.
- Deep renter base and above-median neighborhood occupancy support leasing stability
- Elevated ownership costs sustain rental demand and pricing power
- 1984 vintage offers competitive edge versus older stock with targeted value-add potential
- Amenity-rich location and nearby employers aid retention and absorption
- Risks: affordability pressure (rent-to-income) and neighborhood safety levels below national benchmarks