| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Best |
| Demographics | 83rd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 297 1st St, Brooklyn, NY, 11215, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1991 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
297 1st St Brooklyn NY Multifamily Investment
Urban-core location with deep renter demand and steady neighborhood occupancy, according to WDSuite’s CRE market data. Strong amenities and high-cost ownership dynamics support durable leasing fundamentals for a 20-unit asset.
The property sits within an Urban Core neighborhood that ranks 31 out of 889 metro neighborhoods, placing it in the top quartile nationally for overall neighborhood quality. Amenity access is a standout, with neighborhood measures for restaurants, parks, groceries, pharmacies, and childcare all performing at the top end of national comparisons, supporting daily convenience and renter retention.
The 1991 construction is newer than much of the local housing stock (the neighborhood skews pre-war), which can offer competitive positioning versus older buildings. Investors should still plan for modernization of systems and common areas as part of a long-term capital program.
Neighborhood renter-occupied share is elevated, indicating a sizable tenant base for multifamily. Within a 3-mile radius, WDSuite data show growing households and a rising income profile over the last five years, which typically supports absorption and occupancy stability for well-maintained assets.
Home values in the immediate area are among the highest nationally, creating a high-cost ownership market that tends to sustain reliance on multifamily rentals. Median rents in the neighborhood have trended upward over five years while the rent-to-income ratio remains moderate, a combination that can support pricing power with disciplined lease management.
Safety indicators are mixed relative to national norms. The neighborhood’s crime ranking sits below the safest cohort among New York–Jersey City–White Plains metro neighborhoods, yet recent trends show improvement with year-over-year declines in both property and violent offense estimates, according to WDSuite’s data.
For investors, this suggests a context where safety is not top tier but has been moving in a favorable direction. Positioning, property management practices, and visibility along established streets can help align the asset with the area’s improving trend.
Proximity to Manhattan and Downtown Brooklyn anchors a diverse employment base that supports commuter convenience and leasing demand. Nearby employers include Dr Pepper Snapple Group, S&P Global, Guardian Life, AIG, and Robert Half.
- Dr Pepper Snapple Group — corporate offices (1.9 miles)
- S&P Global — financial services (2.4 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (2.5 miles) — HQ
- Aig — insurance & financial services (2.5 miles) — HQ
- Robert Half International — staffing & consulting (2.5 miles)
297 1st St combines a 1991 vintage with an urban-core location where amenity density, high-cost ownership, and an elevated renter concentration underpin durable demand. Within a 3-mile radius, WDSuite data indicate growth in households and rising incomes, reinforcing a larger tenant base and supporting occupancy stability for quality multifamily product.
Compared with older neighborhood stock, this asset’s vintage can offer a competitive edge, while still benefiting from value-add through targeted system upgrades and interior modernization. Neighborhood occupancy trends remain healthy by urban standards, and, according to CRE market data from WDSuite, rent levels and rent-to-income dynamics suggest room for disciplined revenue optimization without overreliance on outsized growth assumptions.
- Urban-core location with top-tier amenity access that supports retention and leasing velocity
- 1991 construction is newer than much of the local stock, with clear modernization and value-add pathways
- High-cost ownership market reinforces renter reliance, supporting pricing power with prudent management
- Expanding household base within 3 miles broadens the tenant pool and supports occupancy stability
- Risk: Safety metrics trail the safest peer areas, making operational focus and tenant experience important