| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 35th | Poor |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3040 W 22nd St, Brooklyn, NY, 11224, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2005 |
| Units | 41 |
| Transaction Date | 1997-05-08 |
| Transaction Price | $135,000 |
| Buyer | WEST 16-22 STREET REALTY INC |
| Seller | BERMAX PROPERTIES INC |
3040 W 22nd St, Brooklyn Multifamily Opportunity
Neighborhood fundamentals point to steady renter demand, with occupancy levels in the surrounding area tracking above national norms, according to WDSuite’s CRE market data. This positioning supports stable tenancy for a 41-unit asset while investors assess pricing power and retention in an Urban Core pocket of Brooklyn.
The property sits within an Urban Core neighborhood of Brooklyn that rates B+ and ranks within the top quartile among 889 metro neighborhoods for overall amenities. Grocery, parks, and pharmacy access score in very high national percentiles, which supports day-to-day livability and reduces friction for renters weighing commute and convenience.
Renter concentration is high at the neighborhood level, with a large share of housing units renter-occupied, indicating a deep tenant base for multifamily. Neighborhood occupancy trends are above the national median, supporting leasing stability and reducing downtime risk for similar assets in this pocket.
Within a 3-mile radius, households have grown modestly in recent years, and forecasts call for additional household growth alongside a gradual reduction in average household size. That combination points to a larger tenant base and continued demand for rental units. Median incomes in the 3-mile area have also advanced, while contract rents are projected to rise further, reinforcing the need for disciplined lease management.
Home values in the neighborhood are elevated relative to incomes by national benchmarks, which tends to sustain reliance on rental housing and can aid lease retention. However, rent-to-income ratios indicate affordability pressure for some renters; investors should underwrite renewal strategies and concessions selectively to balance occupancy and revenue.
The asset’s 2006 vintage positions it as newer than much of the local housing stock (neighborhood average skewing early-20th century), which can be a competitive advantage versus older inventory. Even so, investors should plan for mid-life system updates or targeted upgrades to maintain positioning against ongoing renovations in the submarket.
Safety indicators for the neighborhood track below national medians, with rankings around the metro median among 889 neighborhoods. Nationally, the area sits in lower percentiles for violent and property offenses compared with safer peer areas, so investors should account for perception and operational considerations in underwriting and security planning.
Recent data shows property offense rates improving year over year, an encouraging directional trend. While one year does not establish a cycle, continued improvement would support leasing narratives; conversely, stagnation would warrant closer attention to on-site measures and tenant communications.
The broader Brooklyn–Manhattan employment base provides a deep commuter pool that supports renter demand. Notable nearby employers include beverage, financial data, staffing, and insurance firms with major offices and several headquarters in Manhattan’s core.
- Dr Pepper Snapple Group — beverages (7.5 miles)
- S&P Global — financial data (9.0 miles) — HQ
- Robert Half International — staffing (9.1 miles)
- Guardian Life Ins. Co. of America — insurance (9.1 miles) — HQ
- Aig — insurance (9.2 miles) — HQ
3040 W 22nd St combines Urban Core convenience with a renter-heavy neighborhood that has maintained occupancy above national medians. According to CRE market data from WDSuite, amenity access is a relative strength, and home values outpacing local incomes tend to reinforce sustained rental demand. The 2006 construction offers a competitive edge versus older neighborhood stock while likely requiring mid-life capital planning to preserve positioning.
Within a 3-mile radius, household counts have been increasing and are projected to expand further, implying a larger tenant base and support for occupancy stability. Forward rent growth expectations reinforce the case for disciplined revenue management, but underwriting should account for affordability pressure and local safety perceptions to protect retention and operating costs.
- Renter-heavy neighborhood and above-median occupancy support leasing stability
- Strong amenity access (grocery, parks, pharmacies) enhances livability and demand
- 2006 vintage offers competitive positioning vs. older local stock with manageable mid-life capex
- Household growth within 3 miles expands the tenant base, aiding occupancy and retention
- Risks: affordability pressure and below-national safety percentiles require prudent lease and OPEX management