| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 52nd | Fair |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 31 Schaefer St, Brooklyn, NY, 11207, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2001 |
| Units | 33 |
| Transaction Date | 2008-09-22 |
| Transaction Price | $1,000,000 |
| Buyer | NY STATE HOMELESS HOUSING & ASSISTANCE C |
| Seller | NAPOLITANO AS REFEREE DOMENICK |
31 Schaefer St Brooklyn Multifamily Investment Opportunity
Newer 2001-vintage asset in an urban Brooklyn neighborhood with strong renter concentration and deep amenity access, supporting durable demand and lease-up resilience according to WDSuite’s CRE market data.
Located in Brooklyn’s Urban Core, the property sits in a neighborhood rated A and ranked 97 among 889 metro neighborhoods, placing it in the top quartile locally. Amenity density is a clear advantage: grocery, restaurants, parks, pharmacies, and childcare all index in very high national percentiles, giving residents daily convenience and helping sustain renter appeal relative to the broader New York-Jersey City-White Plains metro.
Multifamily fundamentals are supportive. Neighborhood occupancy is healthy and has improved over the past five years, and the share of renter-occupied housing is high (renter concentration measured at the neighborhood level), signaling a deep tenant base and consistent renewal potential. Elevated home values and a high value-to-income profile at the neighborhood level indicate a high-cost ownership market, which tends to reinforce reliance on rental housing and supports pricing power, particularly for well-maintained assets.
Asset vintage matters here: much of the surrounding housing stock skews older (average vintage 1948 across nearby neighborhoods), while this property’s 2001 construction provides a relative competitive edge versus older buildings. Investors should still plan for mid-life system updates and potential modernization to maximize positioning against both newer deliveries and upgraded legacy product.
Within a 3-mile radius, demographics show population growth over recent years and an increase in households, with projections pointing to further household expansion and smaller average household sizes. This combination typically broadens the renter pool and can support occupancy stability, though lease management should account for affordability pressure in parts of the area.
School ratings in the neighborhood test below national norms, which may matter for family-oriented leasing strategies, but the area’s amenity access and transit-oriented, urban character remain attractive for working adults seeking proximity to employment centers.
Safety trends should be evaluated prudently. The neighborhood ranks 265th out of 889 metro neighborhoods on crime, indicating higher crime levels than many parts of the metro, and national safety percentiles are below average. However, both violent and property offense rates have moved lower year over year, an improving directional signal that investors can monitor over subsequent periods.
For underwriting, position security measures and resident services as part of operating plans, and track trend continuity rather than relying on a single-year reading. Comparative context against nearby Brooklyn sub-areas may also help align marketing and retention strategies to resident expectations.
Proximity to diversified office employment supports renter demand and commute convenience for workforce tenants, including roles in insurance, airlines, technology, and utilities. The employers below represent nearby demand anchors likely to influence leasing and retention in this submarket.
- Prudential — insurance (3.4 miles)
- Jetblue Airways — airline HQ and corporate (4.7 miles) — HQ
- Aig — insurance (5.1 miles) — HQ
- Yahoo — technology offices (5.2 miles)
- Con Edison Distribution Engineering — utilities engineering offices (5.2 miles)
The 33-unit property built in 2001 offers a relative quality advantage in a neighborhood where much of the surrounding stock is older, positioning it competitively for renters seeking modern systems and finishes. Neighborhood-level occupancy is solid and trending upward, and the area exhibits a high renter-occupied share, indicating depth in the tenant base and potential for steady renewals. Elevated ownership costs at the neighborhood level further support rental reliance and pricing power, based on CRE market data from WDSuite.
Within a 3-mile radius, recent population growth and a larger household count point to renter pool expansion ahead, even as smaller household sizes reshape unit mix preferences. Operators should balance these tailwinds against local affordability pressure and below-average school ratings by emphasizing value through maintenance quality, service, and efficient floor plans. Safety metrics are improving from a low national baseline; monitoring continued progress and aligning on-site measures with resident expectations can help sustain occupancy and retention.
- 2001-vintage asset offers competitive positioning versus older neighborhood stock, with potential to upgrade selectively for further differentiation.
- Strong neighborhood amenity access and high renter concentration support demand and renewal prospects.
- Household growth within 3 miles suggests a broader tenant base and supports occupancy stability over the medium term.
- Elevated ownership costs in the neighborhood reinforce reliance on multifamily housing and potential pricing power.
- Risks: below-average national safety percentiles and affordability pressure; mitigate via security, service quality, and disciplined lease management.