| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 74th | Good |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 33 Saint Felix St, Brooklyn, NY, 11217, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1984 |
| Units | 32 |
| Transaction Date | 2024-06-13 |
| Transaction Price | $55,000,000 |
| Buyer | FT GREENE TB HOUSING DEVELOPMENT FUND CO |
| Seller | TRI-BLOCK ASSOCIATES |
33 Saint Felix St Brooklyn Multifamily Investment
High renter concentration and steady neighborhood occupancy support consistent tenant demand, according to WDSuite s CRE market data. Elevated ownership costs nearby further sustain reliance on rentals and reinforce pricing power.
Situated in Brooklyn s Urban Core, the neighborhood surrounding 33 Saint Felix St scores an A and ranks 41st among 889 metro neighborhoods, signaling strong fundamentals for multifamily. Dense amenity coverage stands out: groceries, restaurants, parks, pharmacies, childcare, and cafes all benchmark in the top national percentiles, supporting renter livability and lease retention.
Neighborhood occupancy is around the national middle, while the share of housing units that are renter-occupied is high (competitive nationally), indicating a deep tenant base and durable leasing activity. Median contract rents in the neighborhood have risen over the past five years, and the rent-to-income profile suggests relatively manageable affordability pressures for many households, which can aid retention.
Home values in the area are elevated versus national norms, which tends to sustain rental demand and reduce move-outs to ownership. Average school ratings trail national averages, which investors may weigh when assessing unit mix skewed to families; however, the immediate amenity access and transit-rich urban setting broaden the appeal to professionals and smaller households.
Within a 3-mile radius, demographics point to a larger renter pool over time: population and household counts increased over the last five years, with projections indicating further population growth and a notable increase in households through 2028. Household sizes are trending smaller, which can support demand for multifamily units across a variety of floor plans. These dynamics, based on CRE market data from WDSuite, support leasing stability.
Safety metrics for the neighborhood are mixed. Compared with neighborhoods nationwide, current crime indicators sit below national safety averages; however, recent one-year trends show estimated declines in both property and violent offenses, which outperformed national improvement rates. Investors may view this trajectory as constructive while continuing to underwrite prudent security and operational practices.
At the metro level (889 neighborhoods), the area stacks up as middle-of-the-pack on safety. Given the urban context, a balanced approach that factors in building access control, lighting, and tenant communications is appropriate. Emphasis on well-managed common areas and technology-enabled monitoring can help support resident experience and retention.
Proximity to major employers in finance and professional services supports weekday population density and renter demand, with quick commutes to several headquarters and regional offices highlighted below.
- AIG — insurance (1.9 miles) — HQ
- S&P Global — financial information & ratings (1.9 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (2.0 miles) — HQ
- Robert Half International — staffing & professional services (2.1 miles)
- Amtrust Financial Services — insurance (2.1 miles) — HQ
This 32-unit property, built in 1984, is newer than much of the surrounding housing stock, offering relative competitiveness versus older buildings while leaving room for targeted modernization to enhance rent positioning and control near-term capital exposure. Neighborhood benchmarks are favorable for multifamily: high renter concentration, dense amenities, and elevated ownership costs support demand depth and occupancy stability.
According to CRE market data from WDSuite, neighborhood operations trend strong, with robust income levels locally and rents that have advanced over the past five years. Within a 3-mile radius, population and households have grown and are projected to continue increasing, indicating a larger tenant base and potential for steady leasing. Safety trends are improving but remain an underwriting consideration, and school ratings trail national norms, which could influence targeting toward smaller households and professionals.
- 1984 vintage offers value-add via selective renovations while remaining competitive against older local stock
- High renter-occupied share and amenity density support demand depth and retention
- Elevated ownership costs reinforce reliance on rentals and pricing power
- 3-mile radius shows population and household growth, supporting a larger tenant base
- Risks: safety is below national averages and school ratings are weaker; underwrite security, tenant profile, and capex accordingly