| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 24th | Poor |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 340 Georgia Ave, Brooklyn, NY, 11207, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1973 |
| Units | 56 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
340 Georgia Ave Brooklyn 1973 Multifamily Investment
Neighborhood occupancy has been steady in the low-90% range, supporting income durability for stabilized assets, according to WDSuite’s CRE market data. Renter demand in this urban Brooklyn location remains broad-based, with pricing set against a high-cost ownership market.
Situated in Brooklyn’s Urban Core, the area around 340 Georgia Ave offers everyday convenience that supports renter retention. Amenity access is competitive among New York-Jersey City-White Plains neighborhoods (top quartile among 889 metro neighborhoods) and scores in the top quartile nationally, led by dense grocery, pharmacy, park, and restaurant coverage. Cafe density is thinner than other amenity types, but the essentials for daily living are well represented.
The neighborhood’s housing stock trends older than the subject’s 1973 vintage (area average skews pre-war), which can give this asset a relative edge versus legacy buildings while still warranting capital planning for systems and common-area modernization. Neighborhood occupancy is measured at the neighborhood level rather than the property and has been stable in the low-90% range, a constructive backdrop for maintaining leased-up operations.
Within a 3-mile radius, demographics point to a larger tenant base over time: population and household counts have grown in recent years and are projected to continue expanding, which supports multifamily demand and leasing velocity. The renter-occupied share is high within this radius, signaling deep tenant depth for studios and smaller formats as well as family units. Median household incomes in the area have risen, broadening the rent-ready cohort, while average household size is trending slightly smaller—both dynamics that can support absorption.
Home values are elevated for the neighborhood versus national norms, reinforcing renter reliance on multifamily housing and helping sustain demand. At the same time, rent-to-income metrics indicate some affordability pressure, suggesting careful lease management and renewal strategies remain important for pricing power and retention. School ratings in the area are below national averages; family-oriented demand is present but may be more sensitive to specific school catchments and access to alternative education options.
Safety conditions should be assessed with care. Relative to national comparables, the neighborhood ranks below average on safety indicators and sits below the midpoint among 889 metro neighborhoods. However, recent data show year-over-year declines in both violent and property offense rates, indicating an improving trend.
Investors typically underwrite with added attention to security measures, lighting, and property management presence in similar urban blocks. Monitoring continued trend improvement and coordinating with local resources can help support resident experience and leasing stability.
Nearby employment anchors include financial services and corporate offices in Downtown and Midtown that deepen the renter pool and shorten commutes for residents. Notable employers in proximity include Prudential, JetBlue Airways, AIG, S&P Global, and Dr Pepper Snapple Group.
- Prudential — financial services (2.4 miles)
- Jetblue Airways — airline corporate offices (6.1 miles) — HQ
- Aig — insurance (6.3 miles) — HQ
- S&P Global — ratings & data (6.4 miles) — HQ
- Dr Pepper Snapple Group — beverage (6.4 miles)
This 56-unit, 1973-vintage property sits in a renter-heavy Brooklyn neighborhood where occupancy has remained stable at the neighborhood level, supporting recurring income. The asset is newer than much of the surrounding housing stock, which can position it competitively versus pre-war buildings while leaving room for targeted value-add upgrades to enhance rents and retention. Elevated ownership costs in the area reinforce reliance on rental housing, and, according to CRE market data from WDSuite, amenity access is strong for daily needs—factors that together support sustained renter demand.
Within a 3-mile radius, population and household counts have increased and are projected to continue growing, expanding the tenant base over time. Rising incomes broaden the rent-ready cohort, though rent-to-income levels suggest prudent lease management is important. Safety and school quality vary by block and catchment; underwriting should reflect property-level measures and positioning.
- Stable neighborhood occupancy and high renter concentration support leasing consistency
- 1973 vintage offers relative competitiveness vs. older stock with value-add potential
- Elevated home values locally reinforce sustained reliance on multifamily rentals
- 3-mile radius shows population and household growth, expanding the tenant base
- Risks: affordability pressure, below-average school ratings, and the need for active safety management