| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 52nd | Fair |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 342 Eldert St, Brooklyn, NY, 11237, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2007 |
| Units | 60 |
| Transaction Date | 2005-03-02 |
| Transaction Price | $2,300,000 |
| Buyer | 342 ELDERT LLC |
| Seller | EVIA REALTY LLC |
342 Eldert St Brooklyn 60-Unit Multifamily Investment
Renter-heavy Urban Core location with stable neighborhood occupancy and newer 2007 vintage supports leasing durability, according to WDSuite’s CRE market data. Elevated ownership costs nearby further reinforce reliance on multifamily housing.
This Urban Core neighborhood in the New York–Jersey City–White Plains metro ranks 97 out of 889 overall (A rating), signaling competitive fundamentals for multifamily investors. Amenity density is a clear strength: grocery access is in the top national percentile, restaurants and parks are near the top nationally, and cafes, pharmacies, and childcare are also high relative to most U.S. neighborhoods. These features typically aid leasing velocity and retention.
Renter concentration is high at the neighborhood level (75.8% of housing units are renter-occupied; 98th percentile nationally), indicating a deep tenant base and durable demand for professionally managed apartments. Neighborhood occupancy is in the mid-90s and has trended upward over the past five years, supporting an underwriting view focused on stability rather than lease-up risk. Neighborhood NOI per unit benchmarks are strong (97th percentile nationally), underscoring income potential versus many U.S. submarkets, based on CRE market data from WDSuite.
The property’s 2007 construction is newer than the neighborhood’s average vintage (1948), which can provide a competitive edge versus older housing stock. Investors should still plan for system updates typical of mid-2000s assets, but near-term capital needs may be more predictable than for pre-war buildings.
Home values in the surrounding neighborhood are elevated (96th percentile nationally), creating a high-cost ownership market that tends to sustain renter demand and support renewal capture. At the same time, the neighborhood’s rent-to-income ratio is high, which points to affordability pressure; prudent lease management and concessions strategy may be useful to protect retention and limit turnover expense.
Demographic statistics are aggregated within a 3-mile radius: population and households have increased in recent years, and forecasts point to continued growth by 2028 alongside smaller average household sizes. For multifamily, that implies a larger tenant base and steady formation of renter households, which can support occupancy stability over the hold.
School ratings in the immediate neighborhood test below national averages, which may tilt demand toward singles, roommates, and young professionals rather than families. Investors should calibrate unit mix, finishes, and amenities accordingly to align with the likely renter profile.
Safety metrics indicate elevated crime relative to national norms, with the neighborhood landing in the 37th percentile for safety nationwide. Within the New York–Jersey City–White Plains metro, a rank of 265 out of 889 places the area in a higher-crime tier compared with many metro neighborhoods.
Recent trends are directionally positive: both violent and property offense rates show year-over-year declines, with improvement measures sitting in the upper half of national neighborhoods. For investors, this suggests monitoring remains prudent, but recent movement has been favorable on a trailing-year basis.
Nearby corporate offices provide a sizable professional employment base that supports multifamily renter demand and commute convenience. Key employers include Prudential, JetBlue Airways, New York Life Insurance Company, Con Edison Distribution Engineering, and Consolidated Edison.
- Prudential — insurance (3.4 miles)
- Jetblue Airways — airline HQ & corporate (4.3 miles) — HQ
- New York Life Insurance Company — insurance (5.1 miles)
- Con Edison Distribution Engineering — utilities engineering offices (5.1 miles)
- Consolidated Edison — utilities HQ & corporate (5.2 miles) — HQ
342 Eldert St offers 60 units in a high-amenity, renter-dense Brooklyn neighborhood where occupancy has trended upward and neighborhood NOI per unit benchmarks score in the top tier nationally. The 2007 vintage positions the asset competitively against older local inventory while keeping an eye on mid-life systems and selective value-add. Elevated local home values point to a high-cost ownership market, which typically sustains renter reliance on multifamily housing and supports renewal capture, according to CRE market data from WDSuite.
Investor considerations include managing affordability pressure reflected in neighborhood rent-to-income dynamics, calibrating product to a renter profile less driven by school quality, and monitoring safety trends that have recently improved but remain below national averages. Demographic statistics within a 3-mile radius indicate growth in population and households and forecasts suggest continued renter pool expansion by 2028, supporting occupancy stability over a long-term hold.
- Renter-dense Urban Core with mid-90s neighborhood occupancy trending upward supports leasing stability
- 2007 construction offers competitive positioning versus older housing stock with targeted value-add potential
- High-cost ownership environment reinforces multifamily demand and renewal capture potential
- Risk: affordability pressure and below-average safety metrics warrant active lease and asset management