| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Best |
| Demographics | 90th | Best |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 344 Carroll St, Brooklyn, NY, 11231, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1985 |
| Units | 101 |
| Transaction Date | 2022-11-30 |
| Transaction Price | $10,645,458 |
| Buyer | MARY STAR OF THE SEA SENIOR APARTMENTS I |
| Seller | THE HOUSING OUTREACH FUND XII LIMITED PA |
344 Carroll St, Brooklyn Multifamily Investment
Neighborhood occupancy trends in the low-90s and strong household incomes support durable renter demand, according to WDSuite’s CRE market data. Position within Brooklyn’s amenity-rich urban core underpins leasing stability for a 1985-vintage asset.
This Urban Core neighborhood ranks 8th among 889 metro neighborhoods (A+), indicating competitive positioning within New York’s multifamily landscape. Amenity access stands in the top national percentile for groceries, parks, restaurants, and cafés, which typically supports retention and pricing power for well-managed properties. Average school ratings are strong, placing the area in the upper decile nationally, an added draw for households seeking educational optionality.
Renter demand signals are constructive. The neighborhood’s share of renter-occupied housing units is elevated, reinforcing depth of the tenant base and supporting absorption and renewal performance. Neighborhood occupancy is steady near the low-90s with only slight softening over five years, consistent with mature, supply-constrained submarkets where turnover remains manageable, based on commercial real estate analysis from WDSuite.
Within a 3-mile radius, demographics show recent population growth and a notable increase in households, with forecasts calling for additional gains alongside a shift toward smaller average household sizes. This combination points to a larger renter pool and sustained need for multifamily units. High-cost ownership conditions (home values well above national norms) further sustain reliance on rental housing, while rent-to-income metrics indicate manageable affordability pressure that can aid retention.
Vintage context matters: with a neighborhood average construction year around the 1940s, a 1985 asset is newer than much of the local stock. That positioning can be advantageous against older product while still allowing value-add through targeted modernization and common-area upgrades to enhance competitiveness and revenue management.
Safety indicators are mixed. The neighborhood ranks within the more competitive tier among 889 metro neighborhoods, yet it sits below the national median for safety. Importantly, WDSuite’s data shows year-over-year declines in both violent and property offense rates, suggesting recent improvement from prior levels. Investors typically view this trajectory as supportive of leasing confidence when combined with strong amenity access and income fundamentals.
Proximity to major corporate offices supports commuter convenience and a diversified white-collar renter base. Nearby employers include Dr Pepper Snapple Group, S&P Global, Guardian Life, Aig, and Robert Half—providing a broad set of professional services roles that can bolster leasing and retention.
- Dr Pepper Snapple Group — corporate offices (1.4 miles)
- S&P Global — corporate offices (1.9 miles) — HQ
- Guardian Life Ins. Co. of America — corporate offices (2.0 miles) — HQ
- Aig — corporate offices (2.0 miles) — HQ
- Robert Half International — corporate offices (2.0 miles)
344 Carroll St offers scale at 101 units in a high-performing Brooklyn neighborhood where amenity density, household income strength, and a deep renter base support durable occupancy. According to CRE market data from WDSuite, the neighborhood’s standing is competitive within the metro, with occupancy holding near the low-90s and ownership costs well above national norms—conditions that typically sustain multifamily demand and renewal potential.
Built in 1985, the property is newer than much of the area’s housing stock, providing a relative quality edge versus prewar assets while preserving value-add pathways through interior refreshes and system upgrades. A growing 3-mile renter pool and proximity to major employers strengthen leasing fundamentals, though operators should plan for ongoing capital needs typical of mid-1980s construction and monitor safety trends that, while improving, remain below national benchmarks.
- High-income, amenity-rich location supports tenant retention and pricing discipline
- Competitive neighborhood standing in the metro with steady occupancy in the low-90s
- 1985 vintage offers relative quality versus older stock plus value-add upgrade potential
- Proximity to diversified corporate offices underpins leasing and renewal demand
- Risks: below-national safety baseline and mid-80s capex requirements warrant active management