| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 52nd | Fair |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 375 Central Ave, Brooklyn, NY, 11221, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1983 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
375 Central Ave, Brooklyn NY Multifamily Investment
Neighborhood multifamily fundamentals indicate a deep renter base and mid-90s occupancy, according to WDSuite s CRE market data, supporting cash flow durability in this Urban Core pocket of Brooklyn. Elevated ownership costs locally reinforce sustained renter demand relative to the broader metro.
The surrounding neighborhood rates an A and ranks 97 out of 889 metro neighborhoods, placing it competitive among New York-Jersey City-White Plains submarkets for multifamily positioning. Amenity access is a standout: grocery, dining, parks, and childcare density sit in the upper 90s nationally, which tends to aid lease retention and day-to-day convenience for renters. Neighborhood NOI per unit sits in the 97th percentile nationally, signaling strong rent roll potential relative to operating costs, based on CRE market data from WDSuite.
The property s 1984 vintage is newer than the area s average building stock (1940s era), offering relative competitiveness versus older walk-ups while still warranting targeted system updates or renovations to sustain positioning against newer product. Neighborhood occupancy is 94.1% with a five-year uptick, suggesting resilient absorption; at the same time, a high renter-occupied share (about three-quarters of units in the neighborhood) points to a deep tenant base that supports demand stability.
Within a 3-mile radius, demographics show population growth over the past five years with additional expansion forecast through 2028, alongside an increase in households and a projected decrease in average household size. This combination typically enlarges the renter pool and supports occupancy stability as more, smaller households enter the market. Median contract rents in the neighborhood sit near the top decile nationally, underscoring pricing power for well-maintained units, while the high-cost ownership landscape (home values in the mid-to-upper national percentiles) reinforces renter reliance on multifamily housing.
Counterpoints for underwriting include school ratings that trend below national averages and income-to-rent dynamics that require attentive lease management. Even so, amenity depth (rank 78 of 889, competitive among metro peers) and dense retail coverage help maintain neighborhood appeal for working households. For investors conducting multifamily property research, these dynamics suggest durable demand with selective exposure to affordability pressure, best addressed via unit mix, renewal strategy, and operational efficiency.
Safety indicators are mixed. Relative to metro peers, the neighborhood sits in a weaker position (crime rank 265 out of 889), and nationwide it falls below the median for safety. However, recent trends show improvement, with both violent and property offense rates declining year over year, indicating directionally better conditions versus the prior period. Investors should incorporate conservative assumptions and monitor ongoing trends at the neighborhood level rather than block-by-block conclusions.
Nearby employment anchors within a short commute include major insurance, airline, utilities, and media/technology offices, supporting workforce renter demand and lease retention in this part of Brooklyn.
- Prudential insurance (3.9 miles)
- JetBlue Airways airline (4.1 miles) HQ
- Con Edison Distribution Engineering utilities (4.6 miles)
- Consolidated Edison utilities (4.6 miles) HQ
- Yahoo media & tech (4.6 miles)
375 Central Ave offers exposure to a high-amenity Urban Core neighborhood where occupancy has trended upward and renter-occupied units dominate the local housing mix. Elevated ownership costs and strong neighborhood NOI per unit (upper national percentiles) support rent fundamentals, while the surrounding 3-mile area shows population growth and a rising household count that can expand the tenant base. According to CRE market data from WDSuite, neighborhood rent levels and amenity access are competitive versus national benchmarks, positioning refreshed units to capture steady demand.
Built in 1984, the asset is newer than much of the area s older housing stock, providing a competitive edge while still warranting targeted capital plans for building systems and finishes. Key underwriting considerations include below-average school ratings, safety that trails national norms despite recent improvements, and rent-to-income levels that call for attentive renewal and pricing strategies. Overall, the combination of renter concentration, amenity depth, and Urban Core connectivity underpins a stable, value-forward multifamily thesis.
- High-amenity Urban Core location with upward occupancy and strong neighborhood NOI per unit
- Deep renter-occupied housing base supports leasing stability and renewal visibility
- 1984 vintage offers relative competitiveness to older stock with clear value-add pathways
- Demographic growth within 3 miles signals a larger tenant pool over the medium term
- Risks: below-average school ratings, safety below national norms, and affordability pressure requiring disciplined lease management