| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 24th | Poor |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 385 Cleveland St, Brooklyn, NY, 11208, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1998 |
| Units | 24 |
| Transaction Date | 2013-12-27 |
| Transaction Price | $2,321,406 |
| Buyer | HPENY HOUSING DEVELOPMENT FUND COMPANY I |
| Seller | ELTON ASSOCIATES L P |
385 Cleveland St, Brooklyn 24-Unit Multifamily
Neighborhood renter-occupied share is high and occupancy has trended upward, supporting a broad tenant base for stabilized operations, according to WDSuite’s CRE market data. Position within Brooklyn’s Urban Core suggests durable demand driven by access to daily amenities and workforce hubs.
Livability is anchored by abundant daily conveniences: the neighborhood scores in the top national percentiles for grocery, park, pharmacy, and restaurant access, while cafes are comparatively sparse. This mix tends to favor resident retention for workforce-oriented multifamily, even as discretionary retail is less concentrated. School ratings trend low relative to national benchmarks, which can influence family demand dynamics and marketing strategy.
For investors screening income stability, the neighborhood’s occupancy rate is above the national median (neighborhood metric, not property-specific) and the renter-occupied share is in the top ranks metro-wide (114th out of 889), indicating a deep pool of renter households. Median contract rents sit above national norms, while the rent-to-income ratio is elevated, calling for disciplined lease management and renewal strategies to mitigate affordability pressure.
The property’s 1998 vintage is newer than much of the surrounding housing stock, where the average construction year trends early-20th century. That relative youth can be competitive versus older inventory, though after two decades, systems and common areas may benefit from targeted modernization or value-add upgrades to sustain positioning against renovated comparables.
Within a 3-mile radius, population and household counts have grown and are projected to continue expanding, with household sizes edging smaller. This points to a larger tenant base and steady demand for rental units over the medium term. In a high-cost ownership market (national value-to-income ratio near the top percentiles), elevated home values tend to reinforce reliance on multifamily rentals, which can support occupancy and pricing power when aligned with product quality and unit mix.
Safety indicators for the neighborhood are below national averages, with violent and property offense rates benchmarking in low national percentiles. Relative to peer areas across the region (889 neighborhoods), this places the area in a more challenging cohort for safety consideration; however, recent year-over-year declines in both violent and property offense estimates suggest improving trends. Investors should underwrite with conservative assumptions for security measures and operational practices and monitor ongoing trajectory rather than any single-year reading.
Proximity to major employers supports workforce housing demand and commute convenience, with a concentration in insurance, utilities, airlines, and financial services reflected below.
- Prudential — insurance (1.8 miles)
- Jetblue Airways — airline (5.9 miles) — HQ
- Consolidated Edison — utilities (6.8 miles) — HQ
- New York Life Insurance Company — insurance (6.8 miles)
- S&P Global — credit ratings & analytics (6.8 miles) — HQ
385 Cleveland St offers a 1998-vintage, 24-unit asset positioned in Brooklyn’s Urban Core, where neighborhood occupancy has improved and renter concentration is among the highest metro-wide. Daily-needs amenities benchmark in top national percentiles, reinforcing leasing fundamentals and day-to-day convenience for residents. Based on commercial real estate analysis from WDSuite, the surrounding ownership market is high-cost relative to incomes, which typically sustains multifamily demand; pairing that with a relatively newer vintage creates an edge versus older local stock, with selective upgrades providing value-add potential.
Underwriting should account for below-average safety metrics and elevated rent-to-income ratios at the neighborhood level, balanced against recent improvement in offense trends and a growing 3-mile household base that expands the tenant pool. Focused capital planning around security, curb appeal, and interior refreshes can help maintain occupancy stability and retention.
- High renter-occupied share and improving neighborhood occupancy support stabilized demand
- Daily amenities (grocery, parks, pharmacies, restaurants) score in top national percentiles, aiding retention
- 1998 vintage is competitive versus older local stock; targeted upgrades can capture value-add upside
- High-cost ownership landscape reinforces reliance on rentals, supporting occupancy and pricing discipline
- Risks: below-average safety metrics and elevated rent-to-income ratios warrant conservative lease and security management