| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 43rd | Poor |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 391 Lorimer St, Brooklyn, NY, 11206, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1984 |
| Units | 71 |
| Transaction Date | 2022-07-28 |
| Transaction Price | $84,858,738 |
| Buyer | LA CABANA ACQUISITION LLC |
| Seller | CAM CABANA LLC |
391 Lorimer St Brooklyn Multifamily Investment Opportunity
Neighborhood occupancy remains firm and renter demand is deep, according to WDSuite’s CRE market data, with a high-cost ownership backdrop in Brooklyn supporting lease stability around this address.
391 Lorimer St sits in an Urban Core pocket of Brooklyn rated A and ranked 110 out of 889 metro neighborhoods, indicating competitive positioning among New York–area locations. Amenity density is a clear strength: the neighborhood ranks at the top nationally for groceries, pharmacies, parks, restaurants, and cafes, which supports day-to-day convenience and renter retention.
For multifamily investors, neighborhood-level occupancy is 96.6% and has trended higher in recent years, suggesting resilience through cycles rather than short-lived spikes. Renter-occupied share is elevated at 84.9% of housing units, pointing to a large tenant base and steady leasing velocity at the neighborhood level, not this specific property.
Home values in the area are elevated relative to income (with a value-to-income ratio among the highest nationally), which typically sustains reliance on rental housing and can support pricing power. At the same time, neighborhood rent-to-income around 30% signals some affordability pressure; prudent lease management and measured rent setting can help maintain retention.
The property’s 1985 vintage is newer than the neighborhood’s average 1975 construction year, which can be competitively advantageous versus older stock. Investors should still plan for targeted modernization and systems updates common for assets from the 1980s, aligning capex with unit finishes and building systems to support future leasing.
Demographic statistics aggregated within a 3-mile radius show population and household growth over the last five years, with forecasts pointing to further expansion and smaller average household sizes. This trend supports a larger renter pool and demand for smaller-format units typical of dense Brooklyn neighborhoods.
One consideration: average school ratings in the neighborhood are below national norms, which may matter for family-oriented renter segments but is less likely to impact demand for smaller units. Overall, the combination of amenity access, strong renter concentration, and stable neighborhood occupancy offers balanced fundamentals for multifamily underwriting.
Safety indicators for the neighborhood are mixed and should be assessed in context. Compared with neighborhoods nationwide, the area falls in a lower national safety percentile, while within the New York–Jersey City–White Plains metro it tracks below the median among 889 neighborhoods. Importantly, both violent and property offense rates have improved year over year, indicating a constructive directional trend rather than a static snapshot.
Investors evaluating resident experience and operating practices may weigh these trends against the neighborhood’s Urban Core strengths (amenities, transit connectivity typical of the area) and the deep renter base. Engagement with professional security protocols and good on-site management remains a standard risk mitigant in dense urban settings.
Nearby employers include technology, utilities, media, and financial services offices that broaden the renter pool and support commute convenience for workforce housing: Con Edison Distribution Engineering, Yahoo, Consolidated Edison, New York Life Insurance Company, and Netflix.
- Con Edison Distribution Engineering — utilities engineering (2.72 miles)
- Yahoo — technology/media (2.72 miles)
- Consolidated Edison — utilities (2.73 miles) — HQ
- New York Life Insurance Company — insurance (2.87 miles)
- Netflix — media production (2.96 miles)
This 71-unit Brooklyn asset benefits from neighborhood fundamentals characterized by high amenity access, strong renter concentration, and steady occupancy. Elevated ownership costs in the area help sustain multifamily demand, while neighborhood-level occupancy near the high end supports income stability. According to CRE market data from WDSuite, the surrounding neighborhood performs near the top nationally on per‑unit NOI, reinforcing the depth of renter demand and the area’s pricing power over cycles.
Built in 1985, the property is newer than the neighborhood average and can compete well against older stock with focused renovations. Demographic statistics aggregated within a 3‑mile radius point to ongoing population growth, more households, and smaller household sizes ahead—dynamics that expand the renter pool and support occupancy. Key risks to underwrite include affordability pressure (given rent-to-income levels), below-average school ratings for family renters, and the need for continued attention to resident safety expectations typical of dense urban environments.
- Deep renter base and stable neighborhood occupancy support income durability
- Amenity-rich Urban Core location enhances retention and leasing velocity
- 1985 vintage offers value-add via targeted modernization versus older comparables
- Elevated ownership costs reinforce multifamily demand and pricing power
- Risks: affordability pressure, lower school ratings, and urban safety perceptions require active management