| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 43rd | Poor |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 403 Howard Ave, Brooklyn, NY, 11233, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2010 |
| Units | 64 |
| Transaction Date | 2004-11-01 |
| Transaction Price | $242,000 |
| Buyer | HOME FIRST HOUSING DEVELOPMENT FUND CORP |
| Seller | CHASAM SOFER LLC |
403 Howard Ave, Brooklyn Multifamily — 2010 Vintage
Positioned in Brooklyn s Urban Core, the asset benefits from a renter-driven neighborhood and steady neighborhood occupancy, according to WDSuite s CRE market data. Newer construction for the area supports competitive positioning and durable renter demand.
This Urban Core location sits in the top quartile among 889 metro neighborhoods (A- neighborhood rating), with dense access to daily needs and services. Amenities score strong nationally, with high concentrations of parks, grocery, restaurants, cafes, and pharmacies factors that help support leasing velocity and retention for multifamily assets.
Neighborhood occupancy is 94.2% and the renter-occupied share of housing units is 78.2%, indicating a deep tenant base and stable demand for apartments. Median home values are elevated locally, which tends to reinforce reliance on rental housing and can support pricing power when managed alongside rent-to-income considerations (rent-to-income ratio is 0.28 at the neighborhood level).
Within a 3-mile radius, WDSuite s commercial real estate analysis shows population and household counts have grown in recent years and are projected to continue rising, expanding the renter pool. Average household size is edging lower over time, which can translate into more households seeking smaller apartments and sustained absorption for well-located buildings.
The property s 2010 construction is newer than the neighborhood s older housing stock (average vintage near 1940), offering relative competitiveness versus legacy buildings. As the asset ages, investors should still plan for periodic system updates and targeted renovations to preserve positioning.
Safety indicators are mixed relative to broader benchmarks. The neighborhood trends around the metro midpoint by rank (out of 889), and sits below the national median for safety by percentile. Notably, violent offense rates have improved year over year, which is a constructive directional signal, though property offense levels remain elevated compared with national norms. Investors typically underwrite with enhanced security, lighting, and operational oversight to support resident experience and retention.
Nearby finance and corporate employers provide a sizable white-collar workforce within commuting distance, supporting renter demand and lease stability. Key names include Prudential, AIG, S&P Global, Guardian Life, and Dr Pepper Snapple Group.
- Prudential insurance & financial services (3.6 miles)
- Aig insurance (5.0 miles) HQ
- S&P Global financial information & ratings (5.1 miles) HQ
- Guardian Life Ins. Co. of America insurance (5.2 miles) HQ
- Dr Pepper Snapple Group consumer beverages (5.2 miles)
403 Howard Ave offers a newer-vintage multifamily footprint in a renter-dense Brooklyn neighborhood where occupancy is strong and daily-needs amenities are abundant. Elevated home values in the area support sustained reliance on rental housing, while a growing 3-mile population and household base expands the tenant pool and supports occupancy stability over time.
The 2010 vintage is competitive versus the neighborhood s older building stock, with potential to maintain an edge through targeted capital planning. Based on CRE market data from WDSuite, neighborhood rent-to-income dynamics suggest thoughtful lease management can balance pricing power with retention, and proximity to major employers helps reinforce leasing demand. Key risks to underwrite include below-national safety percentiles and modest school ratings, which may influence family-oriented demand profiles.
- Renter-heavy neighborhood and 94.2% neighborhood occupancy support durable demand
- 2010 construction offers competitive positioning versus older local stock with manageable upgrade path
- Dense amenities and proximity to major employers aid leasing and retention
- Elevated home values reinforce reliance on rentals, supporting pricing power with prudent lease management
- Risks: below-national safety percentiles and lower school ratings may temper appeal for some renter segments