| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 82nd | Best |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 405 S 3rd St, Brooklyn, NY, 11211, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2013 |
| Units | 33 |
| Transaction Date | 2014-08-07 |
| Transaction Price | $23,000,000 |
| Buyer | 281 UNION BPC PARTNERS LLC |
| Seller | 281 UNION PARTNERS LLC |
405 S 3rd St Brooklyn Multifamily Investment Opportunity
Positioned in Brooklyn’s Urban Core, the property benefits from deep renter demand and amenity density, according to WDSuite’s CRE market data. Investors should expect durable occupancy supported by neighborhood fundamentals rather than concessions-driven lease-up.
405 S 3rd St sits in an A+ rated neighborhood ranked 7th among 889 New York–Jersey City–White Plains metro neighborhoods, signaling strong location fundamentals for long-term multifamily performance. Amenity access is a standout: cafés, restaurants, parks, groceries, and pharmacies all register in top national percentiles, translating into daily convenience and lifestyle appeal that supports leasing velocity and retention.
The asset’s 2013 construction is newer than the neighborhood’s average vintage (1974). Newer stock typically competes well against older buildings on finishes, systems, and energy performance, while investors should still plan for routine modernization over a long hold to sustain competitive positioning.
Neighborhood occupancy is high and stable, with the area trending above many U.S. submarkets and a renter-occupied share near four-fifths of housing units. This elevated renter concentration indicates a sizable tenant base and reinforces demand depth for professionally managed apartments.
Within a 3-mile radius, population and households have grown in recent years and are projected to expand further, pointing to a larger tenant base over time. Median household incomes are strong for the metro, while elevated for-sale home values in the area create a high-cost ownership market that tends to sustain reliance on multifamily rentals—supporting pricing power and lease retention when managed carefully.
School ratings in the area sit around national mid-range and may be a secondary factor for this primarily urban, renter-heavy submarket. Overall, the combination of amenity density, income levels, and sustained renter demand provides a favorable backdrop for operations and renewal capture.
Safety metrics for the neighborhood track below national averages, with national percentiles indicating higher reported incidents than many U.S. neighborhoods. Within the metro, the area is near the midpoint among 889 neighborhoods, suggesting conditions that are neither among the metro’s lowest-risk nor its highest-risk areas.
Recent trends show year-over-year declines in both violent and property offense estimates, which is a constructive signal for operators monitoring security protocols and resident experience. Investors should underwrite prudent safety measures and consider resident communication and lighting/access controls as part of standard operating plans.
Proximity to major employers supports a deep, commuter-friendly renter pool. Nearby anchors include Yahoo, Con Edison Distribution Engineering, Consolidated Edison, New York Life Insurance Company, and AIG—diversifying demand across media/technology, utilities, and financial services.
- Yahoo — media & technology (2.6 miles)
- Con Edison Distribution Engineering — utilities (2.6 miles)
- Consolidated Edison — utilities (2.6 miles) — HQ
- New York Life Insurance Company — insurance (2.8 miles)
- AIG — insurance (2.8 miles) — HQ
This 2013-vintage, 33-unit asset in Brooklyn’s Urban Core combines location quality with durable renter demand. The neighborhood ranks 7th of 889 metro neighborhoods and features top-tier amenity access, supporting absorption and renewals. Elevated ownership costs in the area reinforce reliance on multifamily housing, while a renter-occupied share near four-fifths expands the tenant funnel. According to CRE market data from WDSuite, neighborhood occupancy trends remain solid relative to many U.S. submarkets, a favorable backdrop for income stability.
Newer construction versus the area’s older average vintage positions the property competitively against legacy stock, though investors should plan for lifecycle updates to maintain rents. Nearby employment centers in technology, utilities, and financial services broaden the leasing base. Key risks include below-national safety percentiles and the need for careful affordability management to protect retention as rents grow.
- A+ neighborhood (7th of 889 in the metro) with top-tier amenity density supporting leasing and renewals
- 2013 construction competes well versus older local stock; budget for ongoing modernization to preserve positioning
- Strong renter base and high neighborhood occupancy underpin income stability, per WDSuite data
- Proximity to major employers (media/tech, utilities, insurance) broadens demand and supports retention
- Risks: below-national safety percentiles and affordability management needed to sustain renewal rates