| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Best |
| Demographics | 83rd | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 406 15th St, Brooklyn, NY, 11215, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2009 |
| Units | 29 |
| Transaction Date | 2005-10-17 |
| Transaction Price | $900,000 |
| Buyer | ARMORY PLAZA INC |
| Seller | BERTHA REALTY LLC |
406 15th St Brooklyn Multifamily 9 9 Urban Core Asset
Well-located in Brooklyn s Urban Core, the property benefits from a majority renter-occupied neighborhood and a high-cost ownership market that sustains rental demand, according to CRE market data from WDSuite. With neighborhood occupancy holding steady and strong local amenities, the asset s positioning supports durable leasing and retention.
Located in Brooklyn s Urban Core, the neighborhood scores A+ overall and ranks 31 out of 889 within the New York Jersey City White Plains metro competitive among metro neighborhoods. Dense amenity coverage including restaurants, parks, groceries, pharmacies, and childcare places the area in the top national percentiles, which typically supports renter appeal and day-to-day convenience.
Neighborhood occupancy is stable (measured at the neighborhood level), and the area has a majority of housing units that are renter-occupied. Elevated home values relative to income point to a high-cost ownership market, which generally reinforces reliance on multifamily rentals and can support pricing power and lease retention.
The property s 2009 vintage is materially newer than the neighborhood s older housing stock (average construction year is 1938). For investors, newer construction can reduce near-term capital expenditures and provides a competitive edge versus legacy buildings, while still leaving room for future modernization or targeted value-add to meet current renter preferences.
Within a 3-mile radius, demographics indicate a large and economically diverse tenant base with recent growth in households and projected gains over the next five years. Household sizes are trending smaller, which can expand the renter pool and support occupancy stability for smaller formats. School ratings sit above national norms, adding to long-term livability considerations for a portion of renters.
Safety signals are mixed and should be evaluated as part of underwriting. Relative to the New York Jersey City White Plains metro, the neighborhood is ranked 189 out of 889 on crime (lower ranks indicate more incidents), suggesting exposure that is elevated versus many metro peers. Nationally, the area sits below mid-percentile safety levels.
Recent trends are constructive: both property and violent offense rates have declined year over year, indicating improving conditions. As always, investors should calibrate security measures and insurance assumptions to local trends rather than block-level anecdotes.
Proximity to Manhattan and Brooklyn employment nodes supports weekday demand and retention, with a concentration in finance, insurance, consumer brands, and professional services appearing within a short commute.
- Dr Pepper Snapple Group beverages (2.2 miles)
- S&P Global financial information (3.2 miles) HQ
- Guardian Life Ins. Co. of America insurance (3.2 miles) HQ
- Robert Half International staffing & professional services (3.2 miles)
- AIG insurance (3.3 miles) HQ
This 29-unit asset at 406 15th St is positioned in a top-performing Brooklyn neighborhood where renters benefit from exceptional amenity access and steady neighborhood-level occupancy. The 2009 construction stands out versus the area s older stock, offering relative competitiveness and potentially lower near-term capex, with scope for targeted upgrades to drive rents and retention.
A majority renter-occupied neighborhood, elevated ownership costs, and an expanding household base within a 3-mile radius point to durable multifamily demand. Based on CRE market data from WDSuite, local fundamentals including strong amenity density and a deep employment base support lease-up consistency, while investors should underwrite safety and insurance with attention to recent but improving offense-rate trends.
- 2009 vintage competes well versus older neighborhood stock; potential for targeted value-add
- High-cost ownership market supports renter reliance and pricing power for quality units
- Dense amenities and nearby employers bolster tenant appeal and leasing stability
- 3-mile household growth and smaller household sizes expand the renter pool
- Risk: safety metrics are below national mid-percentiles; trends improving but warrant prudent underwriting