| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 43rd | Poor |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 417 Lorimer St, Brooklyn, NY, 11206, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1984 |
| Units | 48 |
| Transaction Date | 2022-07-28 |
| Transaction Price | $84,858,738 |
| Buyer | LA CABANA ACQUISITION LLC |
| Seller | CAM CABANA LLC |
417 Lorimer St, Brooklyn Multifamily near Major Job Nodes
Neighborhood occupancy remains steady with a large renter base, according to WDSuite’s CRE market data, supporting durable leasing for a 1985-vintage asset. Elevated ownership costs in this part of Brooklyn further sustain renter reliance without overpromising growth.
Located in Brooklyn’s Urban Core, the neighborhood ranks 110 out of 889 across the New York–Jersey City–White Plains metro, placing it in the top quartile locally for overall attractiveness (A rating). Amenity access is a clear strength, with dense grocery, parks, pharmacies, and restaurants that compare favorably to neighborhoods nationwide, helping support resident retention and daily convenience for tenants.
Renter concentration is high at the neighborhood level (84.9% of housing units are renter-occupied), indicating a deep tenant pool for multifamily demand. Neighborhood occupancy of 96.6% has edged higher over the past five years, a sign of leasing stability rather than short-term volatility. Median contract rents have risen over the last five years, and a rent-to-income ratio around 30% suggests investors should manage renewals and pricing with an eye on affordability pressure and retention risk.
Within a 3-mile radius, population and households have grown in recent years, with forecasts pointing to further population growth and a sizable increase in households by 2028. This expansion implies a larger tenant base and supports occupancy stability. Income distributions also show a meaningful share of higher-earning households, which can underpin demand for quality units, though unit mix and finish levels should align with local price sensitivity.
The asset’s 1985 construction is newer than the neighborhood’s average vintage (1975). That positioning can help competitiveness versus older stock while still warranting targeted capital planning for systems, common areas, and potential modernization to meet current renter expectations. Elevated home values and a high value-to-income ratio in the neighborhood reinforce reliance on rental housing, which can support lease-up and retention for well-managed communities.
School ratings in the neighborhood track below national averages, which may be a consideration for family-oriented units. However, the broader amenity density and transit-accessible, employment-rich location are consistent demand drivers for urban renters. These local dynamics, based on CRE market data from WDSuite, align with steady multifamily performance relative to metro and national benchmarks.
Safety indicators compare below national averages for both violent and property offenses at the neighborhood level; however, recent year-over-year trends show improvement with double-digit declines in estimated incident rates. In practice, owners often address this through professional management, lighting, and access controls, while leveraging the area’s amenity and employment proximity to sustain demand.
Because safety varies block to block and changes over time, investors should benchmark property-level measures against nearby comps and monitor trend data for the surrounding area rather than relying on a single snapshot. The directional improvements, combined with stable occupancy locally, suggest risk that is manageable with active operations and ongoing monitoring.
Proximity to major employers supports commute convenience and leasing durability, notably across technology/media, utilities, airlines, insurance, and pharmaceuticals represented by Yahoo, Consolidated Edison, JetBlue Airways, AIG, and Pfizer.
- Yahoo — technology/media offices (2.68 miles)
- Consolidated Edison — utilities (2.69 miles) — HQ
- Jetblue Airways — airline (2.91 miles) — HQ
- Aig — insurance (2.97 miles) — HQ
- Pfizer — pharmaceuticals (3.09 miles) — HQ
This 48-unit property at 417 Lorimer St benefits from a deep renter base, steady neighborhood occupancy, and amenity-dense surroundings that underpin leasing stability. The 1985 vintage is newer than the neighborhood average and can compete well against older stock, with targeted modernization offering value-add potential. Elevated for-sale housing costs nearby reinforce reliance on rental options, while 3-mile population and household growth point to a gradually expanding tenant base. According to CRE market data from WDSuite, these factors position the asset for consistent performance relative to metro trends, provided affordability and operations are managed closely.
Key considerations include below-average school ratings and safety metrics that require continued monitoring, offset by improving year-over-year crime trends and strong connectivity to major employment nodes. Thoughtful capital planning and tenant experience improvements can translate location fundamentals into sustained occupancy and rent durability.
- High renter concentration and stable neighborhood occupancy support demand depth and retention.
- 1985 vintage offers competitive positioning versus older stock with targeted value-add potential.
- Amenity-rich Urban Core location near major employers underpins leasing resilience.
- Elevated ownership costs reinforce renter reliance, supporting occupancy stability and pricing power.
- Risks: below-average school ratings, safety perceptions, and affordability pressure require proactive management.