| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 58th | Fair |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 422 Melrose St, Brooklyn, NY, 11237, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2012 |
| Units | 24 |
| Transaction Date | 2012-06-28 |
| Transaction Price | $150,000 |
| Buyer | MENNONITE UNITED REVIVAL HDFC INC |
| Seller | MENNONITE UNITED REVIVAL CHURCH INC |
422 Melrose St Brooklyn 24-Unit Multifamily Opportunity
Stabilized renter demand and high neighborhood occupancy suggest durable income potential, according to WDSuite’s CRE market data. Newer construction relative to the area helps competitive positioning while supporting steady leasing in a high-cost ownership market.
Located in Brooklyn’s Urban Core, the property sits in a neighborhood rated A and ranked 63 out of 889 within the New York–Jersey City–White Plains metro—competitive among metro neighborhoods. Amenity access is a standout: restaurants, groceries, parks, pharmacies, childcare, and cafes score in the upper national percentiles, reinforcing daily convenience and supporting renter retention.
Neighborhood occupancy is strong at the neighborhood level and has trended higher over the past five years, indicating resilient demand and fewer income interruptions for stabilized assets (based on CRE market data from WDSuite). The neighborhood also shows very high renter concentration, which points to a deep tenant base for multifamily leasing and renewals. Median contract rents benchmark high versus national peers, consistent with the area’s position within a high-cost ownership market where elevated home values can sustain reliance on rental housing.
Within a 3-mile radius, population and household counts have grown in recent years, and WDSuite’s data indicates further expansion ahead, implying a larger tenant base and support for occupancy stability. Average household size is trending lower, which can translate into more households competing for available units even when population growth is modest. Income distributions are broad, with notable growth at higher income tiers, which can aid absorption for quality, well-located product.
The asset’s 2012 vintage is newer than the neighborhood’s older housing stock, offering relative competitiveness on finishes and systems versus pre-1970 inventory; investors should still plan for ongoing modernization cycles to maintain positioning and support rent trade-outs. School ratings in the surrounding area test below national averages, which may temper appeal for some family renters, but the neighborhood’s convenience, transit accessibility, and employment access can underpin demand from working professionals.
Safety indicators for the neighborhood track below national averages, while ranking roughly competitive among the 889 metro neighborhoods. Recent trends show year-over-year declines in both property and violent offense estimates, which is a constructive directional signal, though investors should underwrite with conservative assumptions and monitor ongoing trends rather than relying on a single year of improvement.
For underwriting, frame risk in comparative terms: the area performs weaker versus national safety percentiles but is not an outlier within the New York metro context. Operators commonly mitigate through access control, lighting, and resident engagement, and by emphasizing the neighborhood’s strong amenity base and employment access in leasing strategy.
Proximity to established employers supports weekday traffic and leasing stability for workforce and professional tenants. The nearby base includes JetBlue Airways, Con Edison (distribution and corporate), New York Life, and Pfizer, reflecting aviation, utilities, insurance, and healthcare anchors within a short commute.
- Jetblue Airways — aviation HQ (3.2 miles) — HQ
- Con Edison Distribution Engineering — utilities engineering (3.8 miles)
- Consolidated Edison — utilities HQ (3.8 miles) — HQ
- New York Life Insurance Company — insurance (3.8 miles)
- Pfizer — healthcare & pharmaceuticals (4.0 miles) — HQ
422 Melrose St is a 24-unit, 2012-vintage asset positioned in a Brooklyn neighborhood with strong amenity density, high renter concentration, and historically solid neighborhood occupancy—factors that support income durability and leasing velocity. The property’s newer construction relative to the area’s older average stock provides competitive positioning, while the surrounding high-cost ownership landscape tends to reinforce reliance on rentals and retention for well-managed units.
Neighborhood-level fundamentals point to sustained renter demand: within a 3-mile radius, population and household counts have grown with additional increases expected, indicating renter pool expansion and support for occupancy. Median rents and incomes trend higher than national benchmarks, and, according to CRE market data from WDSuite, neighborhood occupancy remains above national norms. Key risks include below-average school ratings and safety metrics that lag national percentiles, warranting prudent underwriting and operational focus.
- Newer 2012 construction versus older local stock, aiding competitive positioning
- High renter-occupied share and solid neighborhood occupancy support demand depth
- Dense amenity and employment access underpin retention and leasing velocity
- Demographic growth within 3 miles signals a larger tenant base over time
- Risks: below-national safety percentiles and lower school ratings; underwrite conservatively