| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Fair |
| Demographics | 26th | Poor |
| Amenities | 78th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 423 Chester St, Brooklyn, NY, 11212, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2006 |
| Units | 44 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
423 Chester St Brooklyn Multifamily Investment Profile
Renter demand is supported by a high neighborhood renter-occupied share and steady occupancy, according to WDSuite’s CRE market data, positioning this asset for consistent leasing in an Urban Core setting.
Located in Brooklyn’s Urban Core, the property sits in a predominantly renter-occupied area (neighborhood renter concentration near 80%), which generally supports a deeper tenant base and steadier renewal prospects for multifamily assets. Neighborhood occupancy is strong and has trended upward over the past five years, a constructive backdrop for maintaining leased-up operations.
Within a 3-mile radius, population and household counts have grown over the last five years, and WDSuite’s data points to further gains by 2028, implying a larger tenant base and ongoing renter pool expansion. Median household incomes have also advanced in the 3-mile area alongside rising asking rents, which underscores demand but calls for attentive lease management as affordability pressure can affect retention.
Everyday convenience is a local strength: grocery stores, pharmacies, parks, and childcare density are in the top quartile nationally, supporting livability and day-to-day needs for residents. Café density is comparatively limited, and average school ratings in the neighborhood trail national norms, factors that may temper appeal for some family renters but are less limiting for workforce and single-occupant demand segments. For investors conducting multifamily property research, these dynamics translate into solid baseline demand with selective positioning by unit mix and price point.
The asset’s 2009 vintage is newer than the neighborhood’s older housing stock (average around the mid-20th century), which can enhance competitive positioning versus legacy buildings. While major systems are comparatively modern, investors should still budget for ongoing modernization and common-area refreshes to sustain pricing power over time. Elevated home values and a high value-to-income ratio in the neighborhood indicate a high-cost ownership market, which typically reinforces reliance on rental housing and helps support occupancy stability.
Safety indicators in the neighborhood are below national percentiles, suggesting elevated crime relative to many U.S. neighborhoods. At the metro level, the area trends near the median among 889 neighborhoods, so performance is not an outlier locally. Importantly, WDSuite reports year-over-year declines in both violent offenses (-7.4%) and property offenses (-8.1%), signaling recent improvement momentum. Investors should incorporate prudent security measures and resident engagement practices in underwriting and operations.
Proximity to finance and corporate employers supports commuter convenience and helps underpin renter demand and retention for workforce-oriented units. Nearby anchors include Prudential, Dr Pepper Snapple Group, AIG, S&P Global, and Guardian Life.
- Prudential — insurance (3.1 miles)
- Dr Pepper Snapple Group — consumer beverages (5.8 miles)
- Aig — insurance (5.9 miles) — HQ
- S&P Global — financial data & ratings (6.0 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (6.0 miles) — HQ
This 44-unit asset built in 2009 benefits from a renter-heavy neighborhood with strong and rising occupancy, plus proximity to major employment nodes. Elevated ownership costs locally sustain reliance on rentals, supporting baseline demand and lease-up resilience. According to CRE market data from WDSuite, the surrounding 3-mile area shows population and household growth today with further expansion expected, indicating a gradually enlarging tenant base.
Investor focus should include affordability and operating discipline: incomes and asking rents have risen, but rent-to-income readings in the immediate neighborhood point to some affordability pressure, making renewal strategy and unit turn efficiency important. The property’s newer vintage versus older local stock can be leveraged with selective upgrades to common areas and in-unit finishes to preserve competitiveness without overcapitalizing.
- Renter-dense neighborhood and strong occupancy support stable leasing
- 2009 vintage outcompetes older local stock; scope for targeted value-add
- High-cost ownership market reinforces rental demand and retention
- Access to major employers bolsters workforce renter pool
- Risks: affordability pressure and below-national safety metrics require active management