| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 24th | Poor |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 475 Hendrix St, Brooklyn, NY, 11207, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1984 |
| Units | 102 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
475 Hendrix St, Brooklyn Multifamily Investment Thesis
Neighborhood indicators point to durable renter demand and above-median occupancy at the neighborhood level, according to WDSuite’s CRE market data. The area’s high renter concentration and costly ownership landscape support leasing consistency for professionally managed units.
Located in Brooklyn’s Urban Core, the property is positioned in a neighborhood rated C+ among 889 metro neighborhoods, with occupancy measured at the neighborhood level above the national median. A high share of housing units are renter-occupied locally and within the 3-mile radius, indicating a deep tenant base that can support leasing and renewals for stabilized assets.
Everyday amenities are a strength: neighborhood data show very high national percentiles for grocery access, parks, pharmacies, and restaurants, while cafes are comparatively limited. For family-oriented renters, average school ratings in the neighborhood trend below national norms; investors may consider this in unit positioning and marketing.
Home values are elevated for the neighborhood relative to national benchmarks, and value-to-income ratios are high, signaling a high-cost ownership market that tends to sustain renter reliance on multifamily housing. Rent-to-income metrics suggest some affordability pressure, which makes revenue management and renewal strategies important for pricing power without elevating turnover risk.
Demographic statistics aggregated within a 3-mile radius indicate recent population growth and a faster increase in households, with household sizes trending smaller. These dynamics typically expand the renter pool and support occupancy stability for studios and smaller formats, though unit positioning should be validated at the asset level.
Built in 1984, the asset is newer than the neighborhood’s average vintage (1930s era). That relative youth can enhance competitive positioning versus older stock, while still leaving room for targeted modernization of interiors, building systems, and common areas to capture value-add upside.
Safety metrics for the neighborhood track below national averages, with violent and property offense indicators in lower national percentiles. Recent trend data show year-over-year declines in both violent and property offense estimates, suggesting some improvement, but investors should still underwrite proactive measures such as lighting, access control, and community engagement to support resident experience and retention.
Nearby corporate offices provide a broad white-collar employment base that supports commuter convenience and renter demand, including Prudential, JetBlue Airways, AIG, S&P Global, and Guardian Life Ins. Co. of America.
- Prudential — financial services (1.9 miles)
- Jetblue Airways — airline HQ & offices (6.2 miles) — HQ
- Aig — insurance & financial services (6.6 miles) — HQ
- S&P Global — ratings & financial analytics (6.8 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (6.8 miles) — HQ
The investment case centers on durable renter demand, supported by a high renter-occupied share locally and within the 3-mile radius, and neighborhood occupancy above national medians. Elevated home values and a high-cost ownership context reinforce reliance on rentals, while recent household growth and smaller household sizes point to a broadening tenant base. According to CRE market data from WDSuite, these neighborhood dynamics have been accompanied by steady occupancy and robust amenity access, which can underpin leasing performance.
Constructed in 1984, the property is newer than much of the surrounding stock and can compete well against older assets, with potential value-add via interior refreshes and system upgrades. Investors should balance this with conservative revenue management given rent-to-income pressure and with prudent security and operations planning given below-average safety metrics at the neighborhood level.
- High renter concentration and above-median neighborhood occupancy support demand depth and renewal potential
- Elevated ownership costs sustain rental demand, aiding pricing power when paired with disciplined renewals
- 1984 vintage offers competitive positioning versus older stock with clear modernization/CapEx pathways
- 3-mile demographics show population and household growth, expanding the tenant base over time
- Risks: below-average safety metrics and rent-to-income pressure require proactive operations and pricing discipline