| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 43rd | Poor |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 495 Howard Ave, Brooklyn, NY, 11233, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1973 |
| Units | 72 |
| Transaction Date | 2023-05-05 |
| Transaction Price | $17,813,447 |
| Buyer | TGA GP HOLDCO LLC |
| Seller | BENNETT ROBERT |
495 Howard Ave Brooklyn Multifamily Demand Opportunity
Neighborhood renter concentration is high with stable occupancy, indicating a deep tenant base for a 72-unit asset, according to WDSuite’s CRE market data.
This Urban Core neighborhood in Brooklyn rates A- (ranked 207 of 889 metro neighborhoods), placing it in the top quartile locally for overall fundamentals. Amenity density is a clear strength: groceries, parks, pharmacies, and restaurants all rank in the high national percentiles, supporting daily convenience and reinforcing leasing appeal for larger-unit product like the property’s ~1,000 sq. ft. average layouts.
Multifamily demand is underpinned by a high share of renter-occupied housing units in the neighborhood (among the highest nationally) and an occupancy level that sits in the upper third of neighborhoods nationwide. For investors, this combination points to depth of the tenant pool and supports occupancy stability across cycles rather than reliance on a narrow renter segment.
Within a 3-mile radius, population and household counts have grown in recent years, with projections through 2028 calling for further household growth alongside smaller average household sizes. This pattern typically expands the renter pool and can aid lease-up velocity and retention for well-managed assets.
Ownership costs in the neighborhood are elevated relative to incomes (value-to-income metrics sit near the top of national comparisons), which tends to sustain reliance on rental housing and can support pricing power. At the same time, rent-to-income levels indicate some affordability pressure, suggesting a need for disciplined lease management and amenity-value alignment to maintain renewal momentum.
The neighborhood’s housing stock skews older (average vintage around 1940). By contrast, a 1973 asset is newer than much of the surrounding inventory, which can reduce near-term competitive obsolescence while still leaving room for targeted value-add and systems modernization to sharpen positioning.
Safety indicators for the neighborhood trend below national norms, with both property and violent offense measures comparing unfavorably to many U.S. neighborhoods. Within the metro, the neighborhood sits around the middle of the pack (ranked 464 out of 889), so investors should underwrite prudent security and operational measures consistent with urban-core assets.
Recent momentum shows some improvement: year-over-year violent offense estimates are declining, placing the trend above the national median for improvement. A forward plan that incorporates lighting, access control, and community engagement can help support resident retention and operational stability.
Proximity to finance and corporate services employers supports a broad white-collar renter base and commute convenience. The following nearby offices can contribute to leasing depth and retention for workforce and professional tenants.
- Prudential — insurance (3.6 miles)
- Aig — insurance (5.1 miles) — HQ
- Dr Pepper Snapple Group — beverages (5.2 miles)
- S&P Global — financial information (5.2 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (5.3 miles) — HQ
495 Howard Ave is a 72-unit, 1973-vintage multifamily asset positioned in an amenity-rich Brooklyn neighborhood where renter-occupied housing is among the highest nationally and occupancy sits in the upper third of U.S. neighborhoods. According to CRE market data from WDSuite, elevated home values relative to incomes in the immediate neighborhood reinforce reliance on rental housing, supporting demand for larger floor plans like the property’s ~1,000 sq. ft. average units.
The 1973 vintage is newer than much of the area’s housing stock, offering a platform for targeted value-add (interiors, energy systems, common areas) to enhance competitive positioning against older inventory. Demographic trends within a 3-mile radius point to ongoing population and household growth and smaller household sizes through 2028, which typically expands the renter pool and supports occupancy stability. Investors should balance this with prudent affordability and operating assumptions given neighborhood rent-to-income dynamics and urban-core safety considerations.
- High renter concentration and solid neighborhood occupancy support stable lease-up and retention
- Amenity-rich Urban Core location near major employers enhances demand depth
- 1973 vintage newer than local average offers value-add and modernization upside
- Elevated ownership costs bolster multifamily demand and potential pricing power
- Risks: affordability pressure and below-national safety norms warrant conservative underwriting