| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Best |
| Demographics | 86th | Best |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 506 Washington Ave, Brooklyn, NY, 11238, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2005 |
| Units | 23 |
| Transaction Date | 1997-12-10 |
| Transaction Price | $212,000 |
| Buyer | GAMBA RAFAEL |
| Seller | GREENPOINT BANK |
506 Washington Ave Brooklyn 23-Unit Multifamily Investment
Neighborhood-level renter demand is deep and supported by high household incomes, according to WDSuite s CRE market data, pointing to steady leasing prospects in a high-cost ownership area.
Located at 506 Washington Ave in Brooklyn s Urban Core, the property sits in a neighborhood rated A+ and ranked 20 out of 889 metro neighborhoods competitive among New York-Jersey City-White Plains submarkets and indicative of strong fundamentals. Amenity access is a clear advantage: restaurants and parks register in the 100th national percentile, with groceries, cafes, childcare, and pharmacies clustered at 97th 99th percentiles. These concentrations typically support resident convenience and retention for multifamily assets.
Rents in the surrounding neighborhood benchmark high (national 98th percentile for median contract rent), while the neighborhood s occupancy level is around the national middle. Importantly, 61.6% of housing units are renter-occupied (94th percentile nationally), signaling a large tenant base that can bolster absorption and renewal activity. Median home values sit in the 99th percentile nationally, framing a high-cost ownership market that tends to sustain reliance on rental housing and can support pricing power where product quality and management are competitive.
Demographic statistics within a 3-mile radius show population and household growth over the last five years, with further gains forecast alongside smaller average household sizes tailwinds for multifamily demand as more households seek rental options. Income profiles are strong in this radius, with mean and median household incomes rising meaningfully; this broadens the pool of residents able to support premium rents and reduces collection risk, based on CRE market data from WDSuite.
The asset s 2007 construction is newer than the neighborhood s average vintage (1952), offering competitive positioning versus older stock. Investors should still underwrite routine modernization and system updates, but the relative vintage can help lease-up and retention against legacy assets nearby.
Safety indicators for the neighborhood track below national norms, with overall crime in the lower national percentiles and the area ranking 462 out of 889 metro neighborhoods roughly mid-pack within the metro. Year-over-year estimates indicate modest declines in both violent and property offense rates, which is encouraging but warrants continued monitoring when setting security, insurance, and operating budgets.
Within a roughly 2.6 3.3 mile commute, a cluster of headquarters and major offices in finance and insurance, plus consumer goods, underpins a sizable professional workforce a demand base that supports renter retention and weekday occupancy. The list below reflects nearby anchors in insurance, financial services, and beverage CPG that align with typical resident employment patterns.
- Aig — insurance (2.6 miles) — HQ
- S&P Global — financial services & ratings (2.7 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (2.7 miles) — HQ
- Dr Pepper Snapple Group — beverage CPG (2.8 miles)
- Amtrust Financial Services — insurance (2.8 miles) — HQ
This 23-unit, 2007-built asset benefits from a high-amenity, high-income Urban Core setting where renter households represent a large share of occupied housing. Neighborhood-level rents score near the top nationally while home values are elevated, a combination that typically sustains a deep renter pool and supports pricing power for well-managed properties. According to CRE market data from WDSuite, neighborhood occupancy trends sit around the national middle, suggesting that product quality, renewals strategy, and operations will be key to outperformance.
Demographic trends within a 3-mile radius point to population and household growth alongside rising incomes and smaller household sizes through the forecast period, a setup that can expand the tenant base and support occupancy stability. The 2007 vintage is newer than the area s older average stock, offering relative competitive strength while still warranting selective updates for modernization and efficiency.
- High renter concentration and elevated neighborhood incomes support depth of demand and renewal potential.
- Amenity-rich Urban Core location with national top-tier access to dining, parks, and daily needs.
- Newer 2007 construction relative to neighborhood vintage can compete well against older stock.
- Pricing power potential framed by high-cost ownership market and strong income profiles.
- Risk: Safety metrics trail national averages; prudent security, insurance, and resident-experience investments are advisable.