| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 58th | Fair |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5221 Flatlands Ave, Brooklyn, NY, 11234, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2006 |
| Units | 24 |
| Transaction Date | 2018-01-10 |
| Transaction Price | $7,500,000 |
| Buyer | FLEX FLATS REALTY LLC |
| Seller | NEW YORK B REALTY CORP |
5221 Flatlands Ave Brooklyn Multifamily — 2007 Vintage, 24 Units
Newer construction versus an older local stock supports competitive positioning and renter appeal; according to WDSuite’s CRE market data, neighborhood occupancy has held in a stable range with strong amenity access.
The property sits in an Urban Core area that ranks 143 out of 889 metro neighborhoods, placing it in the top quartile locally for overall quality. Daily needs and lifestyle amenities are a clear strength: pharmacies, groceries, cafes, and restaurants are all abundant by national comparison, which tends to bolster leasing velocity and retention for workforce and market-rate assets based on multifamily property research from WDSuite.
Construction in the surrounding neighborhood skews older (average year 1953), so a 2007 asset stands out competitively versus much of the existing stock. That relative youth can lower near-term capital intensity; however, investors should still plan for selective modernization and mid-life system upkeep over the hold period.
Within a 3-mile radius, about 63% of housing units are renter-occupied, indicating a deep tenant base and broad demand for apartments. Household counts have edged higher over the past five years even as average household size trended down, which typically supports steady absorption and occupancy as more households seek rental options.
Home values in the neighborhood are elevated relative to national norms, reinforcing reliance on rental housing and supporting pricing power for well-managed properties. Neighborhood rents have increased in recent years, and WDSuite’s CRE market data shows occupancy for the neighborhood has remained comparatively steady, suggesting durable demand through cycles.
Safety conditions reflect a mixed profile. Compared with the broader New York–Jersey City–White Plains metro, this neighborhood sits around the middle of the pack among 889 neighborhoods. Relative to national comparisons, crime levels are higher than average; however, WDSuite’s CRE market data indicates both violent and property offense rates declined year over year (violent offenses down 13.4% and property offenses down 11.3%), signaling incremental improvement. These are neighborhood-level indicators and may not reflect conditions at a specific property.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience for residents, including roles across insurance, consumer products, and financial services from Prudential, Dr Pepper Snapple Group, S&P Global, AIG, and Guardian Life.
- Prudential — insurance (4.7 miles)
- Dr Pepper Snapple Group — consumer products (6.0 miles)
- S&P Global — financial information & analytics (6.8 miles) — HQ
- AIG — insurance (6.8 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (6.9 miles) — HQ
5221 Flatlands Ave offers a 2007-built, 24‑unit footprint in a neighborhood with strong amenity density and a predominantly renter-driven housing base within 3 miles. The asset’s newer vintage relative to the area’s older building stock supports competitive positioning and can moderate near-term capital needs, while elevated local home values tend to sustain reliance on multifamily rentals and support occupancy stability. According to CRE market data from WDSuite, the neighborhood’s occupancy has been steady, and rents have trended upward alongside deep tenant demand.
Forward-looking fundamentals are underpinned by a sizable renter pool and proximity to diversified employers. Key watch items include neighborhood safety metrics that sit below national norms and the typical mid-life capital planning for systems and finishes as the asset ages.
- 2007 vintage outperforms older local stock, supporting leasing and competitive positioning
- Predominantly renter-occupied area within 3 miles provides depth of tenant demand
- Elevated ownership costs locally reinforce reliance on multifamily and pricing power
- Amenity-rich Urban Core location supports retention and day-to-day convenience
- Risks: neighborhood safety metrics below national norms; plan for mid-life capex over hold