| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Poor |
| Demographics | 37th | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 550 Kingston Ave, Brooklyn, NY, 11203, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2007 |
| Units | 49 |
| Transaction Date | 2005-06-16 |
| Transaction Price | $236,000 |
| Buyer | KINGSTON CORNER MIDWOOD LLC |
| Seller | 550 KINGSTON REALTY LLC |
550 Kingston Ave, Brooklyn Multifamily Investment
Newer 2007 vintage in an Urban Core pocket where high-cost ownership supports renter demand, according to WDSuite’s CRE market data. Focus is on stable tenant depth amid mixed neighborhood fundamentals.
The property’s 2007 construction is newer than the neighborhood’s average vintage of 1976, positioning it competitively versus older local stock while still allowing for selective modernization to meet current renter expectations. In this Urban Core setting, the share of housing units that are renter-occupied is elevated (63.5% at the neighborhood level), indicating a deep tenant base and consistent interest in multifamily product.
Daily-needs access is a relative strength: cafes and childcare density rank competitively among 889 metro neighborhoods and sit in the top decile nationally for cafes and at the high end for childcare. Grocery options also score well versus national peers. By contrast, immediate access to parks and pharmacies scores low in the dataset, which may soften some lifestyle appeal and should be considered when positioning amenities on-site.
Neighborhood occupancy is below the metro median (ranked 843 of 889), suggesting leasing may require disciplined operations and targeted concessions in softer periods. However, within a 3-mile radius, households and families have grown over the last five years and are projected to continue increasing, supporting a larger tenant base and reinforcing occupancy stability over the medium term.
Home values in the neighborhood rank high nationally, characteristic of a high-cost ownership market. This dynamic generally sustains renter reliance on multifamily housing and can support pricing power, while rent-to-income levels reported locally point to manageable affordability pressure that aids renewal retention and reduces turnover risk.
Safety indicators point to conditions that are below metro average, with the neighborhood’s crime rank positioned closer to the higher-crime end among 889 metro neighborhoods and national percentiles indicating weaker relative safety. For investors, this underscores the value of strong property management, lighting, and access control to support tenant retention.
Recent trend data show year-over-year declines in both violent and property offenses, placing the neighborhood’s improvement rates above many peers nationally. While absolute levels remain a caution, the directional improvements are a constructive signal for long-term operations and perception.
Nearby employment centers in Manhattan’s core finance and corporate services corridor support commuter convenience and a broad white-collar renter pool. Notable employers within a short radius include corporate offices and financial services headquarters listed below.
- Dr Pepper Snapple Group — corporate offices (4.2 miles)
- Aig — insurance (4.6 miles) — HQ
- S&P Global — financial information & ratings (4.6 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (4.6 miles) — HQ
- Robert Half International — staffing & professional services (4.7 miles)
Built in 2007, 550 Kingston Ave offers a newer product relative to the neighborhood’s 1970s-era average, supporting competitiveness against older stock while leaving room for targeted upgrades. High neighborhood home values and a sizable renter-occupied housing share point to durable multifamily demand and depth of tenant base. According to CRE market data from WDSuite, neighborhood occupancy trends sit below metro medians, so performance leans on disciplined leasing and retention. Within a 3-mile radius, population and household counts have grown and are projected to continue expanding, implying ongoing renter pool expansion that can support steady absorption.
Amenity access for daily needs (cafes, childcare, groceries) is a relative strength, while limited nearby parks and lower average public school ratings may temper family-renter appeal. Affordability signals indicate manageable rent-to-income pressure locally, aiding renewals and lease stability. Overall, the thesis centers on a well-located, newer-vintage asset in a high-cost ownership market with solid demand support and operational focus to mitigate softer neighborhood occupancy and safety headwinds.
- 2007 vintage outcompetes older neighborhood stock; selective upgrades can further differentiate
- High-cost ownership market reinforces renter reliance and supports pricing power
- 3-mile radius shows growing population and households, supporting tenant base expansion
- Daily-needs amenities are strong; position on-site offerings to offset limited park access
- Risks: below-metro occupancy and below-average safety require strong management and leasing discipline