| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 58th | Fair |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 555 Bushwick Ave, Brooklyn, NY, 11206, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2004 |
| Units | 43 |
| Transaction Date | 2021-12-16 |
| Transaction Price | $8,373,000 |
| Buyer | AZTEC HOLDCO LLC |
| Seller | SAFG RETIREMENT SERVICES INC |
555 Bushwick Ave, Brooklyn — 2005 Vintage Multifamily
Neighborhood occupancy has remained in the mid‑90s, supporting stable cash flow potential at the submarket level, according to WDSuite’s CRE market data. This Urban Core location offers depth of renter demand and leasing velocity typical of Brooklyn while allowing for selective value-add positioning.
Located in Brooklyn’s Bushwick corridor, the property benefits from an Urban Core setting with strong daily-life amenities that help sustain leasing. The neighborhood ranks in the top quartile nationally for amenities, with grocery, pharmacies, parks, and cafes all scoring in the high national percentiles, per WDSuite. For investors, this density of services tends to reduce friction in lease-up and support retention.
Neighborhood occupancy is above the U.S. average and has trended higher over the last five years, signaling resilient renter demand at the neighborhood level rather than at the property itself. The renter-occupied housing share is high in this area, indicating a deep tenant base for multifamily operators and consistent leasing pipelines.
The asset’s 2005 construction is newer than the neighborhood’s average vintage (1960s), which can enhance competitive positioning versus older stock. Operators can still expect normal mid‑life system updates, but the relative age often supports rentability without the full scope of heavy-capex common in pre‑war buildings.
Within a 3‑mile radius, demographics show population growth and an increase in households over the historical period, with forecasts pointing to further expansion and a smaller average household size. This combination typically widens the renter pool and supports occupancy stability. Elevated home values in the neighborhood reinforce renter reliance on multifamily housing, which can aid lease retention and pricing power when managed carefully.
Safety conditions in the neighborhood sit below national averages based on WDSuite benchmarks, with violent and property offense rates that are higher than many U.S. neighborhoods. However, both categories show year‑over‑year declines, indicating an improving trend rather than a deterioration.
Within the New York–Jersey City–White Plains metro (889 neighborhoods), the area’s crime position is above the metro median for crime levels. Investors should account for this in marketing, security, and operating plans, while noting the recent downward movement in incident rates when underwriting retention and exposure.
Proximity to a diverse office base in Manhattan and Brooklyn supports workforce housing demand and commute convenience. Nearby employers include airlines, utilities, insurance, and media/tech names that align with a broad renter profile.
- Jetblue Airways — airlines (3.6 miles) — HQ
- Yahoo — media/tech offices (3.7 miles)
- Con Edison Distribution Engineering — utilities engineering (3.7 miles)
- Consolidated Edison — utilities (3.7 miles) — HQ
- AIG — insurance (3.7 miles) — HQ
This 43‑unit, 2005‑built property sits in a high‑amenity Brooklyn neighborhood where renter concentration and occupancy have remained strong. The newer vintage relative to the area’s older housing stock supports competitive positioning, while the surrounding 3‑mile demographics indicate population growth and rising household counts that translate into a larger tenant base. According to commercial real estate analysis from WDSuite, neighborhood occupancy trends and amenity density compare favorably with national benchmarks, reinforcing demand durability.
Elevated ownership costs in the neighborhood tend to keep households in the rental market longer, aiding retention and pricing power when paired with disciplined lease management. Key underwriting considerations include safety conditions that, while improving year over year, remain below national averages, and rent-to-income levels that call for thoughtful renewal strategies.
- Urban Core location with top-tier amenity access supports leasing velocity and retention
- 2005 vintage offers competitive positioning versus older neighborhood stock with manageable mid‑life capex
- High renter-occupied housing share and stable neighborhood occupancy underpin demand depth
- Demographic growth within 3 miles expands the renter pool, supporting long‑term occupancy stability
- Risks: safety metrics below national averages and affordability pressure require proactive operations and renewals