| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 84th | Best |
| Demographics | 37th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 563 Flushing Ave, Brooklyn, NY, 11206, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2004 |
| Units | 22 |
| Transaction Date | 2025-02-04 |
| Transaction Price | $11,200,000 |
| Buyer | 563 FLUSHING HOLDINGS LLC |
| Seller | 563 FLUSHING DE LLC |
563 Flushing Ave Brooklyn Multifamily Investment
Urban-core renter demand and high neighborhood amenity access support steady leasing, according to WDSuite’s CRE market data. The area’s strong renter concentration points to a deep tenant base that can help stabilize occupancy through cycles.
The property sits in Brooklyn’s Urban Core with a neighborhood rating of A- and a rank of 137 among 889 metro neighborhoods, indicating it is competitive among New York-Jersey City-White Plains submarkets. Amenity access is a standout: grocery, parks, restaurants, and pharmacies all benchmark in the 99th national percentile, reinforcing daily convenience and supporting renter retention.
Neighborhood occupancy is 92.6% (neighborhood-level), and renter-occupied share is high at 78.2% of housing units. For investors, that renter concentration signals a broad tenant pool and tends to support leasing velocity for smaller-unit product types. Median asking rents in the neighborhood sit in the upper tier nationally (91st percentile), while NOI per unit averages rank near the top of the metro and land in the top quartile nationally, based on CRE market data from WDSuite.
Within a 3-mile radius, demographics show population growth over the last five years and a faster increase in household count, pointing to smaller average household sizes and a larger renter pool over time. Forecasts indicate further population and household expansion alongside declining household size, which often sustains demand for apartments and supports occupancy stability rather than single-family ownership.
Home values in the neighborhood benchmark near the top of U.S. neighborhoods (99th percentile) and the value-to-income ratio is also elevated. In practice, this high-cost ownership market tends to reinforce renter reliance on multifamily housing, aiding lease retention and pricing power for well-managed assets.
School ratings in the neighborhood average below national medians, which can shape unit-mix strategy for family-oriented leasing. Still, the broader amenity density and transit-rich urban setting remain attractive to working-age renters and young professionals seeking proximity to jobs and services for day-to-day convenience and commute efficiency.
Safety indicators are mixed. Relative to the metro (rank 173 of 889), the neighborhood compares favorably to many New York-area neighborhoods, yet national benchmarking places it below the U.S. median for safety (44th percentile). Investors should view this as a location with typical big-city dynamics rather than a suburban profile.
Trend data show meaningful improvement: both violent and property offense rates declined year over year, with reductions outpacing many neighborhoods nationwide. While continued monitoring is prudent, the downward trajectory suggests conditions have been improving, which can support renter confidence and leasing stability.
Proximity to major Manhattan employers supports commute convenience and broad white-collar renter demand. The nearby base includes AIG, Amtrust Financial Services, S&P Global, Guardian Life, and Yahoo.
- AIG — insurance (2.8 miles) — HQ
- Amtrust Financial Services — insurance (3.0 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (3.0 miles) — HQ
- S&P Global — financial information (3.0 miles) — HQ
- Yahoo — digital media (3.0 miles)
Built in 2005, this 22-unit asset offers a newer vintage relative to the neighborhood’s older 1980 average, which can reduce near-term capital needs while leaving room for targeted modernization to sharpen competitiveness. The unit mix skews compact (average size around 480 square feet), aligning with urban renter profiles drawn to convenience and price-point efficiency. Neighborhood fundamentals—high renter concentration, strong amenity access, and top-tier NOI per-unit benchmarks—support occupancy stability and ongoing demand.
Within a 3-mile radius, recent population growth and a faster rise in household counts point to a larger renter base and smaller household sizes, key tailwinds for multifamily. Elevated ownership costs in the neighborhood further sustain reliance on rentals, while neighborhood-level rents track in the upper tier nationally. According to CRE market data from WDSuite, these dynamics are consistent with competitive Urban Core locations in the New York metro, even as lease management should account for affordability pressure and below-median school ratings that may influence family-oriented demand.
- Newer 2005 vintage versus local stock positions the asset competitively with potential for selective value-add
- High neighborhood renter-occupied share supports depth of tenant demand and leasing velocity
- Amenity-dense Urban Core setting and proximity to major employers bolster retention
- Neighborhood rents and NOI per unit benchmark in top tiers nationally, supporting income potential
- Risks: below-national-median safety metrics, affordability pressure (higher rent-to-income), and weaker school ratings require active lease and marketing strategy