| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 82nd | Best |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 568 Union Ave, Brooklyn, NY, 11211, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2010 |
| Units | 98 |
| Transaction Date | 2005-03-30 |
| Transaction Price | $1,300,000 |
| Buyer | MC CARREN PARK ESTATES LLC |
| Seller | KEDEM WATER LTD |
568 Union Ave Brooklyn Multifamily Investment
Newer 2010 construction in an Urban Core pocket with durable renter demand and strong amenity density, according to WDSuite’s CRE market data. Expect stable occupancy supported by a deep renter base and high-cost homeownership dynamics.
The property sits in a high-performing Brooklyn neighborhood (A+ rating) that ranks 7th among 889 metro neighborhoods, signaling a compelling location for multifamily. Amenity access is a distinct strength: cafes, groceries, restaurants, parks, and pharmacies are all near the top of national distributions (often 99th–100th percentile), supporting lifestyle convenience and leasing velocity.
Occupancy in the neighborhood is strong and has trended up over five years, with levels around the 71st percentile nationally. Renter-occupied housing accounts for a high share of local units (national 99th percentile), indicating a deep tenant pool and consistent absorption for professionally managed apartments.
Home values in the neighborhood are elevated relative to income (value-to-income in the upper national percentiles), which generally sustains reliance on rental housing and can enhance pricing power for well-maintained assets. Median contract rents benchmark high versus national norms, yet local median household incomes also track in the 90th+ national percentile, helping support rent collections and lease retention.
The average neighborhood building vintage skews older (1970s), while this asset’s 2010 delivery offers a competitive edge versus legacy stock. Investors should still plan for ongoing modernization as systems age, but the relative youth of the property can reduce near-term capital intensity compared with older comparables.
Within a 3-mile radius, demographics point to population growth, rising household counts, and an expanding higher-income cohort, which together imply a larger tenant base over time. These trends, based on CRE market data from WDSuite, support occupancy stability and reinforce long-term multifamily demand fundamentals.
Safety performance is mixed relative to broader benchmarks. The neighborhood’s crime rank sits around the middle of the pack compared with 889 metro neighborhoods, and national percentiles indicate it tracks below the national average for safety. However, recent data show year-over-year declines in both violent and property offense estimates, suggesting improving conditions rather than deterioration.
For underwriting, investors often translate this profile into pragmatic measures: emphasize professional management, access control, and resident engagement, while recognizing that recent trendlines point in a constructive direction.
Proximity to major corporate offices underpins workforce housing demand and commute convenience for residents, notably across utilities, media/tech, airlines, and biopharma.
- Con Edison Distribution Engineering — utilities operations (2.2 miles)
- Consolidated Edison — utilities (2.2 miles) — HQ
- Yahoo — media & technology (2.3 miles)
- Jetblue Airways — airline corporate offices (2.4 miles) — HQ
- Pfizer — biopharma (2.5 miles) — HQ
568 Union Ave offers a 2010-vintage, 98-unit asset in an Urban Core location where amenity density, renter concentration, and elevated home values support durable apartment demand. Neighborhood occupancy is above the national median and the renter-occupied share is among the highest nationally, reinforcing depth of the tenant base and potential lease-up resilience. According to WDSuite’s commercial real estate analysis, rent levels benchmark high but are supported by strong local incomes, which can aid collections and limit turnover when paired with professional management.
Relative to older Brooklyn stock, 2010 construction can be competitively positioned for today’s renters while still benefitting from thoughtful refreshes that keep finishes and building systems current. Forward demographic indicators within a 3-mile radius point to growth in households and higher-income segments, which supports occupancy stability and long-run pricing power. Risks include safety metrics that trail national norms, though recent trendlines are improving.
- Urban Core location with top-tier amenity access supporting leasing velocity
- Strong renter concentration and above-median occupancy underpin demand stability
- 2010 vintage offers competitive positioning versus older neighborhood stock with manageable modernization needs
- High home values relative to income reinforce reliance on rentals and potential pricing power
- Risk: safety metrics below national averages, though recent data indicate year-over-year improvement