| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 52nd | Fair |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 580 Central Ave, Brooklyn, NY, 11207, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1983 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
580 Central Ave Brooklyn 24-Unit Multifamily Opportunity
High renter concentration and a high-cost ownership market point to resilient apartment demand in this Urban Core location, according to WDSuite’s CRE market data.
Situated in Brooklyn’s Urban Core, the neighborhood surrounding 580 Central Ave ranks 97th of 889 metro neighborhoods (top quartile among New York metro peers) with an A neighborhood rating. Amenity access is a clear strength: grocery, dining, parks, and pharmacies score in the top percentiles nationally, supporting renter retention and day-to-day convenience for residents.
Neighborhood occupancy is measured at the neighborhood level, not the property; it remains healthy and has improved over the past five years, indicating steady leasing conditions versus national norms. Renter-occupied share is also high at the neighborhood level, signaling deep tenant demand for multifamily and consistent turnover velocity for 24-unit assets.
The property’s 1984 vintage is newer than the area’s older housing stock (average neighborhood construction year is mid-20th century). This typically enhances competitive positioning versus prewar buildings, though investors should plan for modernization of aging systems and selective unit upgrades to support rent growth.
Within a 3-mile radius, demographics show recent population and household growth with a forecast for further household expansion alongside smaller average household sizes. Elevated home values in the area—relative to incomes—create a high-cost ownership market, which helps sustain reliance on rental housing. At the same time, neighborhood rent-to-income levels suggest some affordability pressure, which calls for attentive lease management and renewal strategies rather than aggressive, across-the-board pricing.
Schools in the broader area trend below national averages, which may matter for family renters. However, extensive neighborhood amenities and commute connectivity typical of this part of Brooklyn help maintain broad appeal across a wide renter base.
Safety indicators for the neighborhood are mixed. Relative to the New York–Jersey City–White Plains metro, the area is competitive among metro neighborhoods (crime rank 265 out of 889), but compared with neighborhoods nationwide it trends below average for safety. Recent data shows double-digit year-over-year declines in both property and violent offense rates, suggesting an improving trajectory, though investors should still underwrite security, lighting, and common-area visibility as part of operational planning.
Nearby corporate employment centers support renter demand through short commutes to finance, insurance, utilities, technology, and airline offices. Key employers include Prudential, JetBlue Airways, AIG, Con Edison Distribution Engineering, and Yahoo.
- Prudential — insurance/financial services (3.5 miles)
- JetBlue Airways — airline corporate offices (4.5 miles) — HQ
- AIG — insurance (5.1 miles) — HQ
- Con Edison Distribution Engineering — utilities engineering offices (5.1 miles)
- Yahoo — technology/media offices (5.1 miles)
This 24-unit, 1984-vintage asset benefits from a high-renter neighborhood, strong amenity density, and a high-cost ownership landscape that supports persistent rental demand and occupancy stability. Neighborhood-level NOI per unit trends and occupancy have been solid relative to broader benchmarks, and within a 3-mile radius, household counts are expanding as average household sizes ease—factors that expand the renter pool and support leasing velocity.
Selective capital improvements—targeted unit renovations, common-area refresh, and system updates—can reinforce competitive positioning against older local stock while maintaining prudent rent steps. Based on commercial real estate analysis from WDSuite, underwriting should balance demand strength with measured rent growth to account for local rent-to-income pressures and family-oriented renters weighing school quality.
- High renter concentration and improving neighborhood occupancy support stable tenant demand
- 1984 vintage offers value-add through modernization versus older neighborhood stock
- Dense amenities and access to major employers bolster retention and leasing
- Homeownership costs remain elevated locally, reinforcing reliance on rentals
- Risks: affordability pressure, below-average school ratings, and safety metrics require careful operations and resident engagement