| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 82nd | Best |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 64 Bayard St, Brooklyn, NY, 11222, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2008 |
| Units | 53 |
| Transaction Date | 2004-03-29 |
| Transaction Price | $1,750,000 |
| Buyer | BAYARD HOUSE LLC |
| Seller | LEBAN JOHN T |
64 Bayard St Brooklyn Multifamily Investment Opportunity
Positioned in an A+–rated Urban Core pocket of Brooklyn, neighborhood occupancy is around the mid‑90s with a deep renter base, according to WDSuite’s CRE market data. The combination of high-cost homeownership and sustained renter demand supports income durability for a 2009-vintage, 53‑unit asset.
This location ranks in the top quartile among 889 metro neighborhoods for overall neighborhood quality, reflecting strong amenity access and income fundamentals. Amenity density is a standout—restaurants, cafes, groceries, parks, and pharmacies all sit in the 99th–100th national percentiles—supporting renter convenience and lease retention. Average school ratings are above the metro median, providing a balanced family‑supportive backdrop.
Rents in the neighborhood trend at the high end for the metro, while neighborhood occupancy is approximately 95%, indicating healthy absorption and limited downtime relative to broader U.S. trends, based on CRE market data from WDSuite. With median rent-to-income around 0.22, affordability pressure appears manageable for many local households, which can aid renewal rates and pricing discipline.
Tenure patterns point to durable multifamily demand: renter-occupied housing comprises roughly four-fifths of units locally, and within a 3‑mile radius the renter share is similarly elevated. In the same 3‑mile radius, population and household counts have grown in recent years and are projected to expand further, while average household size trends lower—together implying a larger tenant base and continued depth for leasing.
The property’s 2009 construction is newer than the neighborhood’s older housing stock (average vintage around the 1970s). That relative youth can support competitive positioning versus pre‑war and mid‑century assets, though investors should still plan for typical system updates and modernization as the building ages.
Elevated home values (near the top percentiles nationally) signal a high-cost ownership market in this part of Brooklyn. This dynamic tends to reinforce renter reliance on multifamily housing and can support occupancy stability and rent performance over time.
Safety conditions in this Urban Core neighborhood track below national averages but roughly around the metro median. Recent year estimates indicate double‑digit improvement in violent incident rates and a modest decline in property incidents, according to WDSuite’s CRE market data. In dense, amenity‑rich areas, higher reported incident levels are common; investors typically underwrite with conservative assumptions and emphasize on‑site security, lighting, and access controls to support resident comfort and retention.
Proximity to major employers supports a diverse white‑collar renter base and commute convenience for residents. Nearby anchors include JetBlue, Consolidated Edison, Verizon, Pfizer, and L‑3 Communications.
- Jetblue Airways — airline HQ and corporate operations (2.3 miles) — HQ
- Consolidated Edison — utilities corporate offices (2.3 miles) — HQ
- Verizon Communications — telecommunications offices (2.4 miles)
- Pfizer — pharmaceuticals corporate offices (2.5 miles) — HQ
- L-3 Communications — defense & aerospace offices (2.5 miles) — HQ
64 Bayard St offers investors a 2009‑vintage, 53‑unit asset in a top‑ranked Brooklyn neighborhood where amenity density, income levels, and a predominantly renter‑occupied housing base underpin demand. Neighborhood occupancy near the mid‑90s and a rent‑to‑income profile around 0.22 point to supportive leasing conditions and the potential for steady renewals. Elevated home values reinforce renter reliance on multifamily, while the asset’s newer construction compared with much of the local stock supports competitive positioning and reduces near‑term capital intensity relative to older comparables.
According to CRE market data from WDSuite, national‑leading amenity access and strong household incomes align with stable performance drivers, and 3‑mile radius demographics indicate ongoing renter pool expansion as households increase and average household size trends lower. Investors should balance these strengths with prudent underwriting around urban safety metrics and operating costs typical of core Brooklyn locations.
- Newer 2009 construction versus older neighborhood stock supports competitiveness and moderated near‑term CapEx
- High renter concentration and mid‑90s neighborhood occupancy support leasing stability and renewal potential
- Elevated ownership costs in the area reinforce multifamily demand and pricing discipline
- Strong amenity access and income fundamentals aid retention and absorption
- Risk: Urban safety metrics below national averages and core‑location operating costs warrant conservative underwriting