| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Best |
| Demographics | 23rd | Poor |
| Amenities | 46th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 646 Emerald St, Brooklyn, NY, 11208, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2002 |
| Units | 83 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
646 Emerald St Brooklyn Multifamily Investment
Neighborhood renter concentration and steady occupancy suggest durable leasing demand, according to CRE market data from WDSuite. Metrics referenced are neighborhood-level and indicate conditions for similar assets, not this specific property.
646 Emerald St is in a Brooklyn Urban Core area where neighborhood-level occupancy trends sit near the national middle and the renter-occupied share is high. With roughly 69% of housing units renter-occupied, the area offers a deep tenant base that supports multifamily demand and lease retention. Elevated home values relative to incomes in the neighborhood (high national percentile for value-to-income) point to a high-cost ownership market, which typically sustains reliance on rentals and supports pricing discipline for well-managed communities.
Daily-needs access is a relative strength. Cafes and grocers benchmark in high national percentiles, adding convenience that can aid leasing and renewals. By contrast, local counts for parks, pharmacies, and childcare trend low in the immediate area, suggesting residents rely on broader-area offerings rather than on-block options—an operating consideration for amenity strategy and resident communications.
Housing indicators are competitive at the metro level—the neighborhood’s housing profile places it in the top quartile among 889 New York–Jersey City–White Plains neighborhoods—and the average construction vintage trends late-1990s. This property’s 2002 vintage is slightly newer than the neighborhood average (1998), which can enhance unit competitiveness versus older stock, while still warranting capital planning for building systems and common areas as they age.
Within a 3-mile radius, demographics show population growth over the last five years with additional gains forecast, alongside a notable increase in households and a shift toward smaller household sizes. This combination points to a larger renter pool and diversified demand for one- and two-bedroom formats. Median contract rents in the broader 3-mile area have risen over the last five years, reinforcing potential for renovated product; however, the immediate neighborhood’s contract rent signal has been mixed, so underwriting should account for micro-level variance across nearby blocks and buildings, based on CRE market data from WDSuite.
Safety benchmarks for the neighborhood trend below national medians, with violent and property offense rates that compare unfavorably to many neighborhoods nationwide. Recent year-over-year estimates, however, indicate declines in both violent and property offenses, suggesting gradual improvement that can support leasing and renewals if the trajectory persists. These are neighborhood-level measures rather than property-specific conditions.
Investors commonly address these considerations with access control, lighting, and engagement programming. Calibrating operating expenses and renewal assumptions to local trend direction and peer submarket comparisons is a prudent approach.
Proximity to major employers supports commuter convenience and broad white-collar demand that can aid leasing stability. Notable nearby employers include Prudential, JetBlue Airways, AIG, Consolidated Edison, and Pfizer.
- Prudential — corporate offices (0.35 miles)
- Jetblue Airways — corporate offices (7.15 miles) — HQ
- Aig — corporate offices (8.16 miles) — HQ
- Consolidated Edison — corporate offices (8.24 miles) — HQ
- Pfizer — corporate offices (8.30 miles) — HQ
The property’s 2002 construction is slightly newer than the neighborhood’s late-1990s average, offering competitive positioning versus older stock while still calling for measured capital planning for systems and common areas. Neighborhood occupancy trends are steady around national medians, and a high renter-occupied share points to a broad tenant base that supports occupancy stability and renewals. Elevated for-sale values relative to incomes in the neighborhood indicate a high-cost ownership market, which tends to reinforce rental demand.
Within a 3-mile radius, population and households have increased and are projected to continue expanding, while smaller average household sizes typically translate into a larger renter pool for smaller formats. Broader-area rents have advanced over the last five years, though the immediate neighborhood’s rent signal is mixed; accordingly, a value-add strategy and measured rent steps should be paired with targeted amenity upgrades and strong management. These observations are grounded in CRE market data from WDSuite.
- High renter-occupied share at the neighborhood level supports depth of demand and occupancy stability.
- 2002 vintage offers relative competitiveness versus older stock with clear pathways for selective value-add.
- Strong daily-needs access (notably grocers and cafes) supports resident convenience and retention.
- Demographic tailwinds within a 3-mile radius expand the renter pool and support leasing.
- Risks: below-national-median safety benchmarks and mixed near-neighborhood rent trends warrant conservative underwriting and active management.