| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 82nd | Best |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 68 Richardson St, Brooklyn, NY, 11211, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2013 |
| Units | 24 |
| Transaction Date | 2014-09-30 |
| Transaction Price | $17,500,000 |
| Buyer | The Kalikow Group |
| Seller | Dabby Investments, LLC |
68 Richardson St Brooklyn Multifamily in Amenity-Rich Rent Hub
Positioned in an A+ Urban Core pocket of Brooklyn with neighborhood occupancy near the mid‑90s, this 24‑unit asset benefits from deep renter demand and high incomes, according to WDSuite’s CRE market data. The location’s amenity density and elevated ownership costs support durable leasing and pricing power for well-managed units.
The property sits in a top-tier Brooklyn neighborhood (A+ rating) that ranks among 889 metro neighborhoods and is competitive even by New York standards. Amenity access is a clear strength: cafes, restaurants, parks, groceries, and pharmacies all index at the very high end nationally, helping sustain foot traffic and renter appeal for professionally managed multifamily.
Neighborhood metrics point to a stable renter base. Roughly four out of five housing units are renter-occupied at the neighborhood level (78.4%), signaling depth in tenant demand and supporting occupancy stability. Median contract rents and household incomes are both high for the region, while the neighborhood occupancy rate around 95% suggests consistent absorption and retention for quality product. Elevated home values in the area indicate a high-cost ownership market, which typically supports renter reliance on multifamily housing rather than competing directly with for-sale options.
Within a 3‑mile radius, demographics reflect a large urban renter pool with recent population growth and an increase in households, with projections pointing to further renter pool expansion over the next five years. For investors, this implies a broader tenant base and supports the case for steady demand and lease-up velocity. Rent-to-income levels in the neighborhood imply manageable affordability pressure for many households, though active lease management remains important to sustain renewal rates.
Vintage also favors the asset: built in 2013 versus an area average vintage from the 1970s, the property is newer than much of the competitive stock. That can translate into relative operational efficiency and resident appeal versus older walk-ups, while investors should still plan for mid-life system updates and selective modernization to maintain positioning.
Safety outcomes reflect a dense urban core context and are below national averages, with neighborhood crime measures benchmarking in lower national percentiles. That said, WDSuite’s time-series indicators show year-over-year declines in both violent and property offense rates in the neighborhood, indicating recent improvement momentum.
For underwriting, it is prudent to assume urban-level security protocols and to highlight proximity benefits (traffic, visibility, and amenities) while managing resident experience with lighting, access control, and monitoring. Within the New York-Jersey City-White Plains metro’s 889 neighborhoods, this area tracks closer to the urban median than to suburban low-crime benchmarks, so positioning and operations should reflect that profile.
The location draws from a diverse employment base across utilities, aviation, finance, and technology, supporting renter demand through short commutes and weekday population inflows. Nearby anchors include Consolidated Edison, JetBlue Airways, New York Life, Yahoo, and Con Edison Distribution Engineering.
- Con Edison Distribution Engineering — utilities engineering (2.3 miles)
- Consolidated Edison — utilities (2.3 miles) — HQ
- Jetblue Airways — aviation (2.3 miles) — HQ
- New York Life Insurance Company — insurance (2.3 miles)
- Yahoo — technology/media (2.4 miles)
68 Richardson St offers investors a newer 2013 vintage in a high-demand Brooklyn enclave where the neighborhood is renter-dominant and amenity rich. Based on CRE market data from WDSuite, neighborhood occupancy hovers around the mid‑90s and median household incomes are strong for the metro, reinforcing depth of demand and supporting rent durability. Elevated ownership costs in the area reduce competition from for-sale options, and the property’s relative newness versus 1970s-era neighborhood stock provides a competitive edge while leaving room for targeted modernization to sustain premiums.
Within a 3‑mile radius, recent population and household growth—and projections for further increases—suggest a larger tenant base over the medium term. Combined with dense employment options and nationally high amenity access, the location supports leasing velocity and renewal potential. Key risks are consistent with an urban core profile: safety benchmarks trail national averages and require continued operational attention; affordability pressure should be monitored to balance pricing with retention.
- Newer 2013 construction versus older neighborhood stock supports competitive positioning
- Renter-dominant neighborhood and mid‑90s occupancy support demand resilience
- Amenity- and job-rich location underpins leasing and renewal potential
- Elevated ownership costs reinforce reliance on multifamily, aiding pricing power
- Risks: urban safety benchmarks below national averages; maintain security and affordability discipline