| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Poor |
| Demographics | 37th | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 690 Albany Ave, Brooklyn, NY, 11203, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2012 |
| Units | 95 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
690 Albany Ave, Brooklyn Multifamily Investment Thesis
Built in 2012 in a renter-heavy Brooklyn neighborhood, the asset benefits from newer-vintage competitiveness and a deep tenant base, according to WDSuite’s CRE market data. Neighborhood occupancy has been softer than national medians, making operational execution and positioning essential for stability.
The property sits within an Urban Core area of Brooklyn where neighborhood metrics indicate strong daily-life convenience rather than destination retail. Cafes, groceries, and childcare are dense for the metro, while park and pharmacy access are more limited. These dynamics support routine errands and family services close to home, which can aid leasing, though the lack of nearby parks and pharmacies may matter for certain tenant profiles.
Neighborhood renter concentration is high (renter-occupied share is substantial at the neighborhood level), signaling a broad tenant pool and durable demand for multifamily units. Housing stock in the area skews older than the subject’s 2012 vintage (neighborhood average construction year is 1976), giving newer assets relative competitive positioning on finishes and systems, though periodic modernization still helps maintain pricing power.
Within a 3-mile radius, population growth over recent years and an increase in households point to a larger tenant base and gradual renter pool expansion. Forecasts in the same 3-mile radius anticipate further household growth alongside smaller average household sizes, which can support occupancy stability and demand for smaller-format units. According to WDSuite’s commercial real estate analysis, elevated home values in the neighborhood context reinforce reliance on rental housing, supporting lease retention for well-managed properties.
Neighborhood-level rent-to-income metrics suggest manageable rent burdens relative to many coastal submarkets, a potential positive for renewals. School ratings in the broader neighborhood trend below national medians, which may influence unit mix strategy for family-oriented leasing. Neighborhood occupancy trends trail national medians, so operators may need stronger marketing, unit turns, and amenity alignment to achieve target lease-up and retention.
Neighborhood safety indicators are below national averages, with violent and property offense metrics comparing unfavorably to most neighborhoods nationwide. Recent one-year trends show measurable declines in both violent and property offenses, indicating improvement momentum relative to many U.S. neighborhoods, based on WDSuite’s CRE data.
For investors, the key is comparative context and trajectory: the neighborhood does not rank among the safer areas in the metro of 889 neighborhoods, yet year-over-year reductions suggest conditions are moving in a positive direction. Asset-level security measures and attentive property management typically play an outsized role in resident perception and retention in similar urban locales.
Nearby corporate employers in Manhattan’s core provide a broad white-collar employment base and commute-driven renter demand, including Dr Pepper Snapple Group, Prudential, AIG, S&P Global, and Guardian Life.
- Dr Pepper Snapple Group — corporate offices (4.4 miles)
- Prudential — corporate offices (4.7 miles)
- Aig — corporate offices (4.8 miles) — HQ
- S&P Global — corporate offices (4.8 miles) — HQ
- Guardian Life Ins. Co. of America — corporate offices (4.9 miles) — HQ
This 95-unit asset, built in 2012, is materially newer than the neighborhood’s average vintage and should compete well against older stock on systems and finishes. The surrounding neighborhood shows high renter concentration, dense everyday amenities, and a high-cost ownership environment, all of which support a stable tenant base. Neighborhood occupancy has trended below national medians, so execution on unit turns, pricing, and marketing will be central to achieving steady performance.
Within a 3-mile radius, recent population growth and an increase in households indicate a larger renter pool ahead, with forecasts pointing to continued household expansion and smaller average household sizes that can support demand for efficient unit layouts. According to CRE market data from WDSuite, ownership costs in the neighborhood context are elevated relative to incomes, which typically sustains reliance on rental housing and can help retention for well-run assets.
- Newer 2012 vintage versus older neighborhood stock supports competitive positioning
- High renter concentration and strong everyday amenities deepen the tenant base
- 3-mile population and household growth signal ongoing renter pool expansion
- Elevated ownership costs reinforce sustained demand for rental housing
- Risk: Neighborhood occupancy trends below national medians require disciplined operations and leasing