| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 52nd | Fair |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 690 Evergreen Ave, Brooklyn, NY, 11207, US |
| Region / Metro | Brooklyn |
| Year of Construction | 1983 |
| Units | 36 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
690 Evergreen Ave Brooklyn Multifamily Investment
Neighborhood occupancy in the mid‑90s and a high renter concentration point to durable leasing conditions, according to WDSuite’s CRE market data. Stable demand fundamentals in this Urban Core location support asset performance through cycles.
Located at 690 Evergreen Ave in Brooklyn’s Urban Core, the asset benefits from a renter-driven area where roughly three-quarters of housing units are renter-occupied at the neighborhood level, indicating a deep tenant base that supports absorption and retention. Neighborhood occupancy trends sit in the mid‑90s and have edged higher over the last five years, a backdrop that typically supports pricing power and reduces downtime between turns.
Amenity access is a local strength: neighborhood measures land in the top national percentiles for groceries, restaurants, parks, pharmacies, and cafes, which helps with day-to-day convenience and leasing appeal. Against metro peers, the neighborhood ranks competitively on amenities (top quartile among 889 New York-Jersey City-White Plains neighborhoods), reinforcing lifestyle appeal that can aid lease-up and renewal velocity.
The property’s 1984 vintage is newer than the neighborhood’s older housing stock (average construction year 1948), offering a relative competitive edge versus prewar buildings while still warranting prudent capital planning for systems that approach mid-life. For investors, this can translate into selective value-add opportunities through unit modernization and common-area upgrades while maintaining an operational cost advantage over much older assets.
Within a 3-mile radius, households have grown over the past five years and are projected to continue increasing through 2028, supporting a larger tenant base and occupancy stability. Median home values in the neighborhood are elevated nationally (upper 90s percentile), which often sustains reliance on multifamily rentals; at the same time, rent-to-income ratios indicate affordability pressure, suggesting careful lease management and renewal strategies to balance retention and rent growth. School ratings trail national medians, which may matter for family-oriented renters but is less impactful for studios and smaller unit mixes.
Neighborhood income performance metrics are strong on an operating basis: net operating income per unit ranks in the upper percentiles nationally, according to WDSuite’s CRE market data, signaling historically resilient cash flows across the area’s multifamily stock. Taken together—with high renter concentration and robust amenity density—the local fundamentals are supportive for sustained multifamily demand, with management attention warranted on affordability and product positioning.
Safety indicators for the neighborhood are below the national median, with violent and property offense rates positioned in lower national percentiles. Recent year-over-year trends show improvement, with both violent and property offense estimates declining, which is a constructive signal for long-term livability and leasing. Investors should underwrite with conservative assumptions while monitoring the ongoing downward trend as part of risk management.
Nearby corporate offices provide diverse white-collar employment within short commuting distance, supporting weekday demand and lease retention. The employers below represent finance, utilities, technology, and aviation roles accessible from the property.
- Prudential — insurance (3.4 miles)
- Jetblue Airways — airline (4.6 miles) — HQ
- Aig — insurance (5.1 miles) — HQ
- Con Edison Distribution Engineering — utilities (5.1 miles)
- Yahoo — technology (5.1 miles)
This 36‑unit, 1984‑built asset sits in a high-demand renter market with neighborhood occupancy in the mid‑90s and a renter share near the top of national comparisons. Elevated home values in the area reinforce reliance on multifamily housing, while strong amenity density supports leasing and renewal activity. According to commercial real estate analysis from WDSuite, neighborhood income performance is robust, with NOI-per-unit measures ranking in the upper percentiles nationally, suggesting resilient collections across cycles.
Forward-looking demographics aggregated within a 3-mile radius point to continued population and household growth, broadening the tenant base and supporting occupancy stability. Given the asset’s relative youth versus much of the surrounding stock, targeted modernization offers value‑add potential without the heavier capital burden often associated with prewar buildings. Key underwriting considerations include affordability pressure (higher rent-to-income ratios) and below-median school ratings, which call for careful unit mix and renewal strategies.
- High renter concentration and mid‑90s neighborhood occupancy support stable leasing
- 1984 vintage offers competitive positioning versus older stock with targeted value‑add upside
- Amenity-rich Urban Core location aids lease-up velocity and retention
- Strong neighborhood income performance (per WDSuite) underpins cash flow resilience
- Risks: affordability pressure and below-median school ratings require thoughtful lease management