| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Poor |
| Demographics | 37th | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 738 Albany Ave, Brooklyn, NY, 11203, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2012 |
| Units | 114 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
738 Albany Ave Brooklyn Multifamily, 2012 Vintage, 114 Units
Newer construction relative to the neighborhood positions this asset to compete against older local stock while serving a deep renter-occupied base, according to WDSuite’s CRE market data. The primary investor angle is durable renter demand in a high-cost ownership pocket of Kings County that can support pricing power and retention.
The property’s 2012 vintage is materially newer than the neighborhood’s typical 1970s-era stock, offering competitive positioning and potentially lower near-term capital needs versus older assets; modernization may still be beneficial for systems and common areas over the hold period. The surrounding area is classified as Urban Core with strong daily-needs access: grocery and childcare density rank competitively among the 889 metro neighborhoods and sit in the top quartile nationally, while cafes and restaurants are also above national medians, based on WDSuite’s CRE market data.
For multifamily demand, the neighborhood shows a high share of renter-occupied units (top quartile nationally), signaling depth in the tenant base and leasing liquidity. By contrast, neighborhood occupancy has trended below national norms in recent years, so active leasing and asset management will be important to sustain stability at the property level.
Within a 3-mile radius, population and household counts have grown over the past five years, with forecasts calling for further increases in households and a decline in average household size by 2028. For investors, this implies a larger tenant base and more renters entering the market, which can support absorption and occupancy over time.
Home values benchmark high relative to incomes (top national percentiles), indicating a high-cost ownership market that reinforces reliance on multifamily rentals. Median contract rents in the neighborhood have risen over the last five years, aligning with broader New York metro trends and supporting revenue growth potential when paired with disciplined lease management. School ratings trail national averages, which may concentrate appeal toward workforce and young adult renter segments rather than family-oriented demand.
Safety indicators are mixed. Relative to the 889 neighborhoods in the New York–Jersey City–White Plains metro, this area sits below the metro average on crime safety, and national comparisons indicate it falls below national percentiles for safety. Recent trend data from WDSuite shows year-over-year declines in both violent and property offense estimates, suggesting momentum is improving even if current levels remain elevated versus national benchmarks.
Investors should underwrite with appropriate security and operational protocols typical for dense urban locations, while recognizing the noted improving trend as a potential tailwind.
Proximity to major employers in Manhattan supports commuter convenience and a diversified renter base, particularly in finance and insurance. Notable nearby employers include Dr Pepper Snapple Group, Prudential, AIG, S&P Global, and Guardian Life.
- Dr Pepper Snapple Group — corporate offices (4.4 miles)
- Prudential — corporate offices (4.69 miles)
- Aig — corporate offices (4.86 miles) — HQ
- S&P Global — corporate offices (4.86 miles) — HQ
- Guardian Life Ins. Co. of America — corporate offices (4.92 miles) — HQ
This 114-unit, 2012-built asset competes favorably against older neighborhood inventory, offering a relative advantage on building systems and finishes while preserving value-add optionality through targeted renovations. High renter concentration in the surrounding neighborhood and a high-cost ownership environment in Kings County underpin demand resilience and tenant retention potential. According to CRE market data from WDSuite, neighborhood occupancy has run below broader benchmarks, indicating that focused leasing strategy and amenity/programmatic upgrades can be important for sustained performance.
Within a 3-mile radius, recent and projected increases in households alongside smaller household sizes point to renter pool expansion that can support occupancy stability over time. Amenity access for daily needs (grocery, childcare, cafes) is competitive at both metro and national levels, reinforcing location fundamentals for workforce and young adult renters.
- 2012 vintage versus 1970s neighborhood norm supports competitive positioning and moderated near-term capex needs
- High renter concentration and elevated ownership costs bolster depth of demand and lease retention
- 3-mile household growth and shrinking household sizes expand the tenant base and support absorption
- Daily-needs amenities in top national tiers enhance renter convenience and leasing momentum
- Risk: neighborhood occupancy trails broader benchmarks; underwriting should assume active leasing and operational focus