| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Fair |
| Demographics | 26th | Poor |
| Amenities | 78th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 744 Rockaway Ave, Brooklyn, NY, 11212, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2005 |
| Units | 61 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
744 Rockaway Ave, Brooklyn NY — 61-Unit Multifamily in Renter-Heavy Submarket
Neighborhood occupancy has held firm and renter demand is deep, according to WDSuite’s CRE market data, supporting a stable lease-up profile for well-managed assets in this pocket of Brooklyn.
This Urban Core location in Brooklyn sits within a neighborhood rated C where renter-occupied housing is prevalent. The neighborhood s renter concentration is high (about four out of five housing units are renter-occupied), signaling a large tenant base and consistent leasing velocity for multifamily investors.
Occupancy for the neighborhood is competitive among New York-Jersey City-White Plains, NY-NJ neighborhoods (ranked in the stronger 40% tier out of 889) and sits in the top quartile nationally, which points to steady absorption and supports income durability for stabilized assets. Median contract rents in the area have advanced over the last five years, aligning with the metro s broader demand for workforce and market-rate units.
Livability drivers include strong access to daily-needs amenities: grocery, pharmacy, parks, and restaurants all score well versus national peers (each in the 83rd to 98th percentiles), which tends to aid resident retention. Average school ratings are comparatively weak versus national benchmarks, an underwriting consideration for family-oriented unit mixes.
Within a 3-mile radius, population and household counts have grown in recent years, with further expansion projected, indicating a larger tenant base and more renters entering the market. The property s 2007 vintage is newer than the neighborhood s older housing stock (average mid-20th century), offering relative competitiveness versus legacy buildings; investors should still plan for system updates as the asset approaches two decades in service.
Safety metrics for the neighborhood trail national norms, with violent and property offense rates positioned in the lower national percentiles. Recent trends, however, show year-over-year declines in both categories, suggesting incremental improvement rather than a step-change. Investors typically mitigate this risk through security upgrades, active management, and tenant screening policies tailored to the submarket.
Compared with the broader New York-Jersey City-White Plains, NY-NJ metro, the neighborhood s standing is around the middle of the pack among 889 neighborhoods, emphasizing the importance of property-level operations and visible on-site management to support resident satisfaction.
The area draws from a diversified white-collar employment base that supports renter demand and commute convenience, including financial services and consumer goods offices noted below.
- Prudential — corporate offices (3.0 miles)
- Dr Pepper Snapple Group — consumer goods offices (5.9 miles)
- Aig — insurance (5.9 miles) — HQ
- S&P Global — financial information (6.0 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (6.1 miles) — HQ
744 Rockaway Ave offers scale at 61 units with 2007 construction, positioned in a neighborhood where renter-occupied housing is the dominant tenure and occupancy trends are solid. Based on commercial real estate analysis from WDSuite, neighborhood occupancy ranks competitive within the metro and in the top quartile nationally, supporting income stability for well-run assets. The asset s more recent vintage versus the area s older stock can provide an edge in leasing and operations; prudent capital planning for mid-life building systems can preserve that advantage.
Within a 3-mile radius, population and households have increased and are projected to continue expanding, implying a larger renter pool and support for lease-up and renewals. Elevated ownership costs relative to incomes in the neighborhood reinforce reliance on rental housing, while recent rent growth signals pricing power may persist for competitive units. Key risks include below-average school ratings, affordability pressure that may require thoughtful lease management, and safety metrics that remain below national norms despite recent improvements.
- Renter-heavy neighborhood and competitive occupancy support demand depth and income stability.
- 2007 vintage competes well versus older local stock; plan for mid-life system upgrades to sustain performance.
- 3-mile population and household growth expands the tenant base, aiding lease-up and renewals.
- High-cost ownership environment supports sustained rental demand and potential pricing power for competitive units.
- Risks: below national safety benchmarks, lower school ratings, and affordability pressure requiring proactive lease and resident retention strategies.