| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 43rd | Poor |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 808 Myrtle Ave, Brooklyn, NY, 11206, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2008 |
| Units | 21 |
| Transaction Date | 2006-12-27 |
| Transaction Price | $1,300,000 |
| Buyer | 808 MYRTLE REALTY LLC |
| Seller | 341 SCHOLES STREET LLC |
808 Myrtle Ave Brooklyn Multifamily Opportunity
Neighborhood renter demand is deep and occupancy has remained steady at the area level, according to WDSuite s CRE market data, supporting consistent leasing for professionally managed assets. These indicators reflect neighborhood conditions, not this specific property.
Set in Brooklyn s Urban Core, the neighborhood ranks in the top quartile among 889 New York Jersey City White Plains metro neighborhoods, signaling competitive fundamentals for multifamily investors. Local occupancy at the neighborhood level remains strong and has improved over five years, while the renter-occupied share is high, indicating a broad tenant base and stable demand. These are neighborhood metrics, not property-level results.
Daily-life convenience is a clear strength: neighborhood amenity density sits at the 100th percentile nationally for groceries, pharmacies, parks, restaurants, and cafes, supporting renter retention and pricing power for well-run assets. Average school ratings in the area are lower (nationally around the lower quartiles), which may modestly narrow the appeal to family-oriented renters but tends to align with urban workforce housing dynamics.
Within a 3-mile radius, population and households have grown over the past five years, and forecasts point to further household increases alongside smaller household sizes. For investors, that pattern typically translates to a larger renter pool and support for occupancy stability as more single and small-household renters enter the market.
Median home values in the neighborhood are elevated relative to national norms, a high-cost ownership backdrop that reinforces reliance on rental housing and can underpin lease-up velocity for well-located multifamily. Neighborhood median contract rents have risen over the past five years and are projected to continue growing, which, combined with high occupancy, supports revenue durability for assets that are competitively positioned.
The asset s 2008 construction is newer than the neighborhood s average vintage (1975). That relative youth typically enhances competitiveness versus older local stock, though investors should still plan for periodic modernization of finishes and systems to maintain positioning.
Safety conditions at the neighborhood level trend below national norms, with violent and property offense rates positioned in lower national percentiles; however, recent year-over-year estimates indicate double-digit declines in both violent ( 18.7%) and property ( 15.0%) offense rates. These are neighborhood-wide indicators, not block-level or property-specific measures.
Compared with other neighborhoods in the New York Jersey City White Plains metro (889 neighborhoods total), the area remains more challenged than average but shows improving momentum. Investors typically address this context through enhanced building security, lighting, and resident engagement, which can support retention and operational stability over time.
The location draws from a deep Midtown Downtown employment base, with multiple headquarters nearby that support commuter convenience and steady renter demand. Key employers include AIG, S&P Global, AmTrust Financial Services, Guardian Life, and Assurant.
- AIG corporate offices (3.0 miles) HQ
- S&P Global corporate offices (3.16 miles) HQ
- Amtrust Financial Services corporate offices (3.18 miles) HQ
- Guardian Life Ins. Co. of America corporate offices (3.19 miles) HQ
- Assurant corporate offices (3.24 miles) HQ
808 Myrtle Ave offers exposure to a top-quartile Brooklyn neighborhood where renter concentration and amenity density underpin demand. At the neighborhood level, occupancy is high and rising, and median contract rents have advanced over five years. According to CRE market data from WDSuite, these neighborhood trends support leasing stability for assets that remain competitively priced and well-managed.
Built in 2008, the property is newer than the area s average 1970s vintage, supporting relative competitiveness versus older stock. Within a 3-mile radius, population and household growth, along with forecasts for additional household gains and smaller household sizes, suggest ongoing renter pool expansion that can support occupancy and rent resilience. Elevated neighborhood home values indicate a high-cost ownership market, which typically sustains reliance on multifamily housing, while a rent-to-income profile near 30% warrants thoughtful lease management to support retention.
- Top-quartile neighborhood fundamentals in the New York metro, with strong renter concentration and amenity access
- Neighborhood occupancy remains high with multi-year improvement, supporting leasing stability
- 2008 construction offers a competitive edge versus older local stock, with scope for targeted modernization
- 3-mile radius growth and projected household increases point to a larger renter base over time
- Risks: neighborhood safety ranks below national norms despite recent improvement; lower school ratings may narrow family demand; rent-to-income near 30% calls for proactive retention strategies