| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 82nd | Best |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 897 Grand St, Brooklyn, NY, 11211, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2006 |
| Units | 22 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
897 Grand St, Brooklyn — 22-Unit 2006 Multifamily Opportunity
Neighborhood renter demand is deep and occupancy has been resilient at the area level, according to WDSuite’s CRE market data, supporting stable leasing conditions for well-managed assets.
Located in Brooklyn’s Urban Core, the property sits in a neighborhood rated A+ and ranked 7th among 889 metro neighborhoods — a position that indicates competitive standing within the New York–Jersey City–White Plains market. Amenity access is a clear strength: restaurants, groceries, parks, cafés, and pharmacies all benchmark in the top percentiles nationally, signaling walkable daily needs and lifestyle convenience that helps underpin renter appeal.
At the neighborhood level, occupancy is above the metro median (ranked 407 of 889) with a renter-occupied share around the top tier of the metro (ranked 54 of 889), pointing to a sizable tenant base and consistent demand for multifamily units. Median contract rents in the neighborhood sit in the upper national range while the rent-to-income profile suggests manageable affordability pressure, which can aid retention and reduce turnover risk for professionally operated buildings.
Demographic statistics aggregated within a 3-mile radius show population and household growth over the last five years, with projections indicating further household expansion and smaller average household sizes by 2028. This trend typically supports a larger tenant base and steady absorption of well-located apartments. Household incomes in the 3-mile area have risen meaningfully, broadening the qualified renter pool for mid- to upper-tier units.
Median home values in the neighborhood benchmark near the top nationally, reflecting a high-cost ownership market that can reinforce reliance on rental housing and help sustain pricing power for competitive multifamily product. Average school ratings are moderate at the neighborhood level, which is common for dense urban districts, and should be weighed against the area’s strong employment access and amenity depth.
Built in 2006, the asset is newer than the neighborhood’s average vintage (1974). That relative youth can enhance competitive positioning versus older walk-up stock while still warranting capital planning for systems modernization or targeted renovations to meet current renter expectations derived from ongoing multifamily property research.
Safety indicators at the neighborhood level track below national percentiles, with both violent and property offense rates comparing unfavorably to many U.S. neighborhoods. However, recent year-over-year estimates point to declines in both categories, suggesting gradual improvement rather than deterioration. These metrics are neighborhood-wide, not specific to the property.
Within the metro context, the area’s overall neighborhood rank remains competitive among 889 New York–Jersey City–White Plains neighborhoods, indicating that broader fundamentals (amenities, renter demand, incomes) can offset some safety-related leasing friction. Owners typically address this with professional operations, lighting, access control, and tenant engagement to support retention.
Proximity to major employers in Manhattan and Brooklyn supports commuter convenience and a diversified renter base. Nearby anchors include JetBlue, New York Life, Con Edison, Yahoo, and others within a roughly three-mile radius.
- Jetblue Airways — airlines HQ and corporate offices (2.6 miles) — HQ
- New York Life Insurance Company — insurance (3.0 miles)
- Con Edison Distribution Engineering — utilities engineering offices (3.0 miles)
- Consolidated Edison — utilities (3.0 miles) — HQ
- Yahoo — media & technology offices (3.1 miles)
This 22-unit, 2006-vintage asset in Brooklyn’s Urban Core benefits from a deep renter pool, strong amenity access, and neighborhood occupancy that trends above the metro median. Elevated neighborhood home values point to a high-cost ownership market that supports sustained rental demand, while a 3-mile view shows population and household growth with further expansion forecast — dynamics that can support occupancy stability and rent performance for competitive product.
The 2006 construction is newer than the area’s average vintage, offering relative competitiveness versus older stock, though investors should plan for ongoing systems maintenance and selective modernization to meet current renter preferences. According to CRE market data from WDSuite, neighborhood-level income strength and a favorable rent-to-income profile further support leasing durability, balanced by considerations around local safety metrics and average school ratings.
- Deep renter-occupied concentration and above-median neighborhood occupancy support demand and leasing stability.
- High-cost ownership landscape reinforces reliance on rentals, aiding pricing power for well-positioned units.
- 3-mile population and household growth — and smaller projected household sizes — expand the tenant base.
- 2006 vintage offers competitive positioning versus older stock, with scope for targeted modernization as part of value preservation.
- Risks: neighborhood safety metrics track below national percentiles and school ratings are moderate; proactive operations and amenity strategy are important.