| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 58th | Fair |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 991 Willoughby Ave, Brooklyn, NY, 11221, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2007 |
| Units | 37 |
| Transaction Date | 2003-12-31 |
| Transaction Price | $250,000 |
| Buyer | 102 MEWS LLC |
| Seller | DEE & DEE WILLOUGHBY LLC |
991 Willoughby Ave Brooklyn Multifamily Investment
Renter demand is deep and occupancy has been resilient at the neighborhood level, according to CRE market data from WDSuite. A 2007, 37-unit asset in an Urban Core location positions for steady leasing with room to compete against older local stock.
The property sits in an Urban Core pocket of Brooklyn rated A and ranked 63 out of 889 metro neighborhoods, placing it in the top quartile among New York–Jersey City–White Plains sub-areas. Neighborhood occupancy is above national norms, and a high share of renter-occupied units indicates a broad tenant base that can support leasing stability and renewal velocity.
Amenity access is a clear strength: restaurant and grocery density are at the top end nationally, with cafes, parks, and pharmacies also testing the upper percentiles. These everyday conveniences typically support retention and reduce friction in lease-ups, particularly for smaller-unit product common in dense Brooklyn neighborhoods.
The asset’s 2007 vintage is newer than the neighborhood’s average construction year of 1964. That relative youth can enhance competitive positioning versus older nearby buildings, while investors should still plan for mid-life systems and selective modernization to sustain rentability.
Within a 3-mile radius, demographics point to a larger renter pool over time: recent population and household growth have been positive, and forecasts call for further increases alongside smaller average household sizes. Combined with elevated ownership costs in the area, this reinforces reliance on multifamily housing and supports pricing power, based on CRE market data from WDSuite.
Neighborhood rents have trended upward over the last five years and are projected to continue rising, while the local rent-to-income profile suggests some affordability pressure to manage through proactive lease strategies. Average school ratings trail national benchmarks, which may temper appeal for family-oriented renters but is less impactful for studios and one-bedrooms. Overall, the location remains competitive among New York–Jersey City–White Plains neighborhoods for core urban multifamily.
Safety indicators for this neighborhood are weaker than national norms: crime measures sit in lower national percentiles (a low percentile indicates comparatively higher crime). At the same time, recent year-over-year trends show double-digit declines in both violent and property offenses, suggesting conditions have been improving rather than worsening.
Investors should frame underwriting with prudent assumptions around security, lighting, and access controls, and consider how improving trends may support retention and marketing over the hold period. Comparisons are at the neighborhood scale, not the property.
Nearby employers span airlines, utilities, insurance, and technology, supporting a diverse commuter tenant base from JetBlue, Consolidated Edison, AIG, Con Edison Distribution Engineering, and Yahoo.
- JetBlue Airways — airlines (3.6 miles) — HQ
- Con Edison Distribution Engineering — utilities (3.9 miles)
- Yahoo — technology & media (3.9 miles)
- Consolidated Edison — utilities (3.9 miles) — HQ
- AIG — insurance (4.0 miles) — HQ
This 37-unit property built in 2007 benefits from strong Urban Core fundamentals: high renter concentration, amenity-rich surroundings, and above-average neighborhood occupancy. Elevated for-sale housing costs in the area reinforce reliance on multifamily, while recent and projected growth within a 3-mile radius points to a widening tenant base that can support steady absorption and renewal performance.
Relative to the neighborhood’s older building stock (average vintage 1964), the asset’s 2007 construction provides competitive positioning, though investors should plan for mid-life capital items and selective upgrades to sustain performance. According to commercial real estate analysis from WDSuite, local rents have trended upward and are projected to continue, but affordability pressure warrants disciplined lease management and attention to value delivered.
- High renter-occupied share and above-national occupancy at the neighborhood level support demand depth and retention.
- 2007 vintage competes well versus older local stock, with scope for targeted value-add to sustain rentability.
- Amenity-rich location near major employers underpins leasing velocity for urban-oriented units.
- Demographic growth within 3 miles expands the renter pool, supporting occupancy stability over time.
- Risks: safety metrics below national norms and affordability pressure require prudent underwriting, security investments, and disciplined lease strategy.