| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Fair |
| Demographics | 26th | Poor |
| Amenities | 78th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 550 Watkins St, Brooklyn, NY, 11212, US |
| Region / Metro | Brooklyn |
| Year of Construction | 2009 |
| Units | 56 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
550 Watkins St, Brooklyn 2009 Multifamily Investment
High renter concentration and solid neighborhood occupancy point to durable leasing fundamentals, according to WDSuite’s CRE market data. Elevated ownership costs in Kings County support renter reliance on multifamily housing, reinforcing demand stability.
Located in Brooklyn’s Urban Core, the property benefits from a neighborhood with sustained renter demand and competitive among New York-Jersey City-White Plains neighborhoods occupancy performance (ranked 291 of 889, 77th percentile nationally). The area’s renter-occupied share is high (80% of units are renter-occupied), placing it above the metro median and near the top nationally, which typically supports a deeper tenant base and steadier absorption for professionally managed assets.
At the same time, home values benchmark in the higher range for the neighborhood relative to national norms (84th percentile) and the value-to-income ratio is among the highest nationally (99th percentile). In investor terms, this high-cost ownership backdrop tends to sustain rental demand and can bolster lease retention, though the neighborhood’s rent-to-income ratio indicates affordability pressure that warrants close lease management and renewal planning.
Day-to-day convenience is a relative strength: groceries, pharmacies, and parks rate in the mid-90s national percentiles, indicating strong access to daily-needs amenities. Cafe density is limited, but overall amenity access (78th percentile) supports livability for a wide renter pool. Average school ratings in the neighborhood track below national norms, which some owners consider in marketing and positioning.
Within a 3-mile radius, demographics indicate recent population and household growth with projections for additional household gains over the next five years, suggesting a larger tenant base over time. Based on CRE market data from WDSuite, the neighborhood’s housing stock skews older (average 1944), so a 2009-vintage asset like this can compete well versus legacy inventory; investors should still budget for system updates as the property seasons to maintain its positioning.
Neighborhood safety indicators track weaker than national averages, with crime metrics positioned in lower national percentiles. Within the New York metro, the neighborhood’s crime rank sits near the metro median (442 of 889), indicating conditions that are not among the metro’s strongest. Recent trends show improvement, with estimated violent and property offense rates declining year over year, which investors often view as a constructive directional signal.
From an underwriting perspective, owners commonly plan for appropriate security measures, insurance considerations, and resident engagement, while monitoring multi-year trends rather than any single data point. Comparisons here are at the neighborhood level, not the subject property.
Proximity to corporate employers supports workforce housing demand and commute convenience for residents. Key nearby offices include insurance, beverages, and financial information firms that can help underpin leasing stability.
- Prudential — insurance (2.9 miles)
- Dr Pepper Snapple Group — beverages (6.1 miles)
- AIG — insurance (6.2 miles) — HQ
- S&P Global — financial information (6.2 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (6.3 miles) — HQ
Built in 2009, this 56‑unit asset offers relatively newer construction versus the neighborhood’s older housing stock, which can enhance competitiveness and reduce near-term capital needs; prudent investors may still plan for system updates and common-area refreshes to sustain positioning. Neighborhood occupancy is competitive within the metro and renter concentration is high, supporting demand depth and potential occupancy stability. Within a 3-mile radius, recent and projected increases in households point to a growing renter pool that can support leasing over the medium term.
Ownership remains costly relative to local incomes, reinforcing reliance on multifamily rentals and aiding lease retention. According to CRE market data from WDSuite, neighborhood amenity access for daily needs is strong, while safety metrics lag national norms and rent-to-income levels suggest affordability pressure—factors to incorporate into underwriting, renewal strategy, and operating expense planning.
- 2009 vintage competing well against older neighborhood stock; plan for ongoing system upkeep
- Competitive neighborhood occupancy and high renter-occupied share support demand depth
- Growing households within 3 miles indicate a larger tenant base over time
- High-cost ownership market can support lease retention and pricing power
- Risks: safety metrics below national norms and affordability pressure require active lease and expense management