| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Fair |
| Demographics | 45th | Poor |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 139 Grove Ave, Cedarhurst, NY, 11516, US |
| Region / Metro | Cedarhurst |
| Year of Construction | 1974 |
| Units | 57 |
| Transaction Date | 2000-10-17 |
| Transaction Price | $5,800,000 |
| Buyer | CHESTNUT ST LLC |
| Seller | JONLEV ASSOCIATES LLC |
139 Grove Ave Cedarhurst Multifamily Investment
Neighborhood fundamentals point to steady renter demand and mid-90s occupancy, according to WDSuite s CRE market data, in a high-cost ownership pocket of Nassau County. With a renter-occupied share around one-third, leasing caters to a defined but durable tenant base seeking proximity to Long Island and NYC job centers.
Cedarhurst sits within Nassau County s Urban Core and carries a neighborhood rating of B among 608 metro neighborhoods. Relative to the metro, this area is competitive on day-to-day convenience: restaurants and grocery access place in the top quartile nationally, and pharmacy density tracks near the top end, supporting resident retention and everyday livability. Childcare and park access are limited, which can matter for family-oriented leasing strategies.
Rents benchmark on the higher end of the national distribution while neighborhood occupancy trends in the mid-90s, indicating pricing power alongside stable absorption. The local renter-occupied share of housing units is about one-third, suggesting a primarily owner-occupied landscape with a defined multifamily segment. In a high-cost ownership market with elevated home values relative to incomes, multifamily provides more accessible options and can support lease-up and retention in line with broader Long Island dynamics.
Demographic statistics are aggregated within a 3-mile radius and show recent population and household growth with further expansion projected, implying a larger tenant base over the next several years. Household incomes in this radius skew higher than national norms, which can mitigate affordability pressure for quality product while still requiring disciplined lease management as rents advance.
The property s 1974 vintage is newer than much of the area s early-20th-century housing stock, which supports competitive positioning versus older buildings; however, investors should plan for aging systems and targeted modernization to sustain performance.
Safety indicators compare favorably at a national level. Violent-offense rates benchmark in the top percentile ranges nationwide (very low relative incidence), and property-offense rates are also better than national averages. Recent trends point to improvement in violent incidents, which supports renter appeal and lease stability. As with any urban-core location, conditions can vary block to block; the perspective here reflects neighborhood-level patterns rather than a specific address.
Proximity to major employers across insurance, airlines, pharmaceuticals, and telecommunications supports commute convenience and broad white-collar renter demand. Nearby anchors include Prudential, JetBlue Airways, Pfizer, New York Life, and Verizon.
- Prudential insurance (7.5 miles)
- Jetblue Airways airline (14.4 miles) HQ
- Pfizer pharmaceuticals (15.8 miles) HQ
- New York Life Insurance Company insurance (15.8 miles)
- Verizon Communications telecommunications (15.8 miles)
This 57-unit asset at 139 Grove Ave benefits from a high-cost ownership environment and neighborhood occupancy trending in the mid-90s, supporting consistent leasing and renewal velocity. Based on commercial real estate analysis from WDSuite, the surrounding area offers strong amenity access for daily needs, while 3-mile demographics indicate recent growth and a projected increase in households both favorable for a broader tenant base over time.
Constructed in 1974, the property is newer than much of the local housing stock, offering competitive positioning against older buildings while still warranting planning for aging mechanicals and targeted updates. Elevated home values relative to incomes can reinforce renter reliance on multifamily, though limited parks, childcare access, and below-average school ratings warrant sensitivity to family-focused leasing strategies and resident experience.
- Stable neighborhood occupancy and high-cost ownership context support leasing durability
- Amenity-rich daily needs (grocery, dining, pharmacy) bolster retention and livability
- 3-mile population and household growth expand the tenant base and support absorption
- 1974 vintage offers competitive positioning versus older stock with manageable modernization needs
- Risks: limited parks/childcare access and lower school ratings may temper family-focused demand