| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Good |
| Demographics | 69th | Good |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 477 Fulton St, Farmingdale, NY, 11735, US |
| Region / Metro | Farmingdale |
| Year of Construction | 1996 |
| Units | 28 |
| Transaction Date | 1996-03-15 |
| Transaction Price | $625,000 |
| Buyer | WOODBRIDGE AT FARMINGDALE L P |
| Seller | FERRANTE INDUSTRIAL DEVELOPMEN T CO |
477 Fulton St Farmingdale NY Multifamily Investment
Neighborhood-level occupancy remains solid with strong daily-needs amenities nearby, according to WDSuite’s CRE market data, suggesting steady renter demand in this inner-suburban Long Island location. Newer 1996 vintage relative to local stock offers competitive positioning with potential modernization upside.
Farmingdale’s inner-suburban setting supports renter demand through access to daily services and dining. Amenity density ranks 19th among 608 Nassau County–Suffolk County neighborhoods (competitive among metro peers) and sits in the top quartile nationally for overall amenities, with cafes, groceries, and restaurants all testing at very high national percentiles. Limited park access is a known constraint, which investors should factor into resident experience planning.
Neighborhood occupancy is 95.7% (neighborhood metric, not the subject property) and ranks above the metro median, with a 75th-percentile national standing based on CRE market data from WDSuite. Median contract rents in the neighborhood index high versus national peers (94th percentile), reinforcing pricing power, though lease management should balance retention within a high-cost ownership market.
The property’s 1996 construction is newer than the neighborhood’s average 1962 vintage, which can help competitiveness versus older stock; investors should still plan for aging-system upgrades or selective renovations to meet current renter expectations.
Tenure patterns signal a modest renter base locally: neighborhood renter-occupied share is 30.7%, while within a 3-mile radius renters account for about 12.7% of housing units. This suggests concentrated, but discerning, multifamily demand where proximity to services and commute routes can support occupancy stability.
Within a 3-mile radius, population has been roughly flat recently (slight dip), but WDSuite’s projections show population growth resuming and households increasing meaningfully by 2028, indicating a larger tenant base ahead. Household incomes in the area are elevated relative to national norms, which supports rent collections, while a rent-to-income profile near the lower national third points to manageable affordability pressure that can aid retention.
School ratings trend below the national midpoint and may weigh on some family-renter decisions; investors targeting workforce and convenience-oriented renters may find amenities and commute access more decisive. Overall neighborhood rating is an A and ranks 30th of 608 in the metro, placing it among the stronger inner-suburban locations for operations.
WDSuite does not provide comparable crime metrics for this neighborhood in the current release, so no direct neighborhood-vs-metro or national comparisons are available here. Investors should rely on standard due diligence for safety considerations and evaluate trends at the broader municipal and county levels for context.
Proximity to established corporate employers supports a stable commuter renter base and can aid retention. Key nearby employers include healthcare distribution, financial services, and technology offices reflected below.
- Henry Schein — healthcare distribution (3.1 miles) — HQ
- Fernando Monasterio - Citizens Bank, Home Mortgages — financial services office (3.7 miles)
- Motorola Solutions — technology & communications (20.9 miles)
- Prudential — financial services (21.5 miles)
- W.R. Berkley — insurance (21.9 miles) — HQ
477 Fulton St benefits from a high-amenity inner-suburban location where neighborhood occupancy is above the metro median and nationally top quartile, according to CRE market data from WDSuite. The asset’s 1996 vintage is newer than the area’s average 1960s stock, offering competitive positioning versus older properties while still leaving room for targeted upgrades to enhance rents and retention.
Investor context points to durable demand drivers: elevated home values in the neighborhood reinforce reliance on multifamily housing, and 3-mile demographics indicate rising incomes with households projected to grow materially by 2028, expanding the local renter pool. Counterpoints include limited park access, below-average school ratings, and a modest renter concentration, which call for focused amenity programming and leasing strategy.
- Occupancy resilience at the neighborhood level supports cash flow stability
- 1996 vintage outpositions older local stock with value-add optionality
- High-cost ownership market sustains multifamily renter reliance and pricing power
- 3-mile outlook shows household growth and income depth expanding the tenant base
- Risks: limited parks, below-average schools, and modest renter share may temper lease-up