| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 74th | Best |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 81 Secatogue Ave, Farmingdale, NY, 11735, US |
| Region / Metro | Farmingdale |
| Year of Construction | 2002 |
| Units | 49 |
| Transaction Date | 2001-11-14 |
| Transaction Price | $850,000 |
| Buyer | FAIRFIELD SILVER MANOR LLC |
| Seller | SILVER MANOR OF FARMINGDALE LLC |
81 Secatogue Ave Farmingdale Multifamily — 2002 Vintage, 49 Units
Neighborhood fundamentals point to stable renter demand and solid occupancy, according to WDSuite’s CRE market data, with elevated incomes and a high-cost ownership landscape supporting multifamily leasing.
The property sits in an Inner Suburb of Nassau County-Suffolk County, NY ranked in the top quartile among 608 metro neighborhoods (Neighborhood Rating: A), indicating competitive local fundamentals for multifamily investors. Daily-needs access is a strength: grocery and pharmacy density score in the high national percentiles, and restaurant concentration is among the strongest nationally, while boutique cafés and childcare are less prevalent. Average schools land around the national middle, supporting broad family appeal without being a primary premium driver.
Rent levels in the neighborhood benchmark near the top of national distributions and have grown meaningfully over the past five years, reinforcing pricing power for well-positioned assets. With a renter-occupied share around the neighborhood median to slightly above it for the region, the area offers a meaningful tenant base without heavy reliance on transient demand; investors can underwrite to steady absorption rather than rapid lease-up assumptions.
Within a 3-mile radius, demographic statistics show a steady population with a modest increase in households and rising incomes, expanding the pool of income-qualified renters and supporting occupancy stability. Elevated home values in the neighborhood context signal a high-cost ownership market, which tends to sustain reliance on rental housing and support retention for quality communities.
Vintage is a differentiator: with much of the surrounding housing stock averaging from the early 1960s, a 2002 construction date positions this asset competitively versus older inventory. Investors should still plan for targeted modernization and systems updates typical of early-2000s buildings, but near-term capital needs are generally lighter than mid-century stock, enabling focus on value-add features and operational optimization.
Safety indicators are mixed but generally competitive for the region. The neighborhood ranks competitive among Nassau County-Suffolk County, NY neighborhoods (44th percentile by rank context: crime rank 202 out of 608), while nationally it sits around the middle of the pack. Property and violent offense rates benchmark in stronger national percentiles, suggesting comparatively safer conditions versus many U.S. neighborhoods, though recent year-over-year volatility indicates that trends should be monitored.
For investors, the takeaway is to underwrite to prevailing regional norms while tracking local trendlines rather than relying solely on a single-year data point. Comparative positioning within the metro remains a relative strength, but prudent operating assumptions should reflect periodic fluctuations.
Proximity to established corporate employers supports a stable renter base and commute convenience for professionals, notably in healthcare distribution and financial services, with additional regional headquarters within commutable distance.
- Henry Schein — healthcare distribution (2.6 miles) — HQ
- Fernando Monasterio - Citizens Bank, Home Mortgages — financial services (3.3 miles)
- Motorola Solutions — communications technology (20.5 miles)
- W.R. Berkley — insurance (21.6 miles) — HQ
- Prudential — insurance (22.0 miles)
Built in 2002 with 49 units averaging roughly 1,150 square feet, the asset offers larger floor plans than many legacy suburban properties and competitive positioning versus the neighborhood’s older housing stock. Neighborhood occupancy remains healthy and rents benchmark near the top of national distributions; elevated ownership costs locally tend to reinforce reliance on rental housing, supporting retention for well-managed communities. According to CRE market data from WDSuite, the area’s renter base and income profile underpin steady leasing, while the property’s vintage suggests manageable near-term capital planning with targeted modernization to capture premium demand.
Within a 3-mile radius, households and incomes have trended upward and are projected to expand further, pointing to a larger pool of income-qualified renters over the medium term. Underwriting should account for measured affordability pressure rather than acute strain, and for operational upside via light value-add, common-area upgrades, and amenities aligned to professional households.
- 2002 construction vs. 1960s-area stock suggests competitive positioning with targeted modernization upside
- Healthy neighborhood occupancy and rent levels support pricing power and lease retention
- 3-mile household and income growth expand the pool of income-qualified renters over time
- Larger average unit sizes (~1,150 sf) align with suburban renter preferences and tenancy duration
- Risks: mixed safety trendlines and limited boutique amenities nearby; lease management should emphasize retention and credit quality