| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Fair |
| Demographics | 38th | Poor |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 178 Pine St, Freeport, NY, 11520, US |
| Region / Metro | Freeport |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2004-11-22 |
| Transaction Price | $2,145,000 |
| Buyer | 178 PINE ST LLC |
| Seller | BELLMORE LLC |
178 Pine St, Freeport NY Multifamily Investment
Neighborhood occupancy has held in the mid-90s and elevated household incomes support renter stability, according to WDSuite’s CRE market data. Positioned in Nassau County’s Urban Core, the asset benefits from steady renter demand and proximity to Long Island and NYC employment nodes.
Freeport’s Urban Core setting offers strong day-to-day livability for renters. The neighborhood scores in the top quartile nationally for amenities, with dense restaurant, cafe, grocery, and park access that supports lease retention and convenience-oriented living, based on CRE market data from WDSuite. School ratings in the area trend below national medians, which may influence unit mix positioning and marketing toward households prioritizing access to amenities and commute convenience.
At the neighborhood level (not the property), occupancy has been stable near the mid-90s, and asking rents benchmark above national medians. Elevated home values for the area indicate a high-cost ownership market, which can sustain reliance on multifamily housing and support pricing power without overextending renters given a favorable rent-to-income profile.
Tenure patterns indicate a lower renter concentration relative to many urban neighborhoods, reflecting an owner-leaning housing base. For investors, this typically means a stable but more selective renter pool, with depth driven by proximity to jobs and services rather than transient turnover.
Within a 3-mile radius, demographics point to population and household growth alongside rising incomes, expanding the prospective tenant base. These trends support demand resilience and reduce lease-up risk for well-maintained product, particularly assets that balance value and convenience.
Safety indicators benchmark favorably at the national level, with the neighborhood landing in high national percentiles for lower violent and property offense rates. Recent year-over-year declines in both categories further support a stable operating backdrop for multifamily holdings, based on CRE market data from WDSuite.
As with any urban subarea, conditions can vary block to block, but the broader trend context is constructive for long-term operations when compared with neighborhoods nationwide and competitive among Nassau County–Suffolk County peers.
Proximity to major employers across healthcare, finance, aviation, and telecom underpins renter demand by shortening commutes and widening the professional tenant base. Nearby anchors include Henry Schein, Prudential, JetBlue Airways, Pfizer, and Verizon Communications.
- Henry Schein — healthcare distribution (11.9 miles) — HQ
- Prudential — financial services (13.8 miles)
- JetBlue Airways — airline HQ & corporate (19.5 miles) — HQ
- Pfizer — pharmaceuticals (21.1 miles) — HQ
- Verizon Communications — telecom offices (21.2 miles)
Built in 1972, the 24-unit asset is newer than the neighborhood’s older housing stock, offering relative competitiveness versus prewar buildings while still benefiting from targeted upgrades for systems and interiors. Neighborhood-level occupancy has remained firm and amenity access is strong, supporting lease retention and consistent tenant demand.
Within a 3-mile radius, population and household growth, together with rising incomes, point to a larger, higher-earning renter base over the next several years. Elevated ownership costs in the area reinforce reliance on rentals, and, according to CRE market data from WDSuite, rent levels sit above national medians while rent-to-income remains manageable—supporting collections and pricing discipline.
- 1972 vintage: competitive versus older stock with clear value-add and systems modernization potential
- Neighborhood occupancy stability and strong amenity access support retention and steady cash flow
- 3-mile demographic growth and rising incomes expand the tenant base and support rent durability
- High-cost ownership landscape sustains renter reliance and pricing power for well-positioned units
- Risks: lower local school ratings and an owner-leaning tenure mix may narrow target renter segments