| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 87th | Best |
| Amenities | 66th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 28 Gilchrest Rd, Great Neck, NY, 11021, US |
| Region / Metro | Great Neck |
| Year of Construction | 1981 |
| Units | 39 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
28 Gilchrest Rd Great Neck Multifamily Investment
Neighborhood occupancy trends sit above national medians and renter demand is supported by a sizable renter-occupied housing base, according to WDSuite’s CRE market data. The area’s amenity density and high-income household mix point to durable leasing with measured pricing power.
Great Neck’s A+-rated neighborhood stands out as top quartile among 608 metro neighborhoods in Nassau County–Suffolk County, signaling strong location fundamentals for a 39-unit multifamily asset. Amenity access is a clear strength: cafes and restaurants rank at the top of the metro and sit in the top quartile nationally, while grocery and pharmacy access also score in the upper national percentiles. This level of walkable convenience typically supports leasing velocity and retention.
The neighborhood’s renter-occupied share of housing units is 43.9%, indicating a deep tenant base and healthy multifamily demand. Reported occupancy for the neighborhood is above the national median, which supports income stability for well-managed properties. For context, unit tenure and occupancy are measured at the neighborhood level and may differ from property-specific performance.
Construction patterns skew older locally (average vintage 1964), while this property’s 1981 delivery is newer than the neighborhood norm. That positioning can enhance competitiveness versus older stock, though investors should still plan for targeted system upgrades or modernization to meet current renter expectations.
Within a 3-mile radius, demographics show modest population growth with households projected to increase and average household size expected to edge lower. A high share of upper-income households and an ownership market characterized by elevated home values sustain reliance on rentals, which can help support occupancy stability and measured rent growth. Median contract rents have risen over the past five years, reinforcing ongoing renter demand in the submarket based on multifamily property research from WDSuite.
Comparable neighborhood safety metrics are not available in the current WDSuite dataset for this location. Investors typically benchmark property-level security measures and insurer feedback against metro and national norms to assess exposure and operating needs.
Given the absence of reportable rank or percentile data, a prudent approach is to underwrite customary safety-related operating expenses and to validate on-the-ground conditions through management interviews and local compliance records.
Proximity to established corporate employers supports commuter convenience and broad white-collar renter demand. The following nearby offices and headquarters are within a typical regional commute and can contribute to leasing stability.
- Prudential — corporate offices (10.9 miles)
- Jetblue Airways — airline HQ and corporate offices (11.7 miles) — HQ
- Loews — diversified holding company (13.2 miles) — HQ
- Lockheed Martin — defense & aerospace offices (13.2 miles)
- Ralph Lauren — apparel & retail (13.2 miles) — HQ
This 1981-vintage, 39-unit asset benefits from a high-performing Great Neck location where neighborhood occupancy trends sit above national medians and renter-occupied share approaches mid-40s. Amenity density is a standout—top-ranked dining and strong grocery/pharmacy access—supporting daily convenience and leasing durability. The property’s newer-than-local-average vintage provides a competitive edge versus older stock, with room for focused value-add through common-area refreshes and systems modernization.
Within a 3-mile radius, population growth and an expected increase in households point to a larger tenant base over the next several years, even as household sizes trend smaller—favorable for studios and 1–2 bedroom demand. In a high-cost ownership market, rent-to-income levels indicate manageable affordability pressure, supporting retention and steady collections. According to CRE market data from WDSuite, neighborhood rents have risen over the past five years, reinforcing demand fundamentals without relying on outsized assumptions.
- Amenity-rich, top-quartile location supports leasing velocity and retention
- 1981 delivery newer than local average, with targeted value-add potential
- Renter-occupied share and above-median neighborhood occupancy support income stability
- 3-mile demographics indicate renter pool expansion as households increase
- Risks: limited parks/childcare access locally and standard CapEx for 1980s systems