| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Fair |
| Demographics | 65th | Good |
| Amenities | 73rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 720 Middle Neck Rd, Great Neck, NY, 11024, US |
| Region / Metro | Great Neck |
| Year of Construction | 2005 |
| Units | 62 |
| Transaction Date | 2002-05-01 |
| Transaction Price | $800,000 |
| Buyer | OXFORD DEVELOPMENT LLC |
| Seller | BENSHER DAN |
720 Middle Neck Rd, Great Neck NY Multifamily Position
Newer 2005 construction in an inner-suburb location with high-cost homeownership and top-tier schools supports durable renter demand, according to WDSuite’s CRE market data.
Neighborhood metrics indicate an A-rated, inner-suburb setting that is competitive among Nassau County-Suffolk County neighborhoods (ranked 81 out of 608). For investors, that positioning suggests resilient fundamentals relative to the broader metro, even as asset performance will still depend on property-specific execution and leasing.
Amenities are a clear strength: restaurants and cafes score in high national percentiles, with groceries, parks, and pharmacies also robust. These neighborhood-level amenities typically aid leasing velocity and retention for working professionals and families. The average school rating for the neighborhood is among the very best locally (ranked 1 of 608) and sits at the top percentile nationally, a meaningful consideration for family-oriented renter demand.
On housing dynamics, the share of renter-occupied units in the neighborhood is about 27%, indicating a smaller but often stable renter base. Combined with elevated neighborhood home values (top national percentiles), this high-cost ownership market tends to sustain rental demand at quality assets, supporting occupancy stability and pricing power while requiring thoughtful lease management to mitigate turnover.
Demographic indicators aggregated within a 3-mile radius show recent population and household growth with further gains projected, pointing to a larger tenant base over time. Median incomes in the 3-mile trade area are high and rising, and rent levels sit near the upper end of the market; together, these conditions support demand for well-maintained units while reinforcing the need for product quality and service to sustain retention.
Two counterpoints merit attention: neighborhood occupancy (measured for the neighborhood, not the property) trends below both metro and national medians, and renter concentration is modest. Investors should underwrite to competitive positioning and differentiate via upkeep and finishes—particularly relevant given the neighborhood’s older average building stock—while leveraging the area’s amenity and school strengths to drive leasing.
Comparable crime data for this neighborhood is not available in the current WDSuite release. Investors typically benchmark safety using county and metro trends alongside property-level history and management practices. As standardized datasets are updated in WDSuite, this section can be refined to provide clearer neighborhood-vs.-region context.
Proximity to major corporate employers supports a steady commuter renter base, with roles spanning airlines, finance/insurance, hospitality, defense & aerospace, and apparel—convenient for professionals seeking shorter commutes.
- Jetblue Airways — airlines (11.3 miles) — HQ
- Prudential — insurance/financial services (11.4 miles)
- Loews — hospitality (12.6 miles) — HQ
- Lockheed Martin — defense & aerospace offices (12.7 miles)
- Ralph Lauren — apparel & fashion (12.7 miles) — HQ
Built in 2005, this 62-unit property is newer than much of the surrounding housing stock, offering relative competitiveness versus older assets while leaving room for targeted modernization to support rent growth and retention. Neighborhood metrics highlight strong amenities and top-ranked schools, with a smaller renter pool but high-cost ownership dynamics that can sustain demand at quality properties. According to CRE market data from WDSuite, neighborhood occupancy runs below metro and national medians, so execution on finishes, services, and marketing will be important to capture share.
Within a 3-mile radius, population and household counts have grown and are projected to continue rising, expanding the tenant base. High incomes and elevated home values favor professionally managed apartments for households prioritizing location and schools. Underwriting should account for upper-tier rent positioning, a modest neighborhood renter concentration, and the need for ongoing capital planning as the 2005 vintage advances.
- 2005 vintage offers competitive positioning versus older neighborhood stock with selective value-add potential
- Amenity-rich, A-rated neighborhood with top-ranked schools supports leasing and retention
- High-cost ownership market underpins renter demand among professionals and families
- Growing 3-mile tenant base and strong incomes support upper-tier rent positioning
- Risks: below-median neighborhood occupancy and modest renter concentration require strong execution