| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 27th | Poor |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 123 W Columbia St, Hempstead, NY, 11550, US |
| Region / Metro | Hempstead |
| Year of Construction | 1994 |
| Units | 36 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
123 W Columbia St, Hempstead NY Multifamily Investment
Renter demand is supported by a high renter-occupied share in the surrounding neighborhood and a high-cost ownership market, according to WDSuite’s CRE market data. Expect solid amenity access and regional employment depth to aid leasing while monitoring occupancy trends relative to the metro.
The property sits in Hempstead’s Urban Core with amenity access that is competitive among Nassau County–Suffolk County neighborhoods (ranked 30 of 608), and restaurant, grocery, and pharmacy density that tests in the top quartile nationally. This level of convenience typically supports day-to-day livability and reduces friction for working households.
The neighborhood’s renter-occupied share is high at the neighborhood level (71.8%), placing it in the 97th percentile nationally. For investors, that depth of renter base points to durable demand for multifamily units and a broad tenant funnel. At the same time, the neighborhood occupancy rate is below the metro median (ranked 525 of 608), so lease-up and retention discipline remain important to stabilize performance.
Within a 3-mile radius, population has grown in recent years with additional increases projected through 2028, and households are expected to expand further, indicating a larger tenant base over time. Median incomes in the 3-mile area are strong, and contract rents have risen over the past five years; combined with elevated home values in the neighborhood (upper national percentiles), this high-cost ownership context tends to reinforce reliance on multifamily rentals and can support pricing power when units are well-positioned.
School ratings in the neighborhood sit below national norms (around the 15th percentile), which may influence appeal for family-oriented renters. Investors targeting workforce and young professional segments may find the trade-off acceptable given the area’s commute access and amenity density. Overall neighborhood quality is mid-pack locally (B rating, around the metro median), suggesting outcomes are sensitive to asset quality and execution.
Safety indicators compare favorably in national context, with the neighborhood landing in the top quartile nationwide for overall safety measures. Property offense rates test at the very top nationally and have improved meaningfully year over year, while violent offense indicators sit above the national median (around the mid-70s percentile). Conditions can vary by corridor, so investors typically evaluate frontage, lighting, and on-site security features during diligence.
Regional employment is diversified across financial services, healthcare distribution, air transportation, and defense, supporting a broad renter pool and commute-friendly leasing demand for workforce housing.
- Fernando Monasterio - Citizens Bank, Home Mortgages — mortgage services (10.7 miles)
- Henry Schein — healthcare distribution (11.5 miles) — HQ
- Prudential — financial services (12.4 miles)
- Jetblue Airways — airline headquarters & corporate (16.7 miles) — HQ
- Lockheed Martin — defense & aerospace offices (18.4 miles)
Built in 1994, the asset is materially newer than the neighborhood’s older housing stock, positioning it competitively versus vintage properties while leaving room for selective system upgrades or modernization to enhance rentability. According to CRE market data from WDSuite, the surrounding neighborhood shows a large renter pool and a high-cost ownership landscape, both supportive of multifamily demand and lease retention when operations are executed well.
Neighborhood occupancy trails metro averages, so underwriting should emphasize tenant positioning and operational execution; however, strong amenity access and diversified regional employers help underpin demand. Within a 3-mile radius, recent and projected population and household growth signal a larger renter base over time, which can support occupancy stability and measured rent growth for well-managed assets.
- 1994 vintage offers competitive positioning versus older local stock with targeted value-add potential
- High renter-occupied share indicates depth of tenant demand and supports leasing
- Elevated home values reinforce reliance on rentals, aiding pricing power for well-finished units
- Amenity-rich Urban Core location and diversified employers support day-to-day livability and retention
- Risk: Neighborhood occupancy is below metro median; performance depends on execution and unit competitiveness