| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 27th | Poor |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 131 Main St, Hempstead, NY, 11550, US |
| Region / Metro | Hempstead |
| Year of Construction | 1997 |
| Units | 112 |
| Transaction Date | 2018-08-23 |
| Transaction Price | $10,500,000 |
| Buyer | RIVOLI LG REDEVELOPMENT CO LLC |
| Seller | RIVOLI REDEVELOPMENT CO LLC |
131 Main St Hempstead NY Multifamily Opportunity
Positioned in an Urban Core setting with strong renter concentration and everyday convenience, this asset benefits from durable tenant demand, according to WDSuite’s CRE market data. Neighborhood occupancy trails metro leaders, making disciplined operations and value-focused leasing important to sustain performance.
The property sits in Hempstead’s Urban Core with daily-needs access that supports leasing: grocery and pharmacy density rank among the strongest locally (both competitive among Nassau County–Suffolk County neighborhoods), and food-and-beverage options are well represented. These amenity levels compare favorably to national benchmarks, helping with resident retention even when pricing power moderates.
The neighborhood carries a B rating and ranks 286 out of 608 metro neighborhoods — above the metro median — indicating broadly investable fundamentals without commanding top-tier pricing. Median home values are elevated relative to income (nationally high percentile for value-to-income), which tends to sustain reliance on rentals and can support occupancy and lease retention for multifamily.
Renter-occupied housing is high at the neighborhood level (a top national percentile for renter concentration), signaling a deep tenant base for workforce and market-rate product. Within a 3-mile radius, population has expanded in recent periods and households are projected to grow further, pointing to renter pool expansion that can stabilize absorption and support steady renewal volumes.
Construction skews older across nearby housing stock (average vintage 1949, competitive rank context within 608 neighborhoods), yet this property’s 1997 vintage is newer than much of the surrounding supply. For investors, that relative age advantage can reduce near-term capital intensity while leaving room for targeted modernization to defend rents against newer deliveries.
Safety indicators present a mixed but improving picture. The neighborhood’s recent data show property offense rates declining sharply year over year, and national comparisons place the area in stronger percentiles for property and violent offense relative to many U.S. neighborhoods. At the metro level, however, the crime rank sits closer to lower-ranked cohorts (rank 17 of 608), so asset-level security and tenant screening remain prudent risk controls.
For investors, the takeaway is directional improvement combined with mid-pack-to-weaker standing within the Nassau County–Suffolk County, NY metro ranking. Monitoring trend persistence and maintaining standard on-site measures can help sustain leasing stability.
Proximity to corporate employers underpins commuter demand and supports resident retention, with access to financial services, healthcare distribution, aerospace/defense, and airlines reflected below.
- Fernando Monasterio - Citizens Bank, Home Mortgages — financial services (10.8 miles)
- Henry Schein — healthcare distribution (11.6 miles) — HQ
- Prudential — financial services (12.2 miles)
- Jetblue Airways — airlines (16.7 miles) — HQ
- Lockheed Martin — defense & aerospace offices (18.3 miles)
131 Main St offers scale at 112 units with a 1997 vintage that is newer than much of the surrounding housing stock, which skews mid-century. This relative age profile can translate into a manageable capital plan while preserving room for focused upgrades to enhance competitiveness. Neighborhood fundamentals are investable: renter concentration is high locally, daily-needs amenities score well versus national peers, and homeownership costs are elevated enough to reinforce multifamily demand. According to CRE market data from WDSuite, neighborhood occupancy sits below metro leaders, so active leasing management remains key to sustaining NOI.
Within a 3-mile radius, recent population growth and a projected increase in households indicate ongoing renter pool expansion, supporting absorption and renewal stability. Access to diversified employers across finance, healthcare distribution, airlines, and aerospace adds commuting convenience that can bolster retention, even as school ratings and limited park space temper top-end appeal.
- Newer 1997 vintage relative to nearby stock reduces near-term capex and supports selective value-add.
- High neighborhood renter concentration and elevated ownership costs reinforce multifamily demand depth.
- Amenity-rich Urban Core location (grocery/pharmacy/restaurant density) aids retention and leasing.
- 3-mile demographics point to household growth and a larger tenant base supporting occupancy stability.
- Risks: neighborhood occupancy below metro leaders, limited parks, and lower school ratings require disciplined operations and targeted resident programs.