| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Good |
| Demographics | 23rd | Poor |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 151 S Franklin St, Hempstead, NY, 11550, US |
| Region / Metro | Hempstead |
| Year of Construction | 2001 |
| Units | 57 |
| Transaction Date | 1999-08-03 |
| Transaction Price | $149,000 |
| Buyer | UNION SENIOR CITIZENS PLAZA INC |
| Seller | UNION BAPTIST CHURCH OF LONG ISLAND INC |
151 S Franklin St Hempstead Multifamily Investment Opportunity
Neighborhood occupancy trends point to stable renter demand in Hempstead, according to WDSuite s CRE market data, with this location offering durable fundamentals for long-term holds. Investors should note the area s renter concentration and everyday amenity access as supportive to leasing and retention.
The property sits in Hempstead s Urban Core, where daily needs are well served. Restaurants and grocery options rank in the top quartile nationally, and pharmacy access is particularly strong, helping support convenience-driven renter appeal (based on CRE market data from WDSuite). Park access is limited, so outdoor space onsite or nearby alternatives may matter for some tenant segments.
Neighborhood occupancy is above national averages, and the share of renter-occupied housing units is high relative to peers (competitive among Nassau County Suffolk County neighborhoods), indicating a deep tenant base that can support lease-up and renewal stability. Within a 3-mile radius, population and household counts have grown in recent years and are projected to expand through 2028, pointing to a larger renter pool over time.
Home values in the neighborhood are elevated versus many U.S. areas, and the value-to-income ratio sits near the top of national comparisons a context that tends to sustain reliance on multifamily rentals and can support pricing power where quality is evident. At the same time, neighborhood rent-to-income readings suggest manageable affordability pressure, which can aid retention and reduce turnover risk.
The average building vintage in the neighborhood skews older (mid-20th century), while this asset s 2001 construction offers relative competitiveness against older stock. Investors should still underwrite for system updates or strategic renovations to capture renter preferences and maintain positioning against newer deliveries across the metro.
Safety indicators compare favorably at the national level. According to WDSuite s CRE market data, the neighborhood falls in the upper quartile nationwide for both overall and violent offense measures, and property offense levels benchmark among the strongest national percentiles. Year over year, both violent and property offense estimates have declined, reinforcing an improving trend. Comparisons are at the neighborhood level and not specific to the property.
Proximity to regional employers in healthcare, finance, aviation, and pharmaceuticals supports a diversified renter base and commute convenience for residents. Notable nearby employers include Henry Schein, Prudential, JetBlue Airways, Pfizer, and Citigroup.
- Henry Schein healthcare distribution (11.8 miles) HQ
- Prudential financial services (12.2 miles)
- JetBlue Airways airline HQ & operations (16.9 miles) HQ
- Pfizer pharmaceuticals (18.6 miles) HQ
- Citigroup banking & corporate offices (18.7 miles) HQ
151 S Franklin St offers a newer vintage for the area (built 2001), which positions it competitively against the neighborhood s older housing stock while still allowing for selective modernization to lift rents and retention. Strong neighborhood amenity access, an above-average renter concentration, and steady neighborhood occupancy underpin demand resilience; within a 3-mile radius, population and household growth further point to a larger tenant base over the next several years. High-cost ownership conditions locally tend to sustain multifamily reliance, and, according to commercial real estate analysis from WDSuite, rent-to-income dynamics appear manageable for lease management and renewals.
Key watch items include weaker school ratings relative to national benchmarks and limited park access, which may influence family-driven demand and amenity programming. Investors should also monitor neighborhood income trends and broader macro conditions that could affect leasing velocity.
- 2001 construction offers competitive positioning versus older neighborhood stock with value-add potential from targeted updates
- Renter-occupied share and neighborhood occupancy support depth of tenant base and leasing stability
- Amenity-rich Urban Core location reinforces day-to-day convenience and resident retention
- High-cost ownership market supports sustained rental demand and potential pricing power
- Risk: weaker school ratings and limited park access may affect family appeal; monitor income trends and macro conditions