| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Good |
| Demographics | 23rd | Poor |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 23 Front St, Hempstead, NY, 11550, US |
| Region / Metro | Hempstead |
| Year of Construction | 2006 |
| Units | 26 |
| Transaction Date | 2001-01-16 |
| Transaction Price | $146,038 |
| Buyer | 23 FRONT STREET LAND CORP |
| Seller | 95 MADISON LAND CORP |
23 Front St Hempstead Multifamily with Durable Renter Base
Positioned in Hempstead s urban core, the property benefits from a sizable renter pool and steady neighborhood occupancy, according to WDSuite s CRE market data. The combination of newer construction for the area and strong everyday amenities supports stable leasing fundamentals.
Hempstead s urban-core setting offers everyday convenience that supports tenant retention. Grocery and pharmacy access rank competitively within the Nassau Suffolk metro (high concentrations relative to peers), and both categories sit in the upper national percentiles, reinforcing day-to-day livability for residents. Caf s and restaurants are also plentiful by national standards, adding lifestyle breadth without requiring long commutes.
Neighborhood occupancy is about 93.5% and has trended upward over the past five years, signaling demand resilience through cycles. The share of housing units that are renter-occupied is approximately 52.7%, indicating a deep tenant base that typically supports leasing velocity and reduces downtime between turns for multifamily assets.
Construction in the immediate area skews older on average (mid-20th century stock), while this property s 2006 vintage is newer than much of the competitive set. For investors, that positioning can translate into relative appeal versus older buildings, while still planning for mid-life system updates and targeted renovations to enhance rentability.
Within a 3-mile radius, population and household counts have grown in recent years, with further increases projected, expanding the renter pool and supporting occupancy stability. Median contract rents in the 3-mile area have risen over the last five years, and home values are elevated relative to incomes locally, a high-cost ownership landscape that tends to sustain reliance on rental housing. School ratings trend low compared with national peers, which is a consideration for family renters, but amenity access and employment proximity help balance overall appeal.
Safety indicators show a mix of strengths and considerations. Property-related offenses benchmark favorably at a high national safety percentile, and recent data shows notable year-over-year declines in violent offense rates. Within the Nassau Suffolk metro (608 neighborhoods), the neighborhood is competitive among peers on several safety measures, though investors should underwrite prudently and monitor local trends over time rather than relying on block-level assumptions.
The area draws from a broad Long Island and Queens employment base, supporting renter demand via commute convenience to finance, healthcare distribution, airlines, and defense offices noted below.
- Citizens Bank Home Mortgages consumer finance (11.5 miles)
- Prudential insurance (11.6 miles)
- Henry Schein healthcare distribution (12.3 miles) HQ
- JetBlue Airways airlines (16.2 miles) HQ
- Lockheed Martin defense & aerospace offices (17.9 miles)
Built in 2006 with 26 units averaging about 568 square feet, 23 Front St offers relatively newer product in a neighborhood dominated by older housing stock. This positioning can enhance competitiveness with renters seeking modern systems and efficient layouts, while allowing a targeted value-add plan focused on common areas and interior refreshes. According to CRE market data from WDSuite, neighborhood occupancy sits in the low 90s and has improved over five years, and the renter-occupied share above 50% indicates depth in the tenant base.
Within a 3-mile radius, recent and projected growth in population and households expands the renter pool, while elevated home values relative to incomes in the immediate area tend to reinforce rental demand. Amenity density (groceries, pharmacies, restaurants) is strong by national standards, supporting day-to-day livability and lease retention. Risks to underwrite include lower average school ratings and the need to stay attentive to neighborhood safety perceptions, even as recent data points to improving offense trends.
- Newer 2006 vintage versus older local stock supports competitive positioning with moderate capital planning
- Stable neighborhood demand: occupancy in the low-90s with five-year improvement and renter-occupied share above 50%
- 3-mile demographics show growing renter pool and rising rents, reinforcing leasing durability
- Elevated ownership costs locally support sustained rental reliance and pricing power management
- Risks: lower average school ratings and the need to monitor neighborhood safety trends in underwriting