| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Good |
| Demographics | 23rd | Poor |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 261 S Franklin St, Hempstead, NY, 11550, US |
| Region / Metro | Hempstead |
| Year of Construction | 2013 |
| Units | 100 |
| Transaction Date | 2012-11-07 |
| Transaction Price | $3,389,126 |
| Buyer | LINDEN KNOLLS RESIDENCE HOUSING DEVELOPM |
| Seller | LINDEN KNOLLS RESIDENCE HOUSING DEVELOPM |
261 S Franklin St, Hempstead NY Multifamily Investment
2013 construction offers competitive positioning versus older neighborhood stock and supports durable renter demand, according to WDSuite’s CRE market data.
This Urban Core location in Hempstead balances strong day-to-day convenience with steady renter demand. Neighborhood retail density is a clear positive for residents, with abundant grocery, restaurant, and pharmacy options nearby, while park access is limited. Average neighborhood occupancy is in the low-to-mid 90s and has trended upward in recent years, indicating leasing stability relative to broader metro patterns, based on CRE market data from WDSuite.
The housing stock in the immediate area skews older (average vintage mid-20th century), which makes a 2013 asset relatively competitive on finishes, systems, and curb appeal. Newer construction can reduce near-term capital needs and attract tenants seeking modern amenities, though investors should plan for ongoing systems maintenance as the asset seasons.
Tenure patterns point to a meaningful renter-occupied share of housing units in the neighborhood (around half), supporting a deep tenant base for multifamily. Within a 3-mile radius, population and household counts have grown in recent years and are projected to continue expanding, which supports a larger renter pool and occupancy stability. Household incomes in the 3-mile radius are high by regional standards, which helps sustain market rents, while neighborhood-level rent-to-income ratios suggest manageable affordability pressure for lease retention.
For investors, ownership costs in the area are elevated relative to incomes, reinforcing reliance on rental housing and supporting pricing power for well-managed properties. School ratings in the neighborhood trend below national norms; that may temper demand from some family renters, but proximity to daily amenities and commuting corridors helps sustain broad-based renter interest. These dynamics are consistent with WDSuite’s multifamily property research across comparable Nassau County neighborhoods.
Safety indicators show a mixed profile when comparing local and national context. Relative to Nassau–Suffolk metro peers (608 neighborhoods), the neighborhood’s crime rank places it toward the less favorable end, indicating investors should underwrite security and operational oversight. Nationally, however, modelled violent and property offense measures land above average to top-quartile ranges, suggesting comparatively better performance versus many U.S. neighborhoods.
Trend-wise, recent year-over-year estimates indicate declines in both violent and property offenses, which is constructive for retention and leasing stability. As always, investors should review current, property-specific incident reports and coordinate with management on lighting, access control, and resident engagement rather than relying solely on neighborhood-level indicators.
Regional employment anchors within commuting range support renter demand and lease retention, including financial services, healthcare distribution, and aviation headquarters. Notable nearby employers include Citizens Bank (mortgage operations), Henry Schein, Prudential, JetBlue Airways, and Lockheed Martin.
- Fernando Monasterio - Citizens Bank, Home Mortgages — financial services (11.1 miles)
- Henry Schein — healthcare distribution (11.8 miles) — HQ
- Prudential — financial services (12.2 miles)
- Jetblue Airways — airline HQ and corporate (17.0 miles) — HQ
- Lockheed Martin — defense & aerospace offices (18.7 miles)
Positioned at 261 S Franklin St, this 2013-vintage, 100-unit asset competes favorably against an older neighborhood housing base while benefiting from steady occupancy at the neighborhood level and a growing 3-mile renter pool. Elevated ownership costs relative to incomes in the neighborhood underpin sustained reliance on rentals, supporting pricing power when paired with disciplined lease management. According to CRE market data from WDSuite, neighborhood occupancy has improved in recent years, aligning with the area’s dense amenity base and regional employment access.
Forward-looking demand is reinforced by population and household growth within a 3-mile radius and by access to diverse employment nodes across Nassau, Queens, and western Long Island. Investors should still plan for typical mid-life capital items over the hold, monitor school quality perceptions for family-oriented leasing, and underwrite security best practices given mixed comparative crime signals at the metro level.
- 2013 construction offers competitive positioning versus older neighborhood stock and can moderate near-term CapEx.
- Neighborhood occupancy trending upward with a sizable renter-occupied housing share supports leasing stability.
- High-cost ownership environment reinforces multifamily demand and pricing power for well-managed assets.
- Access to diverse regional employers within commuting range supports tenant retention and rent growth potential.
- Risks: below-average neighborhood school ratings, limited park access, and metro-relative crime rankings warrant prudent underwriting and active management.