| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 27th | Poor |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 380 Front St, Hempstead, NY, 11550, US |
| Region / Metro | Hempstead |
| Year of Construction | 1972 |
| Units | 121 |
| Transaction Date | 2006-06-30 |
| Transaction Price | $9,000,000 |
| Buyer | --- |
| Seller | SONKU ENTERPRISES INC |
380 Front St, Hempstead NY Multifamily Investment
Neighborhood data point to a deep renter base alongside below-metro-median occupancy, suggesting room for operational upside as leasing stabilizes, according to CRE market data from WDSuite. Elevated ownership costs in Nassau County support sustained renter demand and potential lease retention.
Situated in Hempstead’s Urban Core within the Nassau County–Suffolk County metro, the neighborhood scores a B rating and is positioned above the metro median overall (286 of 608 neighborhoods). Amenity access is a relative strength: grocery, restaurant, and pharmacy density fall in the top quartile nationally, supporting daily convenience that typically benefits leasing and renewal momentum.
Renter concentration is high at the neighborhood level, indicating a large share of renter-occupied housing and a broad tenant pool for multifamily assets. By contrast, within a 3-mile radius, household counts have risen over the past five years and are projected to continue increasing through 2028, expanding the potential renter pool and supporting occupancy stability for well-managed properties.
Ownership is comparatively high-cost in context, with home values above many U.S. neighborhoods and a value-to-income profile that favors continued reliance on rental housing. At the same time, neighborhood rent-to-income levels suggest manageable affordability pressure, a constructive backdrop for retention and steady leasing, based on CRE market data from WDSuite.
Two considerations to underwrite: neighborhood occupancy trails metro leaders and public school ratings rank in the lower national percentiles, which may influence family-oriented demand. Park access is limited locally, though strong food and pharmacy access helps offset some livability concerns for many renter segments. Vintage-wise, the submarket skews older, which can amplify differentiation for properties with targeted renovations and stronger curb appeal.
Safety indicators show a mixed but improving picture. Compared with 608 Nassau–Suffolk neighborhoods, the local rank indicates more challenges than some nearby areas. However, national percentiles place the neighborhood competitively versus many U.S. neighborhoods, particularly for property offenses, and recent estimates point to a notable year-over-year decline in property incidents, according to WDSuite’s CRE market data.
Investors should evaluate block-by-block variations, on-site security measures, lighting, and management practices. Trend direction and operational controls can materially influence resident experience and leasing outcomes over a typical hold period.
Employment access spans mortgage services, medical/dental supplies, insurance and asset management, airlines, and defense/aerospace offices—sectors that support a diverse renter base and commute convenience for workforce households.
- Fernando Monasterio - Citizens Bank, Home Mortgages — mortgage services (10.6 miles)
- Henry Schein — medical/dental supplies (11.4 miles) — HQ
- Prudential — insurance & asset management (12.5 miles)
- Jetblue Airways — airline (17.0 miles) — HQ
- Lockheed Martin — defense & aerospace offices (18.7 miles)
380 Front St offers scale at 121 units in a renter-heavy neighborhood where amenity density and elevated ownership costs underpin durable rental demand. While neighborhood occupancy sits below the metro median, the 3-mile area shows rising households and continued population growth projections into 2028—signals that support a larger tenant base and potential for steady lease-up and renewals. According to CRE market data from WDSuite, rent-to-income levels indicate manageable affordability pressure, a suitable backdrop for retention if expense controls and leasing strategy are disciplined.
Built in 1972, the property is newer than much of the surrounding housing stock and presents a clear value-add path through unit modernization and systems upgrades, which can improve competitive positioning against older comparables. Risks to underwrite include pockets of safety variability, below-metro occupancy, and lower public school ratings—factors that call for targeted marketing, tenant screening, and asset management focus.
- Scale and tenant depth: renter-heavy neighborhood plus 3-mile household growth support leasing durability.
- Value-add potential: 1972 vintage allows modernization to outperform older local stock.
- Pricing power context: elevated ownership costs reinforce reliance on multifamily housing.
- Operating backdrop: rent-to-income levels suggest manageable affordability pressure, per WDSuite.
- Key risks: below-metro occupancy, safety variability, and weaker school ratings require active management.