| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Good |
| Demographics | 28th | Poor |
| Amenities | 87th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 479 Front St, Hempstead, NY, 11550, US |
| Region / Metro | Hempstead |
| Year of Construction | 2013 |
| Units | 29 |
| Transaction Date | 2006-05-19 |
| Transaction Price | $475,000 |
| Buyer | NASSAU COUNTY HOUSING DEVELOPMENT FUND |
| Seller | NEMATI LIDA |
479 Front St Hempstead Multifamily — 2013 Vintage
Newer construction relative to the neighborhood’s older housing stock positions this asset competitively; neighborhood occupancy trends sit around the metro median and elevated ownership costs help sustain renter demand, according to WDSuite’s CRE market data.
Situated in Hempstead’s Urban Core within Nassau County-Suffolk County, the property benefits from daily-needs access and commuter connectivity. Neighborhood amenities skew toward essentials, with strong grocery, restaurant, park, and pharmacy density compared with national norms, while cafés are less concentrated. For investors, this mix supports day-to-day livability and resident retention without relying on discretionary venues.
The area’s renter-occupied share is elevated, indicating a deeper tenant base for multifamily. Neighborhood occupancy trends are roughly in line with the metro median, suggesting stable leasing conditions rather than outsized vacancy risk. NOI per unit ranks in the upper tier nationally among neighborhoods, reinforcing that the submarket has historically supported revenue performance relative to many peers, based on WDSuite’s CRE market data.
The 2013 construction year is notably newer than the neighborhood’s typical housing vintage from the late 1940s. This positioning can be advantageous versus older stock, with potential near-term capex advantages and competitive finishes/systems, while still warranting standard lifecycle planning as the asset ages.
Within a 3-mile radius, population and household counts have grown over the last five years, with additional gains projected. Rising incomes and a high-cost ownership landscape in the neighborhood and surrounding areas tend to reinforce reliance on rental housing, supporting pricing power and lease-up velocity. That said, rent-to-income dynamics call for attentive lease management to protect retention and minimize turnover.
School ratings in the neighborhood trail national averages, which can influence demand for certain unit mixes. Even so, the area’s essential retail access and workforce orientation make it competitive among metro neighborhoods for renters prioritizing commute convenience and daily services.
Safety signals should be interpreted in context. Compared with neighborhoods nationwide, the area trends in the stronger tiers for overall safety indicators, and recent estimates show year-over-year declines in both violent and property offense rates. These patterns point to an improving backdrop that can support resident retention and leasing, while still warranting routine monitoring at the submarket level.
Because safety can vary block to block, investors may wish to focus on property-level measures and ongoing trend reviews rather than isolated snapshots. Neighborhood comparisons are most useful directionally for underwriting and asset management planning.
Proximity to regional employers supports a broad workforce renter base and commute convenience, led by healthcare/life sciences, financial services, and corporate headquarters including Henry Schein, Prudential, JetBlue Airways, Pfizer, and Citigroup.
- Henry Schein — medical/dental supplies (11.2 miles) — HQ
- Prudential — financial services (12.7 miles)
- JetBlue Airways — airline HQ (17.2 miles) — HQ
- Lockheed Martin — defense & aerospace offices (18.9 miles)
- Pfizer — pharmaceuticals (19.0 miles) — HQ
This 29-unit, 2013-vintage asset stands out in a neighborhood dominated by much older housing, giving it a competitive position on systems and finishes. Neighborhood occupancy trends sit near the metro median, while a high-cost ownership market supports durable multifamily demand and pricing power; according to CRE market data from WDSuite, neighborhood-level NOI performance ranks favorably versus many peers. Within a 3-mile radius, population and household growth, alongside higher-income cohorts, points to a larger renter pool over the medium term.
Investor focus points include continued attention to rent-to-income affordability to support renewal rates, and acknowledgement that local school ratings trail national norms. With a service-rich amenity base and access to major employment nodes, the asset’s long-term fundamentals are oriented toward steady occupancy and cash flow, with routine capital planning as the property moves further from its delivery year.
- 2013 vintage competes well against older neighborhood stock, with potential near-term capex advantages.
- High-cost ownership landscape reinforces renter reliance, supporting demand depth and leasing stability.
- Neighborhood occupancy trends around metro median and favorable NOI per unit underpin income durability.
- 3-mile population and household growth expands the tenant base over time.
- Risks: rent-to-income pressure and lower school ratings require careful lease management and positioning.