| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Best |
| Demographics | 83rd | Best |
| Amenities | 65th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10 W Broadway, Long Beach, NY, 11561, US |
| Region / Metro | Long Beach |
| Year of Construction | 1991 |
| Units | 109 |
| Transaction Date | 2025-04-04 |
| Transaction Price | $639,000 |
| Buyer | BAUMANN GARY |
| Seller | CARROLL CHERYL |
10 W Broadway Long Beach Multifamily Investment Thesis
Renter demand is supported by a high-cost ownership market and a neighborhood that performs competitively within the Nassau–Suffolk metro, according to WDSuite’s CRE market data. The property’s coastal urban core setting offers durable leasing fundamentals with room for value-add positioning.
Located in Long Beach’s Urban Core, the neighborhood rates strongly overall (A) and is competitive among Nassau–Suffolk neighborhoods (ranked 29 out of 608). Dining and daily-needs access are standouts: restaurants sit near the top of national distributions, and grocery, park, and pharmacy density rank in the high national percentiles. Limited cafe and childcare density suggests fewer niche options but does not detract from day-to-day convenience.
Neighborhood occupancy trends hover around the national midpoint, indicating stable—though not overheated—leasing conditions that can support steady performance through cycles. Median contract rents in the area are elevated versus many U.S. neighborhoods, while the rent-to-income ratio is comparatively low, implying manageable affordability pressure and supporting resident retention from an investor perspective.
Within a 3-mile radius, demographics point to a larger tenant base over time: recent population growth is modest and forecasts indicate additional expansion alongside rising incomes. Household counts are projected to increase even as average household size trends lower, which typically supports multifamily demand by adding more renter households to the market.
Ownership costs are high relative to incomes locally and compared with national norms, reinforcing renter reliance on multifamily housing and helping sustain pricing power. The neighborhood’s newer-vintage position for this asset (1991 vs. much older local stock) provides a competitive edge against surrounding inventory while still leaving room for modernization to capture premium rents.
Safety indicators compare favorably at the national level, with the neighborhood positioned in the higher national percentiles for lower violent and property offense rates. Recent data also shows year-over-year declines in both categories, suggesting a constructive trend rather than a one-off reading. Compared with the broader region, these conditions can help support tenant retention and leasing stability without relying on block-level assumptions.
Regional employment access is diversified across finance, healthcare products, airlines, and beverages, supporting commuter convenience and renter demand from a broad professional base. The employers below reflect nearby corporate offices and headquarters within typical commuting distance.
- Prudential — insurance/financial services (11.4 miles)
- Fernando Monasterio - Citizens Bank, Home Mortgages — mortgage services (18.0 miles)
- Henry Schein — healthcare products (18.1 miles) — HQ
- Jetblue Airways — airline corporate offices (18.4 miles) — HQ
- Dr Pepper Snapple Group — beverages (19.7 miles)
This 109-unit asset, built in 1991, competes well against older neighborhood stock while offering clear value-add pathways through targeted modernization. The surrounding Long Beach neighborhood shows strong amenity access and a high-cost ownership landscape, both of which help sustain multifamily rental demand and support retention. According to CRE market data from WDSuite, neighborhood occupancy trends are near national midpoints, pointing to steady absorption with disciplined revenue management rather than reliance on outsized lease-up assumptions.
Within a 3-mile radius, population growth and a projected increase in households suggest a larger renter pool ahead, even as average household size trends lower. Elevated local incomes paired with a comparatively modest rent-to-income ratio imply manageable affordability pressure, which can underpin renewal rates and reduce turnover risk. Investors can position this asset to capture durable demand while planning selective upgrades consistent with late-1980s/early-1990s systems.
- 1991 vintage offers competitive positioning versus older local stock with room for targeted upgrades
- High-cost ownership market reinforces sustained renter demand and supports pricing power
- Amenity-rich coastal urban core location supports retention and leasing stability
- Steady neighborhood occupancy suggests manageable growth without aggressive underwriting
- Risk: moderate renter concentration locally may temper velocity; execution relies on effective renovation and lease management