| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 28th | Poor |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 498 Union Ave, Westbury, NY, 11590, US |
| Region / Metro | Westbury |
| Year of Construction | 2002 |
| Units | 33 |
| Transaction Date | 2001-05-03 |
| Transaction Price | $200,000 |
| Buyer | APEX HOUSING DEVELOPMENT FUND CORP |
| Seller | MIMNAUGH EUGENE |
498 Union Ave, Westbury NY Multifamily Investment
Neighborhood occupancy trends are elevated and have held firm, supporting lease stability according to WDSuite’s CRE market data, while a sizable renter-occupied presence in the immediate area underpins ongoing tenant demand.
The property sits in Westbury’s Urban Core within Nassau County–Suffolk County, where daily-needs amenities are a relative strength: grocery, parks, and pharmacy density rank high compared with many neighborhoods nationwide, while café and restaurant density is thinner. For investors, this mix supports convenience for residents without relying on destination dining to drive demand.
Occupancy in the neighborhood remains strong and competitive among Nassau County–Suffolk County neighborhoods, landing in the top quartile nationally. That backdrop points to durable leasing performance and limited downtime between turns, a constructive setup for cash flow management and pricing discipline.
Within a 3-mile radius, household counts have edged higher even as average household size trends lower, and forecasts point to additional population and household growth over the next five years. A larger household base with smaller sizes typically expands the renter pool and supports absorption, particularly for well-located assets.
Ownership costs are elevated compared with national norms in this neighborhood, which can sustain reliance on rental housing and bolster lease retention. At the same time, rent levels are also high relative to the U.S., so maintaining a balanced rent-to-income ratio remains an active lease management consideration rather than an assumption.
The building’s 2002 vintage is newer than much of the surrounding housing stock (average vintage is older), which can be a competitive advantage versus legacy assets. Even so, investors should plan for selective modernization over the hold to keep finishes and systems aligned with renter expectations.
Safety indicators compare favorably on a national basis, with the neighborhood landing in the higher national percentiles for overall safety. Property-related incidents show a notable year-over-year decline, reinforcing a constructive trend line rather than a one-off improvement. As always, conditions can vary by block and over time; investors should pair these directional signals with on-the-ground diligence.
Nearby employers provide a diversified white-collar employment base that supports renter demand and commute convenience, including financial services, healthcare distribution, insurance, and logistics offices listed below.
- Fernando Monasterio - Citizens Bank, Home Mortgages — financial services (7.45 miles)
- Henry Schein — healthcare distribution (8.59 miles) — HQ
- Prudential — financial services (15.49 miles)
- W.R. Berkley — insurance (18.24 miles) — HQ
- Xpo Logistics — logistics (18.49 miles) — HQ
498 Union Ave is a 33-unit multifamily asset in Westbury, built in 2002, that benefits from solid neighborhood occupancy and a renter base supported by nearby employment and daily-needs amenities. The area shows elevated occupancy levels versus many U.S. neighborhoods, and, according to CRE market data from WDSuite, this submarket’s tightness has been persistent, which supports lease-up and retention.
Within a 3-mile radius, households are increasing while average household size trends down, implying a broader tenant base over time. Elevated home values relative to national benchmarks reinforce reliance on rental housing, aiding pricing power, while the property’s newer vintage versus much of the local stock offers competitive positioning with measured capital planning for modernization rather than heavy rehab.
- Neighborhood occupancy sits in the top quartile nationally, supporting leasing stability and lower downtime.
- 2002 vintage offers an edge versus older local stock, with selective upgrades likely sufficient to stay competitive.
- Within 3 miles, a growing household base and smaller household sizes point to renter pool expansion.
- Elevated ownership costs locally help sustain rental demand and lease retention potential.
- Risks: thinner restaurant/café density and higher rent levels require active leasing and asset management to maintain affordability balance and absorption.