| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Poor |
| Demographics | 53rd | Fair |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 348 Route 32, Central Valley, NY, 10917, US |
| Region / Metro | Central Valley |
| Year of Construction | 1985 |
| Units | 97 |
| Transaction Date | 2004-05-05 |
| Transaction Price | $670,000 |
| Buyer | SONG IN CHIN |
| Seller | MILAZZO GINO |
348 Route 32, Central Valley NY Multifamily Investment
Positioned in a suburban corridor with elevated home values and steady household incomes, this 97-unit asset benefits from a growing renter pool within 3 miles, according to CRE market data from WDSuite. Neighborhood occupancy trends are mixed, so lease-up and retention discipline will be important to capture demand from nearby families and commuters.
Central Valley sits within the Poughkeepsie–Newburgh–Middletown metro and scores B+ overall, ranking 64 out of 221 neighborhoods — competitive among metro peers. Amenity access ranks 24 of 221 (top quartile in the metro) and is above the national median, with balanced coverage of parks, pharmacies, and everyday services rather than destination retail.
Ownership costs in the neighborhood test high nationally (home values are in the upper deciles), which generally sustains reliance on rental housing and can support pricing power for well-managed multifamily. The neighborhood’s renter-occupied share is low, signaling an owner-heavy pocket, but the broader 3-mile area shows a deeper renter base today (about two-fifths of units are renter-occupied) and a mild shift toward renting by 2028, based on WDSuite’s CRE market data aggregation.
Within a 3-mile radius, population and households have expanded meaningfully over the last five years and are projected to continue growing, indicating a larger tenant base ahead. Household sizes are expected to edge down over the forecast period, which typically increases demand for professionally managed apartments and supports occupancy stability and absorption.
Vintage also matters: much of the area’s housing stock skews older (average 1924). At 1985, the subject is newer than local inventory, which can be a competitive advantage versus prewar assets while still warranting targeted capital planning for aging systems or value-add upgrades.
Detailed neighborhood crime metrics are not available in WDSuite for this location. Investors typically benchmark safety using metro and county trend lines, local law enforcement publications, and property-level incident histories to assess resident retention risk and operating practices. A conservative underwriting approach would pair third-party data with on-the-ground diligence during lease-file and comp reviews.
Regional employment is supported by corporate offices within commuting range, which helps underpin renter demand and leasing stability for workforce-oriented units. Key nearby employers include Ascena Retail Group, Becton Dickinson, PepsiCo, Prudential Financial, and Toys "R" Us.
- Ascena Retail Group — corporate offices (18.2 miles) — HQ
- Becton Dickinson — medical technology corporate offices (22.5 miles) — HQ
- PepsiCo — consumer goods corporate offices (23.2 miles)
- Prudential Financial — financial services corporate offices (25.1 miles)
- Toys "R" Us — retail corporate offices (25.5 miles) — HQ
The asset’s 1985 construction stands newer than much of the surrounding housing stock, providing relative competitiveness versus older inventory while leaving room for targeted value-add to drive NOI. Despite an owner-leaning immediate neighborhood with softer reported occupancy at the neighborhood level, the 3-mile catchment shows strong population and household growth with a larger renter base and projected renter share expansion — factors that support demand depth and leasing durability.
High ownership costs locally and steady income profiles reinforce reliance on rentals, and amenity access scores competitively within the metro. Underwriting should account for neighborhood-level occupancy volatility, but demand catalysts and commuter access to diverse employers position the property for stable operations, based on CRE market data from WDSuite.
- Newer 1985 vintage versus older area stock, with clear value-add and systems modernization pathways
- Expanding 3-mile renter pool and household growth support absorption and occupancy stability
- Elevated home values and solid incomes sustain rental demand and pricing power
- Commutable access to diverse corporate employers underpins workforce housing demand
- Risk: owner-heavy immediate neighborhood and weaker reported neighborhood occupancy warrant disciplined leasing and conservative underwriting