| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 64th | Good |
| Amenities | 25th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 318 Green Meadows Way, Chester, NY, 10918, US |
| Region / Metro | Chester |
| Year of Construction | 1984 |
| Units | 36 |
| Transaction Date | 2009-03-31 |
| Transaction Price | $2,530,000 |
| Buyer | GREEN MEADOWS HOUSING DEVELOPMENT FUND |
| Seller | CHESTER BUILDING ASSOCIATES |
318 Green Meadows Way, Chester NY Multifamily Investment
1984-vintage, 36-unit asset positioned newer than much of the local stock, with neighborhood rents tracking above the metro median, according to WDSuite’s CRE market data. Elevated ownership costs in Orange County support durable renter demand and leasing resilience.
Chester sits in a suburban pocket of the Poughkeepsie–Newburgh–Middletown metro, with a B+ neighborhood rating that is competitive among 221 metro neighborhoods. Local amenity density is modest by national standards, but daily needs are reachable and the area benefits from broader regional retail and services.
Neighborhood rents rank above the metro median (34th of 221), signaling pricing power relative to nearby submarkets, while the neighborhood occupancy rate trends below the metro median, suggesting a focus on retention and leasing execution will matter for stability. The renter-occupied share is competitive among metro peers (ranked 77th of 221), indicating a measurable tenant base for workforce-oriented product.
Within a 3-mile radius, households have risen slightly even as population edged down in recent years, implying smaller household sizes and steady demand for rental units. Forward-looking data point to growth in both population and households over the next five years, which would expand the prospective renter pool and support occupancy over time.
Home values in the neighborhood sit in a high-cost ownership market relative to national norms, and median incomes trend in the upper national percentiles. Together, these factors reinforce renter reliance on multifamily housing and can help sustain lease retention and measured rent growth when managed thoughtfully.
The property’s 1984 construction is newer than the neighborhood’s older average housing stock, offering a competitive edge versus pre-war assets; however, investors should still plan for aging systems and selective upgrades to maintain positioning.
Neighborhood-level crime data were not published in this release for Chester. Investors typically benchmark safety using county and metro comparisons and on-the-ground checks, tracking multi-year trends rather than block-level snapshots to gauge tenant retention and leasing risk.
Given the suburban context and commutable distance to multiple employment centers, many owners focus on property-level measures (lighting, access control, maintenance responsiveness) and local trend data to support resident satisfaction and stabilize tenancy.
Regional employers within commuting range provide a diversified white-collar and operations employment base that supports renter demand and lease retention, including apparel retail headquarters, medical technology, consumer retail, financial services, and food and beverage.
- Ascena Retail Group — apparel retail HQ operations (20.7 miles) — HQ
- Becton Dickinson — medical technology (24.3 miles) — HQ
- Toys "R" Us — consumer retail corporate (26.6 miles) — HQ
- Prudential Financial — financial services (28.8 miles)
- Pepsico — food & beverage (30.3 miles)
This 36-unit, 1984-vintage property offers relative competitiveness versus the neighborhood’s older housing stock while serving a tenant base supported by upper-percentile incomes and a high-cost ownership market. Neighborhood rents benchmark above the metro median, and forward-looking 3-mile demographics indicate an increase in households that can expand the renter pool and support occupancy stability over time.
According to CRE market data from WDSuite, the neighborhood’s occupancy trends sit below the metro median, which puts a premium on leasing execution and renewals; however, the combination of elevated ownership costs, manageable rent-to-income levels, and commutable access to diversified employers underpins durable demand. Targeted capital planning should account for aging systems typical of 1980s construction while preserving the asset’s competitive edge versus older stock.
- Newer-than-area vintage (1984) provides competitive positioning against older neighborhood stock.
- Neighborhood rents above metro median support pricing power with a qualified tenant base.
- 3-mile household growth outlook expands the renter pool, aiding long-term occupancy stability.
- High-cost ownership market and strong incomes reinforce reliance on rentals and lease retention.
- Risks: below-metro occupancy trends and modest amenity density require focused leasing, retention, and selective upgrades.