| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Fair |
| Demographics | 40th | Poor |
| Amenities | 30th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3 Hillside Ave, Middletown, NY, 10940, US |
| Region / Metro | Middletown |
| Year of Construction | 1987 |
| Units | 65 |
| Transaction Date | 2001-09-05 |
| Transaction Price | $69,000 |
| Buyer | BURKE DIANA |
| Seller | MUEEN FAZAL |
3 Hillside Ave Middletown NY Multifamily Investment
Neighborhood occupancy near 97% supports stable renter demand and cash flow consistency, according to WDSuite’s CRE market data.
Situated in Middletown within the Poughkeepsie–Newburgh–Middletown, NY metro, the property benefits from a suburban setting where neighborhood occupancy ranks 60th of 221, placing it in the top quintile nationally for stability. Median contract rents in the neighborhood are positioned above many U.S. areas (national 79th percentile), which—paired with a rent-to-income ratio around 0.16—suggests manageable affordability pressure that can support retention and steady leasing.
Amenity access is mixed. Parks density ranks 11th of 221—competitive among metro neighborhoods and in the national top quartile—while café, grocery, and pharmacy counts are sparse in the immediate blocks. For investors, this points to a quieter residential pocket where on-site conveniences and parking can be differentiators, and where residents may rely on short drives for daily needs.
The 1987 vintage stands newer than the neighborhood’s early-20th-century average stock (1921). That relative youth can improve competitive positioning versus older nearby assets, though investors should still evaluate building systems for modernization and potential value-add upgrades typical of late-1980s construction.
Renter-occupied share at the neighborhood scale is relatively low (about one-fifth of units), indicating an owner-leaning area that can temper immediate walk-up demand. However, within a 3-mile radius the renter concentration is materially deeper at roughly 44%, creating a broader tenant pool for leasing. Three-mile demographics show recent population growth and rising household incomes, with projections indicating additional household increases—factors that generally expand the renter base and support occupancy. Home values around the neighborhood are moderate for the region, and a low value-to-income ratio signals that ownership is comparatively accessible; for multifamily owners, this can mean steady demand from households preferring rentals, but also some competition from entry-level ownership, making asset quality and management execution important.
Comparable neighborhood safety metrics are not available in the current dataset. Investors typically benchmark local conditions against metro and county trends to gauge relative safety and leasing implications. When data is available, we assess both neighborhood ranks within the 221 local neighborhoods and national percentiles to understand positioning over time.
Within commuting range, regional employers provide a diversified job base that supports renter demand and lease stability, including retail, medical technology, industrial gases, and financial services noted below.
- Ascena Retail Group — retail apparel HQ (28.9 miles) — HQ
- Becton Dickinson — medical technology (31.7 miles) — HQ
- Toys "R" Us — toy retail (33.3 miles) — HQ
- Airgas Lincoln Park — industrial gases (37.0 miles)
- Prudential Financial — financial services (37.2 miles)
This 65-unit, 1987-vintage asset in Middletown is positioned for durable performance given a neighborhood backdrop of high occupancy and rents above many national peers, with rent-to-income levels that support retention. The property’s vintage is newer than much of the local housing stock, offering competitive standing versus older assets while leaving room for targeted modernization to drive value-add returns.
Within a 3-mile radius, population growth, rising household incomes, and an expanding household count point to a larger tenant base over the medium term—factors that can sustain occupancy and leasing velocity. At the same time, comparatively accessible ownership in the area suggests investors should emphasize asset quality and operations to maintain pricing power, according to CRE market data from WDSuite.
- High neighborhood occupancy and above-average rents support cash flow stability
- 1987 construction offers competitive positioning versus older local stock with room for upgrades
- 3-mile growth in population and incomes expands the renter pool and supports leasing
- Risk: amenity-light immediate area and owner-leaning neighborhood require strong operations and asset quality
- Risk: accessible ownership options may compete with rentals, moderating pricing power