| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 82nd | Best |
| Demographics | 2nd | Poor |
| Amenities | 15th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3 Velove Ct, Monroe, NY, 10950, US |
| Region / Metro | Monroe |
| Year of Construction | 2009 |
| Units | 36 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
3 Velove Ct Monroe Multifamily — 2009 build, 36 units
Renter demand is supported by a high neighborhood renter-occupied share and occupancy near the national midpoint, according to WDSuite’s CRE market data. Positioned for stable tenancy with proximity to Hudson Valley employment nodes and daily-needs retail.
Located in Monroe, NY within the Poughkeepsie–Newburgh–Middletown metro, the neighborhood is rated C- and ranks 202 out of 221 metro neighborhoods, indicating performance below the metro median. Neighborhood occupancy is 90.8% (ranked 155 of 221), which sits around broader U.S. norms and suggests generally stable lease-up with attention to renewal management.
The renter-occupied share is 59.2% (ranked 15 of 221 and high nationally), pointing to a deep tenant base for multifamily. Within a 3-mile radius, population and household counts have expanded and are projected to continue growing through 2028, implying a larger renter pool and potential support for occupancy stability and absorption. Median contract rents within 3 miles have risen over recent years, reinforcing steady demand signals in WDSuite’s multifamily property research.
Local amenity access is mixed: grocery availability is strong (ranked 5 of 221 and top quartile nationally), aiding daily convenience. By contrast, parks, cafes, and restaurants rank near the bottom of the metro distribution, which may limit lifestyle appeal and place greater emphasis on on-site features and in-unit quality to drive retention.
Home values in the neighborhood are elevated relative to incomes, a dynamic that tends to sustain reliance on rental housing and can support pricing power for well-positioned product. That said, the neighborhood’s rent-to-income ratio is high, signaling affordability pressure that owners should consider in renewal strategy and expense pass-throughs.
Vintage context: the neighborhood’s average construction year trends newer for the metro (average 2006; ranked 5 of 221 and top quartile nationally). This property’s 2009 vintage is slightly newer than the local average, which can be competitively advantageous versus older stock while still warranting selective modernization of systems and finishes to meet current renter expectations.
Comparable neighborhood safety data is not available in this dataset for Monroe. Investors typically benchmark reported crime trends against city, county, and metro averages to understand relative positioning and trajectory. Local owner and lender diligence—reviewing recent police reports and third-party datasets—can provide additional clarity for underwriting.
Regional employers within commuting range provide a diversified white-collar employment base that can support renter demand and retention, including Ascena Retail Group, Becton Dickinson, PepsiCo, Toys "R" Us, and Prudential Financial.
- Ascena Retail Group — apparel retail HQ (19.0 miles) — HQ
- Becton Dickinson — medical technology (23.1 miles) — HQ
- PepsiCo — food & beverage (25.5 miles)
- Toys "R" Us — retail (25.9 miles) — HQ
- Prudential Financial — insurance (26.3 miles)
3 Velove Ct is a 36-unit, 2009-vintage asset in Monroe, NY, benefiting from a high neighborhood renter-occupied share and occupancy near national norms. Population and household growth within a 3-mile radius point to a larger tenant base over the next five years, which supports leasing velocity and renewal depth as new supply in the subregion remains limited. Elevated ownership costs in the neighborhood further reinforce renter reliance on multifamily housing, particularly for functional, well-managed product.
Based on CRE market data from WDSuite, local grocery access is strong while lifestyle amenities are thinner, suggesting operators can compete through unit quality and service. The 2009 vintage offers relative competitiveness versus older stock but is at an age where selective system updates and cosmetic refreshes can drive rent trade-outs without overcapitalizing. Affordability pressure, indicated by a high rent-to-income ratio at the neighborhood level, is the key underwriting consideration for retention and loss-to-lease management.
- High renter concentration supports a deep tenant base and steady demand
- 3-mile population and household growth expand the renter pool, aiding occupancy stability
- 2009 vintage provides competitive positioning with targeted value-add potential
- Strong grocery access offsets thinner lifestyle amenities; focus on operations and unit quality
- Risk: elevated rent-to-income ratios require careful renewal and pricing strategy