| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Best |
| Demographics | 22nd | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 408 Carpenter Ave, Newburgh, NY, 12550, US |
| Region / Metro | Newburgh |
| Year of Construction | 1973 |
| Units | 26 |
| Transaction Date | 2024-12-23 |
| Transaction Price | $192,500 |
| Buyer | PORTALATIN HELEN |
| Seller | DAMON RORY |
408 Carpenter Ave Newburgh 26-Unit Multifamily
Renter concentration and above-median neighborhood occupancy point to durable tenant demand, according to WDSuite’s CRE market data.
The property sits in an Inner Suburb pocket of Newburgh where neighborhood occupancy is above the metro median, supporting income stability through cycles. Renter-occupied housing accounts for a majority of units locally, indicating a sizable tenant base and steady leasing activity for multifamily operators.
Everyday conveniences within the immediate neighborhood are thinner than many Poughkeepsie–Newburgh–Middletown metro areas, with few cafes, groceries, parks, or pharmacies mapped nearby. That makes on-site amenities, parking, and access routes important to retention, while broader city offerings remain reachable by car.
At the neighborhood level, home values sit above national midpoints, while local household incomes rank lower versus many U.S. neighborhoods. This high-cost ownership context can reinforce reliance on rentals and support occupancy, but it also calls for careful lease management where rent-to-income pressure may affect renewal decisions.
Within a 3-mile radius, WDSuite’s data shows modest recent population growth and a projected increase in households through 2028, pointing to a gradually expanding renter pool. The average school rating in the area trails national norms, which may matter for family renters; investors can offset this with unit finishes, maintenance responsiveness, and value-driven positioning.
The asset’s 1973 vintage is newer than the neighborhood’s older housing stock, offering relative competitiveness versus pre-1960 product. Even so, investors should plan for ongoing system upgrades and selective renovations to sustain rentability against renovated comparables.
Comparable, neighborhood-level crime metrics are not available in WDSuite for this area at this time. Investors typically frame safety diligence using city and precinct statistics, property-level incident histories, lighting and access controls, and feedback from current residents and local managers to benchmark conditions against nearby Newburgh neighborhoods.
Regional employers within commuting range help underpin renter demand, particularly among households willing to trade longer drives for value. Key corporate anchors include industrial gases, food and beverage, apparel retail, technology, and medical devices.
- Praxair — industrial gases (26.7 miles) — HQ
- PepsiCo — food & beverage (30.6 miles)
- Ascena Retail Group — apparel retail (31.5 miles) — HQ
- IBM — technology (32.1 miles) — HQ
- Becton Dickinson — medical devices (35.9 miles) — HQ
This 26-unit asset benefits from an above-median neighborhood occupancy rate and a majority renter-occupied housing base, pointing to durable leasing fundamentals relative to the metro. Within a 3-mile radius, recent population growth and a projected rise in households suggest a gradually expanding tenant base that can support occupancy stability over the medium term, based on CRE market data from WDSuite.
Built in 1973, the property is newer than much of the surrounding housing stock, creating a competitive edge versus older product while still warranting capital plans for systems and interior refreshes. Limited immediate amenities and below-average school ratings elevate the importance of operational execution, value-oriented positioning, and resident services to drive renewals.
- Above-median neighborhood occupancy and strong renter concentration support consistent leasing.
- 3-mile radius shows population and household expansion, indicating a growing renter pool.
- 1973 vintage offers relative competitiveness versus older local stock with targeted upgrades.
- Ownership costs in the area bolster rental reliance, supporting demand durability.
- Risks: thinner nearby amenities, below-average school ratings, and rent-to-income pressure require disciplined lease and expense management.