| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Best |
| Demographics | 22nd | Poor |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 424 Carpenter Ave, Newburgh, NY, 12550, US |
| Region / Metro | Newburgh |
| Year of Construction | 1973 |
| Units | 26 |
| Transaction Date | 2025-04-30 |
| Transaction Price | $169,999 |
| Buyer | GOSTURANI MARINELA |
| Seller | SMITH RICHARD L |
424 Carpenter Ave, Newburgh NY Multifamily Investment
Neighborhood occupancy is above the metro median and renter-occupied housing is prevalent, pointing to a durable tenant base near 424 Carpenter Ave, according to CRE market data from WDSuite. Investors should expect steady renter demand with pricing set thoughtfully to balance retention and income growth.
Occupancy in the surrounding neighborhood is above the metro median and sits in the upper half nationally, per WDSuite, which supports income stability for a 26-unit property. The area’s renter concentration is high (measured as the share of housing units that are renter-occupied), indicating a deep tenant pool for multifamily operators. Within the Poughkeepsie–Newburgh–Middletown metro, the neighborhood’s housing profile ranks in the top quartile, signaling competitive fundamentals among 221 metro neighborhoods.
Demographic statistics aggregated within a 3-mile radius show modest population growth over the past five years alongside a faster increase in households, suggesting smaller household sizes and a larger renter pool over time. Projections through 2028 call for additional gains in both population and households, which typically supports occupancy stability and leasing velocity for well-managed assets.
Ownership costs in the neighborhood are elevated relative to local incomes (high value-to-income ratio), which tends to sustain reliance on rental housing and supports depth of demand for apartments. At the same time, rent-to-income levels point to affordability pressure for some renters, so operators may prioritize revenue management and resident retention strategies to maintain occupancy.
On-the-ground conveniences within the immediate neighborhood are limited, and average school ratings trail national norms. While this may temper appeal for some households, the location can still serve cost-conscious renters who prioritize access to the broader Hudson Valley employment base over amenity density.
Comparable safety metrics for this neighborhood are not available in WDSuite’s dataset for the current period. For underwriting, investors typically benchmark property-level security measures and historical trends against metro peers and review city and law-enforcement publications for additional context.
Operators often factor lighting, access controls, and site visibility into capex and management plans to support resident comfort and retention, especially when neighborhood-level statistics are limited.
The resident base can tap a broad Hudson Valley and Westchester corporate corridor, supporting workforce housing dynamics and commuter demand. Nearby anchors include industrial gases, food & beverage, retail apparel, enterprise tech, and medical technology offices.
- Praxair — industrial gases (26.6 miles) — HQ
- Pepsico — food & beverage (30.6 miles)
- Ascena Retail Group — retail apparel (31.5 miles) — HQ
- Ibm — enterprise technology (32.1 miles) — HQ
- Becton Dickinson — medical technology (35.9 miles) — HQ
424 Carpenter Ave was built in 1973, which is newer than the neighborhood’s average vintage and can offer a competitive edge versus older stock; however, systems may still benefit from targeted modernization to enhance durability and renter appeal. Based on CRE market data from WDSuite, neighborhood occupancy trends are above the metro median, and renter-occupied housing is prevalent—both supportive of a stable tenant base and steady leasing.
Elevated ownership costs relative to income in the neighborhood reinforce reliance on multifamily housing, while 3-mile demographic data indicate continued population and household growth that can expand the renter pool. Counterbalancing these strengths, affordability pressure (rent-to-income) and limited immediate amenities require disciplined revenue management and retention-focused operations.
- Above-metro occupancy and high renter concentration support income stability.
- 1973 vintage offers value-add potential via selective renovations and system upgrades.
- High ownership costs in the area sustain multifamily demand and leasing depth.
- 3-mile projections point to renter pool expansion, supporting absorption over time.
- Risks: affordability pressure and limited immediate amenities call for careful pricing and retention strategies.