| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 48th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1456 31st Dr, Astoria, NY, 11106, US |
| Region / Metro | Astoria |
| Year of Construction | 2001 |
| Units | 63 |
| Transaction Date | 2001-02-09 |
| Transaction Price | $800,000 |
| Buyer | CIAMPA CHRISTINE |
| Seller | 136 HOLDING COMPANY LLC |
1456 31st Dr Astoria Multifamily Investment Opportunity
Renter demand is supported by a high renter-occupied housing share and strong amenity access in Astoria, according to WDSuite s CRE market data. Newer vintage for the area offers competitive positioning with potential to command stable occupancy through effective leasing and renewals.
Astoria s neighborhood fundamentals score competitively within the New York Jersey City White Plains metro, ranking in the top quartile among 889 metro neighborhoods based on WDSuite s CRE market data. Amenity density is a clear strength: parks, pharmacies, groceries, restaurants, and cafes index in the upper national percentiles, which typically supports renter retention and leasing velocity for well-managed multifamily assets.
The property s 2002 construction is newer than the neighborhood s average vintage (1960s era), providing a relative edge versus older stock. Investors should still plan for routine system updates and selective modernization as part of long-term capital planning, but the vintage positions the asset competitively for tenants prioritizing more contemporary layouts and building systems.
Tenure data indicates a high share of renter-occupied housing units in the neighborhood, signaling a deep tenant base and resilient demand for apartments. Within a 3-mile radius, recent household counts edged up while average household size trended slightly smaller, and forward-looking projections point to a larger household base over the next five years. Together, these dynamics support a broader renter pool and can help stabilize occupancy through cycles when paired with disciplined lease management.
Pricing context is mixed but constructive for investors. Elevated home values and a high value-to-income relationship in the neighborhood reinforce reliance on rentals and can support pricing power. At the same time, neighborhood rents have risen over the past five years, while rent-to-income ratios remain manageable in this area relative to many coastal urban cores favorable for renewal capture but warranting attention to affordability pressure in lease management. Average school ratings trend below national benchmarks, which may modestly influence family-oriented demand profiles; however, the broader amenity set and employment access remain strong drivers for workforce and young professional cohorts.
Safety indicators in this neighborhood trail national norms, with violent and property offense rates elevated compared with many U.S. neighborhoods. That said, recent year-over-year readings show meaningful declines in both categories, suggesting improving conditions. For investors, this points to a need for active on-site management practices and resident engagement, while recognizing a constructive trendline that can support reputation and leasing over time.
Proximity to major corporate offices underpins renter demand by shortening commutes for professionals in aviation, finance, apparel, and defense. Nearby employers include JetBlue Airways, Loews, Lockheed Martin, Ralph Lauren, and HRG Group.
- Jetblue Airways airline HQ (1.1 miles) HQ
- Loews conglomerate HQ (2.1 miles) HQ
- Lockheed Martin defense & aerospace offices (2.1 miles)
- Ralph Lauren apparel HQ (2.1 miles) HQ
- HRG Group holding company HQ (2.1 miles) HQ
This 63-unit asset at 1456 31st Dr benefits from strong urban fundamentals: high renter concentration, dense amenities, and access to prominent employers support a wide tenant base and leasing durability. Based on commercial real estate analysis from WDSuite, neighborhood rents have advanced while rent-to-income levels remain workable for many renter segments, enabling renewal capture with thoughtful pricing and retention strategies.
The 2002 vintage is newer than much of the local housing stock, offering competitive positioning versus pre-1970 buildings while still warranting selective upgrades over a hold period. Elevated ownership costs in the area further reinforce reliance on multifamily rental housing, and forward-looking 3-mile forecasts point to a larger household base that can expand the renter pool. Key watch items include occupancy variability at the neighborhood level, below-average school ratings, and safety metrics that, while improving, remain weaker than national norms.
- High renter-occupied share and dense amenities support demand and retention
- 2002 construction offers competitive positioning versus older neighborhood stock with targeted value-add potential
- Elevated ownership costs sustain reliance on rentals, aiding pricing power and lease stability
- 3-mile projections indicate a larger household base, expanding the renter pool over time
- Risks: softer neighborhood occupancy, below-average school ratings, and safety metrics that require active management