| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Good |
| Demographics | 80th | Best |
| Amenities | 93rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1973 38th St, Astoria, NY, 11105, US |
| Region / Metro | Astoria |
| Year of Construction | 2012 |
| Units | 89 |
| Transaction Date | 2006-05-25 |
| Transaction Price | $12,050,000 |
| Buyer | 19-80 STEINWAY LLC |
| Seller | PETER WOLF REFEREE |
1973 38th St Astoria — 89-Unit Multifamily Investment
Positioned in an amenity-rich Astoria pocket with a high share of renter-occupied housing, the asset benefits from durable apartment demand, according to WDSuite’s CRE market data. Elevated ownership costs in the area further support sustained renter reliance and potential lease retention.
The property sits in an Urban Core neighborhood rated A and ranked 56 out of 889 within the New York–Jersey City–White Plains metro, placing it in the top quartile nationally and competitive among metro neighborhoods. Local amenities are a clear strength: grocery, restaurant, pharmacy, and park access all score among the highest national percentiles, supporting renter convenience and day-to-day livability.
Renter concentration is strong both in the immediate neighborhood and within the 3-mile radius, indicating a deep tenant base and diversified demand for multifamily units. Median household incomes have grown meaningfully over recent years in the 3-mile radius, with forecasts calling for further income gains and an increase in households by 2028; together these trends point to a larger tenant base and support for occupancy stability.
Home values in the neighborhood are elevated relative to national norms, creating a high-cost ownership market that tends to sustain rental demand and can aid pricing power and lease retention. At the same time, rent-to-income levels track near a quarter of income, signaling manageable affordability pressure and a basis for consistent collections with prudent lease management.
Built in 2012 against a neighborhood average vintage of 1955, the asset is materially newer than surrounding stock. This positioning can enhance competitiveness versus older buildings while still warranting routine capital planning for systems and selective upgrades to maintain relevance against ongoing deliveries and modernized comparables.
Safety indicators trend mixed when benchmarked nationally. Overall crime and, in particular, violent and property offense measures sit below national medians; however, recent year-over-year declines in both violent and property offense rates suggest improving momentum. These are neighborhood-level signals, not property-specific, and investors typically address them through on-site security, lighting, and access controls as part of standard risk management.
Within the New York–Jersey City–White Plains metro (889 neighborhoods), the area’s safety profile reflects an urban environment: convenience and transit access are strong, while comparative safety ranks trail higher-performing subareas. Lease-up strategies that emphasize building-level safety features and community standards can help support retention.
Proximity to Queens and Midtown employment nodes underpins renter demand, with access to roles across airlines, diversified corporates, apparel, defense, and investment holdings. Notable nearby employers include JetBlue Airways, Loews, Ralph Lauren, Lockheed Martin, and HRG Group.
- JetBlue Airways — airline (2.7 miles) — HQ
- Loews — diversified holding company (3.7 miles) — HQ
- Ralph Lauren — apparel (3.8 miles) — HQ
- Lockheed Martin — defense & aerospace offices (3.8 miles)
- HRG Group — investment holding company (3.8 miles) — HQ
The 89-unit property at 1973 38th St offers exposure to an amenity-dense Astoria location with a deep renter pool and elevated ownership costs that help sustain multifamily demand. Built in 2012, it is newer than most neighborhood stock, which can support leasing competitiveness and limit near-term CapEx to targeted systems and common-area upgrades. Neighborhood occupancy readings indicate that active leasing and renewal management will matter, but strong household income trends and a high share of renter-occupied units in the 3-mile radius suggest a durable tenant base. According to CRE market data from WDSuite, these fundamentals align with stable operations where affordability pressure remains manageable.
Forward-looking signals are constructive: the 3-mile radius shows projections for household growth and income gains through 2028, supporting renter pool expansion and potential rent resilience. With immediate access to major employers and daily amenities, the asset’s location fundamentals provide a balanced framework for long-term cash flow, with attention to leasing execution and standard urban safety practices.
- 2012 vintage newer than area average, enhancing competitiveness versus older stock
- Amenity-rich Urban Core location with strong national amenity percentiles supporting renter convenience
- High renter-occupied share within 3 miles and projected household growth point to a larger tenant base
- Elevated ownership costs reinforce rental demand and can aid pricing power and retention
- Risks: neighborhood occupancy softness and urban safety comparisons require focused leasing and property-level security