| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 48th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2116 31st Ave, Astoria, NY, 11106, US |
| Region / Metro | Astoria |
| Year of Construction | 2009 |
| Units | 33 |
| Transaction Date | 2008-04-01 |
| Transaction Price | $2,133,334 |
| Buyer | THIRTY-FIRST AVENUE LLC |
| Seller | ALAIMO ANTONIA |
2116 31st Ave Astoria NY Multifamily Investment
Newer 33-unit asset in an urban Queens neighborhood where elevated home values and a high share of renter-occupied housing support durable tenant demand, according to WDSuite’s CRE market data.
Located in Astoria’s Urban Core, the property benefits from a deep renter base. Neighborhood data from WDSuite shows renter-occupied housing accounts for a high share of units locally (measured for the neighborhood, not the property), which supports leasing depth and renewals even as cycles shift.
Daily-life amenities are a clear strength: parks, restaurants, groceries, pharmacies, and childcare densities all rank near the top nationally, providing convenience that helps with retention and lease-up velocity. By contrast, local school ratings trend below national averages, which may tilt demand toward smaller-household renters rather than family-heavy profiles.
The asset’s 2009 construction is newer than the area’s older housing stock (average vintage 1967 at the neighborhood level). That positioning can reduce immediate capital expenditure risk versus prewar supply while still warranting selective systems modernization and common-area refreshes to stay competitive.
Neighborhood rent levels have risen over the past five years, and median contract rents within a 3-mile radius remain supported by income growth. At the same time, the neighborhood’s occupancy rate (measured for the neighborhood, not the property) sits below national norms, suggesting a focus on operations, unit finishes, and pricing discipline will be important to maintain performance relative to the metro.
Within a 3-mile radius, WDSuite indicates households and incomes have trended upward and are projected to expand further, with smaller average household sizes. For investors, that implies a larger tenant base of singles and couples and continued demand for well-located, efficiently sized units near employment and transit.
Ownership costs in the neighborhood are elevated relative to incomes (high value-to-income ratio), which tends to reinforce reliance on rental housing and can support pricing power for competitive multifamily product.
Safety indicators for the neighborhood sit below national norms, with both violent and property offense rates comparing weaker than many U.S. neighborhoods. However, WDSuite’s data shows year-over-year declines in both categories, indicating recent improvement. Investors should underwrite with conservative assumptions while recognizing the directional progress.
As always, crime dynamics vary by block and over time; the figures referenced here are neighborhood-level metrics for the New York–Jersey City–White Plains metro and national comparisons, intended to frame relative conditions rather than predict property-specific outcomes.
Proximity to major employers in Western Queens and Midtown supports commuter convenience and broad renter demand, notably across aviation, finance, retail apparel, and defense offices listed below.
- Jetblue Airways — aviation HQ (1.2 miles) — HQ
- Loews — diversified holdings (2.2 miles) — HQ
- Lockheed Martin — defense & aerospace offices (2.2 miles)
- Ralph Lauren — apparel HQ (2.2 miles) — HQ
- HRG Group — diversified holdings (2.2 miles) — HQ
Built in 2009, this 33-unit property offers a newer-vintage alternative to an older neighborhood housing base, supporting competitive positioning with manageable near-term capital planning. According to commercial real estate analysis from WDSuite, the surrounding neighborhood shows strong amenity access and a high concentration of renter-occupied units, while elevated home values bolster reliance on rental housing. Household and income expansion within a 3-mile radius points to a larger tenant base and supports occupancy stability for efficiently sized units.
Key underwriting considerations include neighborhood-level occupancy trending below national norms and safety metrics that lag national averages, even as recent year data shows improvement. Execution that emphasizes unit quality, professional management, and pricing discipline should help capture demand tailwinds from proximity to major employers and abundant urban amenities.
- Newer 2009 construction versus older local stock, reducing near-term capex while allowing targeted upgrades
- High neighborhood renter concentration and elevated ownership costs support multifamily demand and retention
- Amenity-rich urban setting near major employers aids leasing velocity for smaller-format units
- Neighborhood occupancy sits below national norms — focus on operations and pricing to sustain performance
- Safety metrics lag national averages; recent improvements noted but warrant conservative underwriting