| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Good |
| Demographics | 80th | Best |
| Amenities | 93rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2617 28th St, Astoria, NY, 11102, US |
| Region / Metro | Astoria |
| Year of Construction | 2010 |
| Units | 20 |
| Transaction Date | 2005-07-29 |
| Transaction Price | $1,800,000 |
| Buyer | TWENTY 617 REALTY LLC |
| Seller | EASY CLEAN LAAUNDROMAT |
2617 28th St Astoria Multifamily Investment
2010-vintage, 20-unit asset positioned in Astoria’s urban core with a deep renter base and strong daily-needs amenities; according to WDSuite’s CRE market data, neighborhood rents sit at the higher end locally while ownership costs remain elevated.
Astoria’s Urban Core setting offers dense retail, dining, and daily conveniences that support leasing stability. Neighborhood amenities rank in the top quartile nationally, with restaurants, groceries, parks, and pharmacies concentrated at levels that reduce friction for residents. Schools average around the national 70th percentile, providing a balanced backdrop for long-term tenancy.
Compared with the metro among 889 neighborhoods this area is rated A and sits well Above metro median on overall neighborhood quality. Median contract rents are high for the region and have risen over the past five years, while the share of housing units that are renter-occupied is elevated, indicating a broad tenant pool. Neighborhood occupancy has trended softer versus national norms, so properties that differentiate on quality and management often capture demand and retention.
The property s 2010 construction stands newer than the neighborhood s older housing stock (average vintage mid-1950s), offering relative competitiveness against legacy buildings and potentially lower near-term capital needs; selective modernization can still unlock value or repositioning upside.
Demographic statistics aggregated within a 3-mile radius show a modest population dip alongside a slight increase in household counts, pointing to smaller household sizes and sustained rental demand. Looking ahead, forecasts indicate growth in both population and households by 2028, alongside rising median incomes and rents, expanding the renter pool and supporting occupancy and pricing power at well-run assets.
Home values in the neighborhood are high relative to national benchmarks, creating a high-cost ownership market that reinforces reliance on rental housing. Rent-to-income levels locally sit below national pressure points, which can aid lease management and reduce turnover risk, while still allowing for disciplined revenue strategies.
Relative to the New York Jersey City White Plains metro (889 neighborhoods), the area s crime rank places it Above metro median for safety, yet it remains below the national median on safety percentiles. For investors, that positions the neighborhood as competitive locally but not a top-tier safety outlier nationally.
Trendwise, reported violent offenses declined approximately 20% year over year and property offenses fell around 11%, according to CRE market data from WDSuite. These improvements suggest directional momentum that can support leasing and retention, though prudent underwriting should still account for local conditions and property-level security measures.
Proximity to corporate offices in Queens and Midtown supports a steady commuter tenant base. Notable employers nearby include JetBlue Airways, Loews, Lockheed Martin, Ralph Lauren, and Est e9e Lauder, which collectively bolster demand for workforce and professional renters.
- Jetblue Airways airlines HQ & corporate (1.6 miles) HQ
- Loews diversified holdings (2.6 miles) HQ
- Lockheed Martin defense & aerospace offices (2.7 miles)
- Ralph Lauren apparel & retail HQ (2.7 miles) HQ
- Estee Lauder beauty & personal care HQ (2.7 miles) HQ
2617 28th St offers a 2010-vintage, 20-unit footprint in an A-rated Astoria neighborhood where renter concentration is high and daily-needs amenities are deep. Based on CRE market data from WDSuite, neighborhood rents are elevated versus national benchmarks, ownership costs are high, and the local amenity mix ranks among the strongest nationally all supportive of multifamily demand and lease retention. The asset s newer vintage relative to surrounding stock provides competitive positioning, with potential to capture premium-to-legacy rents through targeted updates.
Investors should weigh softer neighborhood occupancy versus national norms and safety that is stronger than many metro peers but not top-tier nationally; recent year-over-year declines in violent and property offenses are constructive. Within a 3-mile radius, household counts are edging higher and are forecast to rise further alongside incomes and rents, indicating a larger tenant base and support for long-run revenue management.
- 2010 construction competes well against older local stock with potential value-add via selective modernization
- High renter-occupied share signals deep tenant pool and supports demand stability
- Amenity-rich Urban Core location near major employers supports leasing and retention
- Directional safety improvements and rising 3-mile household and income forecasts aid long-term fundamentals
- Risk: neighborhood occupancy sits below national norms; underwriting should emphasize operations, unit quality, and lease management