| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Good |
| Demographics | 80th | Best |
| Amenities | 93rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2625 28th St, Astoria, NY, 11102, US |
| Region / Metro | Astoria |
| Year of Construction | 2013 |
| Units | 27 |
| Transaction Date | 1997-05-06 |
| Transaction Price | $135,000 |
| Buyer | KALIONTZAKIS HARALAMBOS |
| Seller | SOCCOLI ELISE |
2625 28th St Astoria Multifamily Opportunity
2013-built, mid-size asset in Queens positioned in a renter-heavy pocket of Astoria where demand is supported by strong local amenities, according to WDSuite’s CRE market data.
Astoria’s Urban Core setting offers investors a deep renter base and daily convenience. Amenities rank in the top quartile among 889 metro neighborhoods, with grocery, restaurants, and pharmacies near the 99th percentile nationally—a combination that supports leasing and renewal prospects for workforce and professional tenants.
The asset’s 2013 vintage is newer than the neighborhood’s average 1955 construction year, indicating relatively more competitive building systems and finishes versus older stock. Investors should still plan for mid-life systems maintenance and targeted renovations to preserve positioning.
Tenure patterns are favorable for multifamily: roughly 62% of housing units in the neighborhood are renter-occupied, signaling a large tenant base and steady renewal potential. Neighborhood occupancy has tracked below national norms, so proactive lease management and unit turn readiness can be important to maintain stability.
Within a 3-mile radius, households have edged up while population has slightly contracted over the past five years, pointing to smaller household sizes and ongoing demand for rental options. Projections to 2028 indicate growth in population and households that would expand the renter pool and support occupancy, based on CRE market data from WDSuite. Elevated home values and a high value-to-income ratio reflect a high-cost ownership market that tends to sustain rental demand; at the same time, a rent-to-income ratio near one-quarter suggests manageable affordability pressure that can aid retention.
Median contract rent in the neighborhood is $2,118 with notable five-year growth, and average public school ratings are about 3.2 out of 5. Together with dense cafes and childcare access, this creates a balanced backdrop that can attract a broad renter profile without over-relying on a single demand driver.
Safety indicators are mixed. The neighborhood sits below national safety percentiles on both violent and property offense measures; however, recent year-over-year trends show declines in estimated violent and property offense rates. For investors, this suggests monitoring remains prudent, but the directional improvement may reduce leasing friction relative to prior periods.
Because crime patterns vary by block, underwrite to property-level measures (lighting, access control, and visibility) and track neighborhood trend lines rather than one-year snapshots.
Nearby corporate employers provide diversified white-collar job access that supports renter demand and commute convenience, including JetBlue Airways, Lockheed Martin, Ralph Lauren, Estée Lauder, and Citigroup.
- Jetblue Airways — airline (1.6 miles) — HQ
- Lockheed Martin — defense & aerospace offices (2.7 miles)
- Ralph Lauren — apparel (2.7 miles) — HQ
- Estee Lauder — beauty & personal care (2.7 miles) — HQ
- Citigroup — financial services (2.8 miles) — HQ
This 27-unit property offers durable demand drivers in an amenity-rich pocket of Astoria. Newer construction (2013) relative to local stock positions the asset competitively against older buildings while keeping near-term capital needs moderate, with selective modernization to sustain rents over time. Elevated ownership costs and a renter-occupied majority support depth of the tenant base and renewal potential.
Neighborhood occupancy trends warrant attentive leasing strategy, but strong amenities, diversified nearby employers, and projected growth in the 3-mile renter pool point to stable long-term fundamentals. According to commercial real estate analysis from WDSuite, these dynamics underpin steady demand while allowing room for value-add through finishes and operations.
- 2013 vintage competes well against older neighborhood stock; plan for mid-life systems upkeep
- Renter-occupied majority and high-cost ownership market reinforce multifamily demand and renewal depth
- Amenity-rich Urban Core location with strong walkable services supports leasing and retention
- Proximity to major employers (JetBlue, Citigroup, Estée Lauder) underpins weekday demand
- Risk: neighborhood occupancy has trailed national norms—underwrite active lease management and turnover readiness