| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Good |
| Demographics | 77th | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2627 2nd St, Astoria, NY, 11102, US |
| Region / Metro | Astoria |
| Year of Construction | 2012 |
| Units | 31 |
| Transaction Date | 2011-08-23 |
| Transaction Price | $1,175,000 |
| Buyer | ARI PROPERTIES LLC |
| Seller | QUALITY CONSTRUCTION LLC |
2627 2nd St, Astoria NY Multifamily Investment Opportunity
Renter demand is reinforced by a high neighborhood renter-occupied share and costly ownership alternatives, according to WDSuite’s CRE market data. Newer construction supports competitive positioning while lease-up and retention depend on disciplined operations.
Astoria’s Urban Core location offers deep daily-life amenities that support resident retention and leasing velocity. Amenity access ranks competitive among New York-Jersey City-White Plains neighborhoods (47th of 889 overall, A rating) with groceries, parks, restaurants, and pharmacies all testing in the top quartile nationally. This translates into convenience-driven livability that helps stabilize tenancy relative to older stock across the metro.
The property’s 2012 vintage is newer than the neighborhood average stock (1970s era), signaling relative competitiveness versus older walk-ups and mid-century assets. Investors should still plan for routine system upgrades over the hold, but near-term capital intensity is typically lower than for pre-2000 buildings, which can aid cash flow consistency.
Tenure patterns point to depth in the renter pool: within the neighborhood, an estimated 65% of housing units are renter-occupied, and within a 3-mile radius renters account for roughly three-quarters of occupied units. For investors, this concentration expands the prospective tenant base and can support occupancy stability when paired with responsive management and product-market fit.
Demographic statistics aggregated within a 3-mile radius indicate a modest historical dip in population alongside an increase in households and smaller household sizes, implying more one- and two-person renter households over time. Forward-looking projections call for household growth, which can translate into a larger tenant base and sustained demand for well-located units. Median household incomes in the area register solidly above national norms, while the neighborhood’s rent-to-income ratio near one-quarter suggests manageable affordability pressure that can aid lease retention.
Home values in the neighborhood are elevated relative to national levels, which generally reinforces reliance on multifamily rentals and supports pricing power for well-amenitized, transit-accessible product. Taken together with strong local amenities and proximity to major employment nodes, the location fundamentals remain supportive for multifamily property research and comparative analysis, based on WDSuite’s data coverage.
One counterpoint is the neighborhood’s reported occupancy rate, which trails stronger submarkets nationally. This places more weight on asset-level execution—unit finishes, maintenance responsiveness, and targeted marketing—to capture demand generated by amenities and employment access.
Safety indicators are mixed. Within the New York-Jersey City-White Plains metro, the neighborhood’s crime position is competitive (ranked 222 out of 889, which is closer to the safer end of the metro distribution), yet nationally it sits below average safety levels (around the 39th percentile). For investors, this suggests performance will lean on operational oversight and resident screening in addition to the area’s convenience and transit access.
Recent trend data point to notable year-over-year declines in both property and violent offenses, placing the neighborhood above the national median for improvement momentum. While neighborhood conditions can change, these directional improvements reduce downside risk if maintained, but underwriting should still assume prudent security measures and lighting common areas.
Nearby corporate anchors broaden the employment base and support weekday demand, commute convenience, and resident retention. The employers below reflect headquarters and major corporate offices within a short radius of the property.
- Jetblue Airways — airline HQ (1.8 miles) — HQ
- Loews — diversified holdings HQ (2.0 miles) — HQ
- Ralph Lauren — apparel & retail HQ (2.1 miles) — HQ
- Estee Lauder — beauty products HQ (2.1 miles) — HQ
- HRG Group — diversified holdings HQ (2.2 miles) — HQ
Built in 2012, the asset offers a newer-vintage profile in an Astoria neighborhood dominated by older stock, which can reduce near-term capital outlays while positioning competitively on finishes and building systems. Strong amenity density and a high renter-occupied share underpin a deep tenant base, while elevated home values in the neighborhood help sustain reliance on rentals. According to CRE market data from WDSuite, local fundamentals are supported by robust neighborhood amenities and proximity to major employers, though execution will matter given below-average occupancy at the neighborhood level.
Investor focus should be on capturing demand from smaller households, maintaining product quality, and leveraging commute access to nearby corporate hubs. Underwriting should incorporate prudent allowances for security and marketing, balanced by the location’s amenity strength and projected household growth within a 3-mile radius.
- Newer 2012 construction versus older neighborhood stock supports competitive positioning and moderates near-term capex.
- High renter-occupied share locally and projected household growth (3-mile radius) expand the tenant base and support occupancy.
- Elevated neighborhood home values reinforce multifamily demand and can aid pricing power for well-maintained units.
- Proximity to multiple corporate headquarters supports retention among commuters and professional renters.
- Risk: Neighborhood-level occupancy trails stronger submarkets; performance depends on leasing execution and resident experience.