| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Good |
| Demographics | 77th | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2740 21st St, Astoria, NY, 11102, US |
| Region / Metro | Astoria |
| Year of Construction | 2012 |
| Units | 31 |
| Transaction Date | 2012-03-06 |
| Transaction Price | $2,100,000 |
| Buyer | RADE LLC |
| Seller | ASTORIA PO LLC |
2740 21st St Astoria Multifamily Investment
Built in 2012, this 31‑unit asset benefits from deep renter demand and an amenity‑rich Urban Core location, according to WDSuite’s CRE market data. Newer construction versus the area’s older stock supports competitive positioning while management should focus on lease execution in a dynamic Queens market.
Astoria’s Urban Core location offers exceptional daily convenience: neighborhood amenities, parks, groceries, pharmacies, and restaurants rank among the highest nationally, supporting renter appeal for walkability and time-to-amenity access. The neighborhood is rated A and ranks 47 out of 889 metro neighborhoods, placing it in the top quartile locally for overall livability and investment fundamentals, based on CRE market data from WDSuite.
The property’s 2012 vintage is newer than the neighborhood’s average construction year (1974), which can reduce near‑term capital expenditures and bolster competitiveness versus older walk‑up stock; investors should still plan for system updates and common‑area refreshes over a standard hold.
Renter concentration is structurally high: around the neighborhood, 65% of housing units are renter‑occupied (above the metro median), and within a 3‑mile radius renters account for roughly three‑quarters of occupied units. This depth of the tenant base supports leasing velocity and renewal potential. Median household incomes are strong relative to many U.S. neighborhoods, while the rent‑to‑income profile (with typical rents near one‑quarter of income) indicates manageable affordability pressure and potential for steady retention.
Demand signals are mixed but constructive: within 3 miles, recent years show a slight population dip alongside a modest increase in households, consistent with smaller household sizes and sustained apartment demand. Looking ahead to 2028, 3‑mile forecasts call for growth in population and a larger household count, expanding the renter pool and supporting occupancy stability. Elevated home values in the neighborhood reflect a high‑cost ownership market, which tends to reinforce reliance on rental housing and underpins multifamily pricing power when operations are well managed.
Operationally, neighborhood occupancy has softened versus peers (ranked near the bottom among 889 metro neighborhoods), so attention to leasing, unit turns, and pricing strategy remains important. Balanced against that, amenity density, strong incomes, and a well‑educated resident base (bachelor’s share well above national norms) continue to attract renters to this sub‑area of Queens.
Safety indicators in the immediate neighborhood trail national benchmarks, and the area ranks 222 out of 889 metro neighborhoods, indicating comparatively higher crime than many parts of the region. Nationally, both violent and property offense rates sit in lower percentiles for safety; however, year‑over‑year trends show double‑digit declines, placing recent improvement in the upper tiers nationally for rate reductions. Investors should underwrite standard urban‑core security practices and assess property‑level controls (access systems, lighting, cameras) while noting the improving trajectory.
Proximity to major employers supports a broad renter base and commute convenience for workforce and professional tenants. Nearby hubs include JetBlue Airways, Loews, Ralph Lauren, HRG Group, and Lockheed Martin, which together provide diversified office and corporate roles that can aid leasing stability.
- JetBlue Airways — airlines (1.5 miles) — HQ
- Loews — diversified holding company (2.3 miles) — HQ
- Ralph Lauren — fashion & apparel (2.4 miles) — HQ
- HRG Group — holding company (2.4 miles) — HQ
- Lockheed Martin — defense & aerospace offices (2.4 miles)
2740 21st St offers a 2012‑built, 31‑unit footprint in an A‑rated Astoria neighborhood where amenity density and a deep renter pool underpin demand. Relative to the area’s older stock, the vintage supports competitive positioning and may temper near‑term capital needs. Elevated home values in the neighborhood signal a high‑cost ownership market that can sustain renter reliance, while incomes and education levels compare favorably to national norms. According to CRE market data from WDSuite, neighborhood occupancy trends warrant focused leasing execution, but recent 3‑mile household growth and forecast expansion point to a larger tenant base over the medium term.
For investors, the thesis centers on durable renter demand from proximity to employment centers, walkable amenities, and newer physical plant, balanced by prudent underwriting on safety and occupancy variability typical of dense urban submarkets.
- 2012 vintage in an older submarket supports relative competitiveness and moderates near‑term capex planning.
- High renter concentration and amenity‑rich Urban Core location support leasing velocity and renewals.
- High‑cost ownership market reinforces reliance on rentals, aiding pricing power when operations are well managed.
- Forecast growth in households within 3 miles suggests a larger tenant base that can support occupancy stability over time.
- Risks: below‑average safety metrics and softer neighborhood occupancy require active management of security and leasing strategy.