| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 48th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3164 21st St, Astoria, NY, 11106, US |
| Region / Metro | Astoria |
| Year of Construction | 2002 |
| Units | 54 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
3164 21st St Astoria Multifamily Opportunity
Urban-core location with deep renter demand and strong neighborhood amenities supports durable leasing, according to WDSuite s CRE market data. Newer 2004 vintage relative to local stock positions the asset competitively while allowing room for selective upgrades.
Astoria s Urban Core setting delivers a high-amenity lifestyle: dense restaurant, grocery, park, and pharmacy access ranks in the top percentiles nationally, which helps sustain renter interest and day-to-day convenience. Neighborhood metrics indicate multifamily-friendly dynamics, with a renter-occupied share of housing units around 70%—a broad tenant base that supports demand depth and leasing velocity, based on CRE market data from WDSuite.
At the metro level (New York-Jersey City-White Plains), this neighborhood rates A- and sits in the competitive tier among 889 metro neighborhoods. However, neighborhood occupancy is below the metro average and trended lower in recent years, signaling the need for disciplined leasing strategy and active management to protect occupancy stability. Counterbalancing this, neighborhood NOI per unit performance ranks in the top percentile nationally, indicating that well-operated assets can still capture strong revenue intensity in this submarket.
Construction across the area skews older (average vintage 1967), while this property s 2004 build is comparatively newer. That positioning can reduce near-term capital exposure versus older walk-up stock and offers optionality for targeted modernization to enhance rentability and tenant retention.
Within a 3-mile radius, recent data shows a modest population dip but a small increase in households, with projections calling for household growth and a smaller average household size. For investors, that points to renter pool expansion and support for occupancy, particularly for efficient floor plans. Elevated home values in the neighborhood context reinforce reliance on multifamily housing, which can aid lease retention and pricing power when managed prudently.
Neighborhood safety indicators are weaker than both national and metro benchmarks, placing the area below metro average for safety. Even so, recent data shows year-over-year declines in both violent and property offense rates, suggesting improvement momentum. For investors, prudent security measures, lighting upgrades, and resident engagement can help support retention and reduce non-recoverable costs while this trend develops.
Proximity to major employers underpins workforce housing demand and commute convenience, supporting tenant retention and leasing stability. Nearby anchors include JetBlue Airways, Loews, Lockheed Martin, HRG Group, and Ralph Lauren.
- Jetblue Airways airlines HQ (1.1 miles) HQ
- Loews diversified holdings (2.1 miles) HQ
- Lockheed Martin defense & aerospace offices (2.1 miles)
- HRG Group investment holdings (2.1 miles) HQ
- Ralph Lauren apparel & retail HQ (2.1 miles) HQ
3164 21st St combines a renter-centric location with a relatively newer 2004 vintage, offering operational advantages over older neighborhood stock while preserving value-add flexibility. Amenity density and strong employer access support demand, though investors should plan for hands-on leasing given neighborhood occupancy trends. According to commercial real estate analysis from WDSuite, the area s elevated ownership costs and high renter concentration underpin a deep tenant base that can sustain occupancy and rent levels when assets are well positioned.
Forward-looking demographics within a 3-mile radius indicate growth in households and an expanding renter pool, favoring efficient units and professionally managed operations. Selective modernization (common areas, building systems as they age) can enhance competitiveness and retention without overcapitalizing.
- 2004 vintage offers competitive positioning vs. older neighborhood stock with targeted upgrade potential
- High neighborhood amenity access and nearby employers support leasing velocity and retention
- Elevated ownership costs and strong renter-occupied share indicate durable multifamily demand
- Demographic outlook (3-mile radius) points to household growth and a broader tenant base
- Risk: Neighborhood safety and below-metro occupancy require proactive management and security planning