| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Good |
| Demographics | 77th | Best |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3176 37th St, Astoria, NY, 11103, US |
| Region / Metro | Astoria |
| Year of Construction | 2011 |
| Units | 23 |
| Transaction Date | 2008-08-07 |
| Transaction Price | $925,000 |
| Buyer | 37 REAL ESTATE CORP |
| Seller | KANDROS GEORGE |
3176 37th St, Astoria — 2011 Multifamily Opportunity
Amenity-rich Urban Core location with a deep renter base supports durable leasing, while neighborhood occupancy trends warrant hands-on asset management according to WDSuite’s CRE market data.
Situated in Astoria’s Urban Core, the property benefits from exceptional neighborhood convenience: groceries, restaurants, parks, pharmacies, cafés, and childcare options all rank at or near the top of national comparisons. The neighborhood itself carries an A rating and ranks 47th among 889 New York–Jersey City–White Plains metro neighborhoods, placing it among competitive locations for day-to-day livability and renter appeal.
Renter-occupied housing accounts for a substantial share of neighborhood units (about two-thirds), indicating a wide tenant pool and consistent demand for multifamily product. Median contract rents and rent-to-income dynamics signal some affordability pressure common to New York submarkets, but still manageable for lease retention with disciplined pricing and renewal strategies.
Demographic statistics are aggregated within a 3-mile radius: recent years show flat-to-slightly lower population but an increase in household counts and a trend toward smaller household sizes. Forward-looking projections call for growth in both households and incomes over the next five years, expanding the renter pool and supporting occupancy stability for well-located assets.
The neighborhood’s median home values are elevated versus national norms, which reinforces reliance on rental housing and helps sustain multifamily demand and lease retention. Average school ratings sit near the national middle, a neutral factor for demand. Neighborhood NOI per unit trends above the national median, reflecting resilient fundamentals for operators who match the local renter profile.
Vintage is an advantage here: with a 2011 construction year versus a neighborhood average vintage in the 1970s, the asset is relatively newer stock. That supports competitive positioning against older walk-ups while still leaving room for targeted modernization and systems updates as part of a value-optimization plan.
Safety indicators compare less favorably to national benchmarks, with both violent and property offense measures falling in lower national percentiles. Relative to the 889 neighborhoods in the New York–Jersey City–White Plains metro, the crime rank indicates higher-than-average exposure in metro context.
Recent trend data shows notable year-over-year declines in both violent and property offenses, which is an encouraging directional signal. Investors typically underwrite with enhanced security measures, lighting, and tenant engagement to support retention in locations with below-average safety metrics while monitoring whether the improving trend persists.
Proximity to major employers underpins commuter convenience and broad renter demand, led by JetBlue, Lockheed Martin, Loews, HRG Group, and Citigroup within a short radius.
- Jetblue Airways — airline HQ operations (1.2 miles) — HQ
- Lockheed Martin — defense & aerospace offices (2.6 miles)
- Loews — diversified holding company offices (2.6 miles) — HQ
- HRG Group — investment holding company offices (2.7 miles) — HQ
- Citigroup — financial services offices (2.7 miles) — HQ
This 23-unit, 2011-vintage asset provides a rare newer-build foothold in Astoria’s Urban Core, where amenity access, elevated ownership costs, and a high renter concentration underpin durable demand. Based on CRE market data from WDSuite, the neighborhood skews renter-occupied, with median home values well above national norms — factors that generally support tenant retention and leasing depth for professionally managed multifamily.
While neighborhood occupancy has trended below metro norms, three-mile demographics point to household and income growth ahead, expanding the renter pool. The property’s newer vintage versus the neighborhood average offers competitive positioning against older stock, with potential to capture value through targeted modernization, energy-efficiency upgrades, and amenity refreshes as part of ongoing capital planning.
- Urban Core location with top-tier amenity access supports year-round leasing and renewal potential.
- High renter concentration and elevated local home values reinforce reliance on multifamily housing.
- 2011 construction is competitive versus older neighborhood stock, with room for targeted upgrades.
- Three-mile outlook shows growth in households and incomes, expanding the tenant base.
- Risk: Neighborhood occupancy trends below metro norms require active leasing, pricing, and retention management.