| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Good |
| Demographics | 55th | Fair |
| Amenities | 46th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 23811 Hillside Ave, Bellerose, NY, 11426, US |
| Region / Metro | Bellerose |
| Year of Construction | 1995 |
| Units | 51 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
23811 Hillside Ave Bellerose NY Multifamily Opportunity
Positioned in an inner-suburban Queens neighborhood where elevated ownership costs sustain renter reliance, this 51-unit asset benefits from steady tenant demand, according to WDSuite’s CRE market data.
Bellerose sits in an inner-suburban pocket of Queens with neighborhood fundamentals that are competitive among New York–Jersey City–White Plains submarkets in select categories. Parks access trends in the top quartile nationally, while everyday retail and dining are moderate and more dispersed locally. School quality averages around mid-pack versus neighborhoods nationwide, supporting a broad family renter profile without commanding premium school-driven pricing.
The neighborhood s renter-occupied share is below many NYC-area peers, signaling a more ownership-heavy housing stock and a somewhat narrower tenant pool for multifamily. Even so, elevated home values relative to incomes at the neighborhood level point to a high-cost ownership market that helps sustain rental demand and supports lease retention for well-managed properties.
On rent and occupancy, local asking rents trend elevated versus national norms but have cooled modestly over the past five years, while neighborhood occupancy sits near the national mid-range and trails stronger metro pockets. For investors, this combination suggests income stability with selective pricing power, provided operations focus on tenant retention and unit-turn efficiency. As part of our commercial real estate analysis, we note the area s amenity mix and commuter connectivity within Queens and western Nassau favor workforce renters seeking predictable access to jobs.
Within a 3-mile radius, households and families have grown even as overall population is roughly flat, implying smaller household sizes and gradual demographic shifts that can expand the renter pool. Median and mean household incomes have risen meaningfully over the last five years, which supports rent collections and improves depth of qualified applicants. Forward-looking projections within the same 3-mile radius indicate continued income gains and more households, a setup that can support occupancy stability and measured rent growth for quality product.
Safety compares somewhat weaker than many metro peers, with neighborhood-level crime indicators sitting below national percentiles that typically characterize the safest areas. In metro context, the neighborhood s safety rank places it below the median among 889 New York–Jersey City–White Plains neighborhoods, warranting prudent security, lighting, and access controls as part of standard asset management.
Recent trend data show year-over-year improvement in property offense rates, which is a constructive signal for operational risk management. Investors should underwrite to current conditions while recognizing that improving trends, if sustained, can support retention and reduce non-revenue downtime over time.
Proximity to major employers across insurance, airlines, finance, defense, and pharmaceuticals supports a broad commuter renter base and can aid leasing stability. Key accessible employers include Prudential, JetBlue Airways, Lockheed Martin, Pfizer, and Citigroup.
- Prudential — insurance (7.96 miles)
- Jetblue Airways — airline (11.14 miles) — HQ
- Lockheed Martin — defense & aerospace offices (12.82 miles)
- Pfizer — pharmaceuticals (12.91 miles) — HQ
- Citigroup — banking & financial services (12.92 miles) — HQ
Built in 1996, the property is newer than much of the surrounding housing stock, offering relative competitiveness versus older assets while still warranting targeted modernization as systems age. Neighborhood fundamentals signal steady, workforce-driven demand: an ownership-leaning area with high home values that reinforce reliance on rentals, rent-to-income dynamics that help manage affordability pressure, and occupancy near national norms. According to CRE market data from WDSuite, local rents remain elevated versus national baselines, with recent cooling that rewards operators focused on retention and lease management.
Within a 3-mile radius, households and incomes are trending upward even as population is roughly flat, indicating a larger tenant base over time due to smaller household sizes and rising earning power. This backdrop, combined with access to diverse employment centers across Queens and Manhattan, supports long-term leasing durability and measured rent growth for well-positioned mid-1990s assets.
- 1996 construction provides competitive positioning versus older neighborhood stock, with selective value-add and systems updates enhancing returns.
- High-cost ownership market supports renter demand depth and lease retention potential.
- Household and income growth within 3 miles expand the qualified renter base and support occupancy stability.
- Accessible to major employment nodes, aiding leasing velocity across workforce segments.
- Risks: neighborhood safety trends sit below top national percentiles and occupancy trails stronger metro pockets; underwriting should emphasize security, retention, and conservative growth assumptions.