| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10223 Horace Harding Expy, Corona, NY, 11368, US |
| Region / Metro | Corona |
| Year of Construction | 2012 |
| Units | 22 |
| Transaction Date | 2005-09-20 |
| Transaction Price | $2,000,000 |
| Buyer | 102-23 FAMILY CORP |
| Seller | PARK NOCHIN |
10223 Horace Harding Expy Corona Multifamily, 2012 Build
Neighborhood occupancy has been stable and rising, supporting lease-up and retention according to WDSuite’s CRE market data for the surrounding area, not the property. Renter demand is reinforced by a high share of renter-occupied housing and strong everyday amenities.
This Urban Core location in Corona, Queens offers dense, daily-needs convenience. Amenity access is a clear strength, with neighborhood measures for restaurants, cafes, groceries, parks, and pharmacies ranking in the top percentiles nationally, which supports renter satisfaction and day-to-day livability for multifamily assets.
Occupancy in the neighborhood is in the mid‑90% range and has improved over the last five years, indicating durable demand. The renter-occupied share of housing units is high (about seven in ten), signaling depth in the tenant base and reinforcing the potential for steady leasing velocity and renewal activity.
Within a 3‑mile radius, demographics show modest recent population growth and an increase in households, with projections pointing to additional household gains and a slight reduction in average household size over the next five years. For investors, a growing household count and smaller household sizes typically translate to a larger renter pool and support for occupancy stability.
Ownership costs in the neighborhood are elevated relative to incomes, which tends to sustain reliance on multifamily rentals and can support pricing power when managed carefully. At the same time, rent-to-income ratios indicate some affordability pressure, suggesting a need for disciplined lease management and amenity-driven value propositions to maintain retention.
School ratings in the neighborhood sit below national averages, which can influence the mix of renter demand by household type. Even so, the broader New York metro context and the area’s commute access and amenity density remain material drivers for workforce-oriented multifamily demand.
Safety indicators in this neighborhood are weaker than national norms, and the neighborhood’s crime rank is 247 out of 889 within the New York–Jersey City–White Plains metro, indicating higher reported crime relative to many metro peers. However, recent trend data points to improvement, with estimated violent and property offense rates declining year over year, which is a constructive sign for operators monitoring conditions over time.
Investors should underwrite with conservative assumptions, consider security and lighting upgrades as appropriate for the asset, and track local trend lines rather than block-level variation.
Proximity to major employers supports a broad renter pool and commute convenience for workforce tenants, anchored by aviation, finance, and life sciences offices nearby: JetBlue Airways, Prudential, Lockheed Martin, Pfizer, and Citigroup.
- Jetblue Airways — airline HQ and corporate offices (4.5 miles) — HQ
- Prudential — financial services offices (4.8 miles)
- Lockheed Martin — defense & aerospace offices (6.2 miles)
- Pfizer — pharmaceuticals corporate offices (6.2 miles) — HQ
- Citigroup — banking corporate offices (6.3 miles) — HQ
Built in 2012, this 22‑unit property is newer than much of the surrounding housing stock, offering relative competitiveness versus older assets while allowing investors to plan for mid‑life system updates and targeted renovations over the hold. Neighborhood fundamentals are supportive: occupancy has trended upward and sits in the mid‑90% range, with a high share of renter‑occupied housing that deepens the tenant base, according to CRE market data from WDSuite.
Within a 3‑mile radius, recent population growth, an increase in households, and projections for further household expansion point to a larger renter pool ahead. Elevated ownership costs in the neighborhood help sustain rental demand, though rent-to-income levels call for prudent lease management to balance pricing and retention. Operators can leverage amenity access and transit connectivity to support absorption and renewals while monitoring local safety trends.
- 2012 vintage offers competitive positioning versus older stock, with manageable mid‑life capex planning.
- Neighborhood occupancy in the mid‑90% range and rising supports leasing stability.
- High renter-occupied share and projected household growth within 3 miles expand the tenant base.
- Elevated ownership costs reinforce reliance on rentals, supporting pricing power when managed carefully.
- Risks: below-average safety metrics and rent-to-income pressure require disciplined operations and security investments as needed.