| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8905 55th Ave, Elmhurst, NY, 11373, US |
| Region / Metro | Elmhurst |
| Year of Construction | 1990 |
| Units | 20 |
| Transaction Date | 2004-08-25 |
| Transaction Price | $320,000 |
| Buyer | TESTA ROBERT |
| Seller | TESTA PAUL |
8905 55th Ave, Elmhurst NY Multifamily Investment
Urban-core renter demand and a high-cost ownership market support durable leasing fundamentals, according to WDSuite’s CRE market data. Neighborhood occupancy is steady and amenity access is exceptional, positioning this 1990-vintage, 20-unit asset for competitive performance with prudent capital planning.
Elmhurst’s Urban Core setting scores B+ and ranks 301 out of 889 New York–Jersey City–White Plains metro neighborhoods, making it competitive among New York–Jersey City–White Plains neighborhoods. Amenity access is a standout: the area sits in the top quartile nationally for overall amenities, with grocery, restaurant, cafe, park, and pharmacy density at or near the highest national percentiles — a combination that tends to support renter retention and leasing velocity based on CRE market data from WDSuite.
For multifamily investors, the neighborhood’s renter-occupied share is elevated (ranked in the 97th percentile nationally), indicating a deep tenant base and consistent demand for rental housing. Neighborhood occupancy is in the mid-60s nationally and has trended up over the last five years, which supports continued leasing stability; note that these occupancy metrics reflect the neighborhood, not this property.
Within a 3-mile radius, demographics show a large population base with recent growth in households and forecasts calling for additional household gains by 2028 alongside smaller average household sizes. That dynamic typically expands the renter pool and supports occupancy stability for well-located assets.
Home values are elevated relative to incomes (value-to-income ratio near the top of national benchmarks), signaling a high-cost ownership market that reinforces reliance on multifamily rentals and can sustain pricing power. At the same time, a higher rent-to-income ratio indicates affordability pressure for some renters, which calls for thoughtful lease management to balance occupancy and renewals. Average school ratings trail national norms, which may modestly temper family-driven demand compared with other submarkets.
The property’s 1990 construction is newer than the neighborhood’s older housing stock (average vintage late 1960s), providing relative competitiveness versus legacy buildings; targeted modernization may still be prudent to maintain positioning as systems age.
Safety indicators suggest crime levels are higher than many areas nationally, with the neighborhood’s crime rank at 247 out of 889 metro neighborhoods (lower ranks indicate more crime). Even so, year-over-year data shows meaningful decreases in both violent and property offense rates, placing the neighborhood’s improvement trends in a stronger tier nationally. Investors should underwrite to local security expectations and management practices common to dense urban locations while recognizing the recent downward trajectory.
Proximity to major employers underpins steady renter demand and commute convenience, notably JetBlue Airways, Prudential, Lockheed Martin, Pfizer, and TIAA — a mix of airlines, financial services, defense, and life sciences within roughly 3–5 miles.
- Jetblue Airways — airlines (3.5 miles) — HQ
- Prudential — financial services (4.9 miles)
- Lockheed Martin — defense & aerospace offices (5.2 miles)
- Pfizer — pharmaceuticals (5.3 miles) — HQ
- TIAA — financial services/retirement (5.3 miles) — HQ
This 20-unit, 1990-vintage property benefits from a deep renter pool in an Urban Core neighborhood where amenity density ranks among the highest nationally and neighborhood occupancy has trended upward. Elevated home values relative to incomes point to a high-cost ownership landscape that supports sustained demand for rentals and can bolster pricing power. At the same time, the 0.34 rent-to-income ratio at the neighborhood level implies affordability pressure, so asset performance will hinge on disciplined lease management and renewal strategy.
Within a 3-mile radius, household counts have increased and are projected to grow further by 2028, with smaller average household sizes — a mix that typically enlarges the renter pool and supports occupancy stability. The 1990 construction is newer than the neighborhood average and can compete well against older stock, while targeted modernization can unlock additional value. According to CRE market data from WDSuite, the area’s renter-occupied share is high and amenity access is exceptional — both supportive of long-term tenancy — even as safety and school quality warrant conservative underwriting.
- Deep renter base and high amenity density support leasing and retention
- High-cost ownership market reinforces reliance on multifamily rentals
- 1990 vintage offers competitive positioning with value-add modernization potential
- Household growth within 3 miles points to a larger long-term tenant pool
- Risks: affordability pressure, below-average school ratings, and the need for active safety and property management