| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 30th | Poor |
| Amenities | 78th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2214 Loretta Rd, Far Rockaway, NY, 11691, US |
| Region / Metro | Far Rockaway |
| Year of Construction | 2012 |
| Units | 33 |
| Transaction Date | 2009-02-25 |
| Transaction Price | $750,000 |
| Buyer | ALLEN BY THE BAY HDFC INC AS NOMINEE |
| Seller | ALLEN A M E NEIGHBORHOOD PRESERVATION A |
2214 Loretta Rd, Far Rockaway NY — 33-Unit 2012 Multifamily
Newer construction relative to the neighborhood supports competitive positioning while neighborhood occupancy remains steadily high, according to WDSuite’s CRE market data. Renter demand is reinforced by a sizable renter-occupied housing base in the surrounding area, with pricing power moderated by local affordability dynamics.
Situated in Queens’ Far Rockaway, the property benefits from Urban Core fundamentals that skew toward renter demand. Neighborhood occupancy is competitive among New York-Jersey City-White Plains neighborhoods and sits in the top quartile nationally, indicating stable leasing conditions at the neighborhood level rather than the property specifically (based on CRE market data from WDSuite). Renter-occupied housing makes up roughly two-thirds of units locally, signaling a deeper tenant base and generally steadier turnover for multifamily.
Construction vintage is a relative advantage: built in 2012, the asset is newer than the neighborhood 9s average housing stock from the 1960s. This positioning can limit near-term capital expenditure exposure versus older comparables, while still leaving room for targeted modernization to push rents or improve retention.
Daily-needs access is a strength: grocery stores, parks, and pharmacies index in high national percentiles, while cafes are comparatively limited. Schools in the area trend below national averages, which may influence unit mix strategy and leasing narratives but is typical for parts of the metro at this price point.
Demographics within a 3-mile radius show recent population and household growth with further increases projected by 2028, pointing to a larger tenant base over time. Rising household incomes and contract rents in the radius support rent growth potential, while elevated for-sale home values across the neighborhood sustain reliance on rental options and can aid lease retention.
Safety signals are mixed and should be evaluated in context. The neighborhood sits in lower national percentiles for safety, with violent and property offense indicators elevated versus nationwide norms. Within the New York-Jersey City-White Plains metro, the neighborhood ranks around the middle of the pack out of 889 neighborhoods, suggesting conditions that are neither among the metro 9s safest nor its highest-risk areas. Trend data should be monitored alongside property-level measures such as lighting, access control, and tenant engagement.
Proximity to regional employers supports commute convenience for renters, led by financial services and aviation. The list below highlights nearby corporate offices that can bolster leasing depth and retention.
- Prudential — corporate offices (6.7 miles)
- Jetblue Airways — corporate offices (14.0 miles) — HQ
- Dr Pepper Snapple Group — corporate offices (14.7 miles)
- Aig — corporate offices (14.9 miles) — HQ
- S&P Global — corporate offices (15.0 miles) — HQ
The investment case centers on durable renter demand, a newer 2012 vintage relative to local stock, and steady neighborhood occupancy that is competitive within the metro and in the top quartile nationally. Elevated for-sale home values across the neighborhood indicate a high-cost ownership market, which tends to sustain reliance on multifamily rentals and can support lease retention. At the same time, a neighborhood rent-to-income profile near the higher end suggests affordability pressure that warrants active lease management.
Within a 3-mile radius, recent and projected gains in population and households point to a growing renter pool, while nearby daily-needs amenities (grocery, parks, pharmacies) reinforce livability. According to CRE market data from WDSuite, the surrounding area maintains a sizable share of renter-occupied housing, providing depth to the tenant base, while the asset 9s newer construction may temper immediate capital needs and enhance competitive positioning versus older comparables.
- Newer 2012 construction versus older neighborhood stock reduces near-term capex and strengthens competitive positioning.
- Neighborhood occupancy is competitive within the metro and strong nationally, supporting leasing stability.
- High-cost ownership landscape reinforces renter reliance, aiding tenant retention potential.
- 3-mile radius shows recent and projected growth in population and households, expanding the renter pool over time.
- Risks: lower national safety percentiles and softer school ratings; affordability pressures may temper pricing power and require careful lease management.