| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 30th | Poor |
| Amenities | 78th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2229 Dix Ave, Far Rockaway, NY, 11691, US |
| Region / Metro | Far Rockaway |
| Year of Construction | 1999 |
| Units | 27 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2229 Dix Ave Far Rockaway 27-Unit Multifamily
Neighborhood occupancy is steady and renter demand is supported by a high-cost ownership market, according to WDSuite’s CRE market data. Expect durable leasing driven by a large renter base in Far Rockaway while monitoring affordability pressure at the neighborhood level.
Situated in Far Rockaway (Queens), the property benefits from neighborhood fundamentals that are above metro median for occupancy, with the neighborhood measuring 95.5% occupied; this supports income stability for multifamily operators. Renter-occupied housing accounts for a sizable share of units in the neighborhood (high relative to national norms), indicating a deep tenant base and consistent leasing velocity, based on CRE market data from WDSuite.
Livability drivers are anchored by everyday conveniences rather than boutique amenities: grocery, pharmacy, parks, and childcare access rank strong nationally (mid-90s percentiles), while cafes are limited. Average school ratings trend below national norms, which may influence unit mix strategies for family-oriented demand but does not preclude workforce leasing given strong renter concentration.
Within a 3-mile radius, population and households have grown over the past five years and are projected to continue expanding, pointing to a larger tenant base over time. Forecasts also show smaller average household sizes, which can translate into more households relative to population and support demand for rental units and occupancy stability.
Ownership costs are elevated locally (high national percentile for home values and value-to-income), which tends to sustain reliance on rental housing and supports pricing power for well-managed assets. At the same time, neighborhood rent-to-income ratios indicate some affordability pressure, suggesting investors should emphasize retention and renewal strategies alongside selective rent growth.
The asset’s 1999 construction is newer than the neighborhood’s older housing stock (average year 1966), offering competitive positioning versus legacy properties. Investors should still plan for systems modernization and selective upgrades to capture value-add premiums and remain competitive against newer deliveries across the New York metro.
Safety indicators for the neighborhood trend below national benchmarks, with crime metrics closer to the lower national percentiles. Relative to the New York metro’s 889 neighborhoods, the area sits below the metro median, indicating conditions that warrant routine risk management and resident engagement practices typical for urban-core investing.
Recent trends suggest property-related incidents have been relatively stable year over year, while violent-offense measures have shown an uptick. Investors should budget for standard security measures (lighting, access control, and partnership with local programs) and consider these dynamics when underwriting retention and operating expenses.
Proximity to regional corporate employers supports a commuter renter base and helps retention through access to insurance, airline, beverages, and financial services roles. Nearby anchors include Prudential, JetBlue Airways (HQ), Dr Pepper Snapple Group, AIG (HQ), and S&P Global (HQ).
- Prudential — insurance (6.6 miles)
- JetBlue Airways — airline (13.8 miles) — HQ
- Dr Pepper Snapple Group — beverages (14.7 miles)
- AIG — insurance (14.8 miles) — HQ
- S&P Global — financial information (14.9 miles) — HQ
2229 Dix Ave offers a 27-unit footprint in a neighborhood with above-median occupancy and a renter-leaning housing stock, reinforcing demand depth and lease-up predictability. Elevated home values in Queens translate into a high-cost ownership market that typically sustains renter reliance, while 3-mile population and household growth point to a gradually expanding tenant base. According to commercial real estate analysis from WDSuite, the area’s operating profile supports consistent absorption for well-positioned multifamily assets.
Built in 1999, the asset is newer than the average neighborhood vintage and can compete effectively against older stock with targeted renovations and systems upgrades. Investors should underwrite for balanced pricing strategies given neighborhood rent-to-income readings and incorporate prudent safety and school-perception considerations into retention planning.
- Occupancy strength at the neighborhood level supports income stability and leasing durability.
- Large renter-occupied share indicates a deep tenant base for 27 units.
- High-cost ownership market in Queens reinforces sustained rental demand and pricing power.
- 1999 vintage offers competitive positioning vs. older local stock, with value-add potential through modernization.
- Risks: affordability pressure (rent-to-income), below-average school ratings, and safety metrics require disciplined leasing and OPEX planning.