| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 30th | Poor |
| Amenities | 78th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2245 Dix Ave, Far Rockaway, NY, 11691, US |
| Region / Metro | Far Rockaway |
| Year of Construction | 1999 |
| Units | 30 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2245 Dix Ave Far Rockaway Multifamily Opportunity
Neighborhood-level occupancy remains steady around the mid-90s, supporting income durability for a 30-unit asset, according to WDSuite’s CRE market data. Renter demand is reinforced by a high renter-occupied share in the surrounding area, though investors should plan for affordability management and tenant retention strategies.
Livability signals in Far Rockaway point to everyday convenience that supports retention. Neighborhood amenities skew toward essentials: grocery, pharmacy, and park access all track in the mid‑90s percentiles nationally, while restaurant density is solid and cafés are limited. For investors, this mix favors practical, day‑to‑day needs that can underpin leasing stability more than lifestyle-driven foot traffic.
Multifamily fundamentals are comparatively resilient. The neighborhood s occupancy ranks above the metro median among 889 New York–area neighborhoods and sits in the mid‑70s nationally by percentile, indicating competitive performance versus peers. The area also posts a high renter-occupied share (top decile nationally), signaling depth in the tenant base. Median contract rents track in the upper half nationally, suggesting room for disciplined revenue management rather than outsized premium assumptions.
Within a 3‑mile radius, demographics from WDSuite show population growth over the past five years, with households expanding faster than population and average household size edging lower. This points to a larger household count and a broader renter pool over time, which can support occupancy stability and steady absorption for well-positioned units.
Ownership costs are elevated relative to incomes (home values are in the low‑90s national percentile, with a high value‑to‑income profile). In practice, this is a high‑cost ownership market that tends to sustain reliance on rental housing—supportive of demand depth and lease retention for multifamily, provided rent-to-income ratios are managed thoughtfully.
Safety indicators for the neighborhood trend below both metro and national averages. National percentiles place the area in a lower safety tier, with property crime around the bottom decile and violent crime near the bottom percentile nationally. Year over year, estimated changes have been mixed, with only modest improvement signals in property offenses and a slight uptick in violent incidents.
For investors, the takeaway is to underwrite with prudent operating assumptions: emphasize security practices, consider resident services that support on‑site stability, and weigh insurance and loss assumptions accordingly. Compare these metrics to other New York–area neighborhoods to calibrate risk-adjusted yield expectations.
Proximity to finance and corporate services anchors, along with a major airline office, broadens the commuter tenant base and can support leasing durability. Key nearby employers include Prudential, JetBlue Airways, AIG, S&P Global, and Guardian Life.
- Prudential — financial services (6.5 miles)
- JetBlue Airways — airlines (13.8 miles) — HQ
- AIG — insurance (14.8 miles) — HQ
- S&P Global — credit ratings & data (14.9 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (14.9 miles) — HQ
Built in 1999, the property is materially newer than the neighborhood s average vintage, giving it a competitive edge versus older local stock and potential for selective updates rather than heavy capital programs. Neighborhood occupancy trends in the mid‑90s and a top‑decile renter-occupied share indicate a deep tenant base, while elevated ownership costs in Queens help sustain multifamily reliance. According to commercial real estate analysis from WDSuite, rents sit in the upper half nationally, favoring disciplined revenue management over aggressive premium assumptions.
Within a 3‑mile radius, population has grown and households have increased at a faster clip, with smaller average household sizes—conditions that typically broaden the renter pool and support steady absorption. Key underwriting considerations include below‑average safety metrics and modest school ratings, which argue for thoughtful operations, targeted improvements, and conservative loss assumptions.
- 1999 vintage offers relative competitiveness vs. older area stock with selective value‑add potential
- Occupancy above metro median and high renter concentration support demand depth and retention
- Elevated ownership costs in Queens reinforce reliance on rental housing and pricing power discipline
- 3‑mile radius shows population and household growth, expanding the local renter pool
- Risks: below‑average safety and modest school ratings warrant conservative loss and insurance assumptions