| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 30th | Poor |
| Amenities | 78th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2251 Dix Ave, Far Rockaway, NY, 11691, US |
| Region / Metro | Far Rockaway |
| Year of Construction | 1998 |
| Units | 30 |
| Transaction Date | 1995-12-12 |
| Transaction Price | $750,000 |
| Buyer | DIX MCBRIDE LTD PARTNERSHIP |
| Seller | US REALTY OF GREATER NEW YORK LTD |
2251 Dix Ave Far Rockaway Multifamily Investment
Newer-than-area vintage with steady neighborhood occupancy supports a durable renter base, according to WDSuite s CRE market data. Stronger ownership costs nearby further reinforce renter reliance on multifamily housing.
The property s Urban Core setting in Far Rockaway sits within a neighborhood that trends above the national median for overall occupancy, with renter-occupied units making up a sizable share of the housing stock. That renter concentration points to a deeper tenant base and supports leasing stability for multifamily investors, based on CRE market data from WDSuite.
Local convenience is a relative strength: grocery, park, pharmacy, and childcare access score in the top quartile nationally, while cafes are limited and restaurants are moderately represented. For investors, this mix suggests everyday needs are well served, even if lifestyle retail remains selective.
Home values in the surrounding area are elevated for Queens, which typically sustains demand for rentals and can aid retention as households weigh ownership costs. Neighborhood schools track below national medians, which may factor into tenant profile and marketing strategy rather than day-to-day leasing velocity.
Within a 3-mile radius, recent population and household growth has expanded the local renter pool, and projections indicate additional household gains alongside smaller average household sizes. That combination generally supports unit absorption and occupancy stability, though it places a premium on floor plans and pricing that align with income distributions.
Asset positioning: The building s 1998 construction is newer than the area s older average stock from the mid-1960s, providing relative competitiveness and potentially moderating near-term capital needs, while still leaving room for targeted value-add or systems modernization as part of a long-term plan.
Safety indicators for this neighborhood trend below national benchmarks, with overall crime measures positioned in the lower national percentiles. Within the New York Jersey City White Plains metro (889 neighborhoods), the neighborhood ranks in the middle of the pack, signaling that investors should underwrite prudent security measures and tenant screening without assuming block-level outcomes.
Recent movement has been mixed, with modest year-over-year increases in reported violent and property offense estimates. For underwriting, this typically translates into thoughtful lighting, access control, and community engagement that support tenant retention and operational stability over time.
Nearby corporate offices provide commuter access to finance, insurance, and aviation roles that underpin renter demand and support lease retention. Key employers within typical commuting range include Prudential, JetBlue Airways, Dr Pepper Snapple Group, AIG, and S&P Global.
- Prudential insurance (6.5 miles)
- Jetblue Airways airline (13.8 miles) HQ
- Dr Pepper Snapple Group beverage (14.6 miles)
- Aig insurance (14.8 miles) HQ
- S&P Global financial information (14.9 miles) HQ
1998 construction positions 2251 Dix Ave as relatively newer stock versus much of the surrounding neighborhood, which can reduce immediate systems risk while offering selective value-add potential. Neighborhood occupancy is solid and renter concentration is high, indicating a broad tenant base and supportive leasing dynamics. Elevated ownership costs in Queens further reinforce multifamily demand, while 3-mile radius trends point to population and household growth that can sustain absorption and retention. According to CRE market data from WDSuite, neighborhood-level NOI per unit trends sit above national medians, consistent with stable operations in similar urban submarkets.
Key underwriting considerations include safety metrics that lag national benchmarks, below-median school scores, and rent-to-income pressure that warrants attentive lease management. Still, proximity to diversified employment centers and everyday amenities, combined with a durable renter pool, supports a long-term hold or measured value-add strategy.
- Newer 1998 vintage relative to area stock, reducing near-term capex while enabling targeted renovations
- Solid neighborhood occupancy and high renter concentration support leasing stability
- Elevated ownership costs bolster rental demand and retention potential
- Employment access to finance, insurance, and aviation offices supports demand
- Risks: safety metrics below national medians, lower school scores, and affordability pressure require active management