| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 86th | Best |
| Demographics | 54th | Fair |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 14318 38th Ave, Flushing, NY, 11354, US |
| Region / Metro | Flushing |
| Year of Construction | 1972 |
| Units | 111 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
14318 38th Ave, Flushing NY — Multifamily Value-Add Play
Renter demand in the surrounding neighborhood remains supported by dense amenities and a high share of renter-occupied units, according to WDSuite’s CRE market data. Occupancy has been resilient at the neighborhood level, helping underpin income stability.
Situated in Flushing’s Urban Core, the property benefits from a neighborhood that scores A overall and ranks above metro medians for housing and amenities among 889 New York–Jersey City–White Plains neighborhoods, based on WDSuite’s commercial real estate analysis. The area offers dense daily-needs access — restaurants, groceries, pharmacies, and cafes are all well represented — which tends to support leasing velocity and retention.
Neighborhood-level occupancy is strong and above national medians, with renter-occupied housing representing a sizable share of units. These conditions point to a deep tenant base and generally steady absorption for multifamily assets in this pocket of Queens.
Home values in the neighborhood are elevated relative to U.S. norms, which often reinforces reliance on rental options and supports pricing power for well-positioned properties. At the same time, higher rent-to-income ratios in the neighborhood suggest some affordability pressure; operators should expect active lease management and targeted renewals to sustain retention.
Demographic statistics aggregated within a 3-mile radius show households have grown in recent years and are projected to increase further, even as average household size trends down. This combination typically expands the renter pool over time and supports occupancy stability for professionally managed apartments.
Safety outcomes in the immediate neighborhood track below national averages, according to WDSuite’s data, placing the area behind many U.S. neighborhoods on a comparative basis. Within the New York–Jersey City–White Plains metro, the neighborhood is competitive relative to a large peer set, but investors should underwrite conservative assumptions for security and operations.
Recent year-over-year trends indicate meaningful declines in both violent and property offenses at the neighborhood level. While conditions can vary block to block, these directional improvements are constructive for renter sentiment and long-term leasing stability.
A diversified set of nearby corporate offices provides a broad employment base that supports renter demand and commute convenience for workforce tenants, including JetBlue, Prudential, Lockheed Martin, Loews, and HRG Group.
- Jetblue Airways — airline HQ and corporate operations (5.7 miles) — HQ
- Prudential — insurance and financial services offices (6.6 miles)
- Lockheed Martin — defense & aerospace offices (7.3 miles)
- Loews — diversified holding company offices (7.4 miles) — HQ
- HRG Group — holding company offices (7.4 miles) — HQ
Built in 1972, this 111-unit asset offers clear value-add and capital planning angles in a neighborhood where the average construction year trends newer. Smaller average unit sizes can appeal to cost-conscious renters and support rent-per-foot competitiveness, provided interiors and building systems are modernized to today’s standards. According to CRE market data from WDSuite, the surrounding neighborhood shows resilient occupancy, dense amenities, and a high renter-occupied share — a combination that tends to support steady tenant demand.
Looking ahead, 3-mile demographics indicate growth in households and higher incomes over time, which can expand the renter pool and aid renewal momentum. Key underwriting considerations include affordability pressure at the neighborhood level, safety perceptions, and the capex required to elevate a 1970s vintage to current expectations.
- Resilient neighborhood occupancy and dense amenities support leasing stability
- Elevated home values locally reinforce renter reliance and pricing power for competitive units
- 1972 vintage offers value-add potential through system upgrades and interior renovations
- 3-mile household growth and rising incomes point to a larger tenant base over time
- Risks: affordability pressure, safety perceptions, and higher near-term capex for older plant