| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 55th | Fair |
| Amenities | 79th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15211 Union Tpke, Flushing, NY, 11367, US |
| Region / Metro | Flushing |
| Year of Construction | 2004 |
| Units | 34 |
| Transaction Date | 2005-08-11 |
| Transaction Price | $13,905,400 |
| Buyer | ST JOHN'S UNIVERSITY NEW YORK |
| Seller | WESTCHESTER MANAGEMENT CORP |
15211 Union Tpke, Flushing NY Multifamily Investment
Neighborhood renter concentration and stable occupancy suggest durable leasing fundamentals, according to WDSuite’s CRE market data. Newer vintage relative to local stock positions the asset competitively while benefiting from deep amenity access in Queens.
The property sits in an Urban Core pocket of Queens with a B+ neighborhood rating, supported by dense amenities. Cafes, grocers, pharmacies, and parks score in high national percentiles, which reinforces day-to-day convenience and helps tenant retention. Average school ratings are mixed relative to national peers, an element for leasing positioning rather than a primary demand driver.
Renter-occupied housing is prevalent at the neighborhood level (above the national median by WDSuite measures), indicating a large tenant base and steady multifamily demand. Neighborhood occupancy is above the midpoint nationally and has trended upward in recent years, supporting income stability for well-managed assets.
Within a 3-mile radius, household counts have risen while average household size has edged down, pointing to more households competing for available units and supporting occupancy stability. Median household incomes in the area sit above national norms, which helps sustain asking rents that also benchmark on the higher side nationally.
The average neighborhood building vintage skews mid-century, while this property was constructed in 2005. The newer vintage provides relative competitiveness versus older local stock and may moderate near-term capital needs, though investors should still plan for system updates and modernization to align with current renter expectations.
Safety indicators in this neighborhood track below the national median, so investors should underwrite prudent security and operating practices. Notably, property offenses have declined by roughly 22% year over year, according to WDSuite’s data, signaling an improving trend even as violent-offense benchmarks remain weaker than national averages. Comparing subareas within Queens can further calibrate expectations for tenant experience and risk management.
Proximity to diverse corporate offices supports a broad renter base and commute convenience. The nearby employment mix spans financial services, airlines, defense/aerospace, and pharmaceuticals—key drivers of steady leasing demand in this part of Queens.
- Prudential — finance (4.2 miles)
- Jetblue Airways — airline HQ (7.0 miles) — HQ
- Lockheed Martin — defense & aerospace offices (8.7 miles)
- Pfizer — pharmaceuticals (8.7 miles) — HQ
- TIAA — finance (8.8 miles) — HQ
Built in 2005 with 34 units averaging about 591 square feet, the asset benefits from a renter-heavy neighborhood, strong amenity density, and occupancy that sits above the midpoint nationally. Elevated home values in the area and a high value-to-income backdrop bolster reliance on rentals, supporting pricing power and lease retention. Based on multifamily property research from WDSuite, the 3-mile view shows a larger number of households and slightly smaller household sizes over time—an investor-friendly setup that expands the renter pool even when population growth is modest.
Relative to older mid-century stock nearby, this vintage offers competitive positioning and potential to capture demand from working households drawn by access to employment nodes across Queens and nearby Manhattan. Forward-looking neighborhood data point to gradual rent advancement and steady demand; investors should plan routine modernization to keep units competitive and manage affordability pressure to support renewals.
- Renter-occupied concentration and above-median neighborhood occupancy support stable cash flow
- 2005 construction offers competitive positioning versus older local stock with manageable CapEx planning
- Elevated ownership costs in Queens reinforce rental demand and pricing power
- 3-mile household growth and smaller household sizes expand the tenant base and support leasing
- Risk: safety metrics below national median warrant conservative underwriting and tenant-experience measures