| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 56th | Fair |
| Amenities | 61st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 17551 Devonshire Rd, Jamaica, NY, 11432, US |
| Region / Metro | Jamaica |
| Year of Construction | 1973 |
| Units | 30 |
| Transaction Date | 2022-08-04 |
| Transaction Price | $2,750,000 |
| Buyer | DALNY PLAZA HOMES LLC |
| Seller | EASTCHESTER DEVELOPERS LLC |
17551 Devonshire Rd Jamaica Multifamily Investment
Neighborhood occupancy has held in the mid-to-high 90s, supporting income durability for a 30-unit asset, according to WDSuite’s CRE market data.
Situated in Jamaica, Queens, this Urban Core neighborhood carries a B+ rating and is competitive among New York–Jersey City–White Plains neighborhoods (ranked 241 out of 889). Investors benefit from strong daily-needs coverage: grocery and pharmacy density trends in the top quartile nationally, with a similarly robust cafe and restaurant presence. These amenity patterns support resident retention and reduce friction for leasing.
Renter-occupied share in the neighborhood is about half of units, indicating a deep tenant base and diversified demand for multifamily. The area’s rent-to-income ratio trends near the low 20s, which suggests manageable affordability pressure and room for disciplined rent optimization without overextending retention risk.
Within a 3-mile radius, population has inched higher while household counts rose faster and are projected to increase further, pointing to smaller average household sizes and a larger renter pool over time. These dynamics generally support occupancy stability and steady leasing velocity rather than outsized volatility.
Elevated home values in Queens (top percentile nationally) reinforce reliance on rental housing, which can sustain renter demand and pricing power for well-maintained product. The property’s 1973 vintage is slightly newer than the neighborhood average stock from 1970, offering a modest competitive edge versus older comparables while still warranting targeted modernization for systems and finishes.
Safety trends are mixed in context. The neighborhood is competitive among New York–Jersey City–White Plains sub-areas (ranked 266 out of 889), yet it sits below the national median for safety. Recent year-over-year declines in both property and violent offense rates point to improvement, but investors should underwrite with prudent assumptions and consider operational measures that support resident comfort.
Proximity to major employers across finance, airlines, pharmaceuticals, defense, and asset management underpins commuter convenience and helps stabilize renter demand.
- Prudential — financial services (4.7 miles)
- Jetblue Airways — airline (8.3 miles) — HQ
- Lockheed Martin — defense & aerospace offices (10.0 miles)
- Pfizer — pharmaceuticals (10.0 miles) — HQ
- TIAA — asset management (10.1 miles) — HQ
17551 Devonshire Rd offers 30 units averaging roughly 620 square feet in a Jamaica, Queens location where amenity access and a balanced renter base support stable operations. Neighborhood occupancy has remained strong and directionally positive, while elevated ownership costs locally tend to sustain reliance on rental housing. Based on CRE market data from WDSuite, this submarket’s amenity density, steady rents, and competitive standing within the metro favor durable cash flow for well-run multifamily assets.
Built in 1973, the property is modestly newer than the average neighborhood vintage. That positioning can be leveraged through targeted value-add to common areas and in-unit systems to enhance competitiveness versus older stock, while maintaining a focus on resident affordability and lease management. Near-term operations should prioritize steady occupancy and disciplined rent growth tied to demand depth and retention.
- High neighborhood occupancy and amenity access support leasing stability and cash-flow durability.
- Elevated home values in Queens reinforce rental demand and potential pricing power for well-maintained product.
- 1973 vintage allows for targeted value-add to differentiate from older local stock.
- Large regional employment base within commutable distance helps deepen the renter pool.
- Risks: safety metrics trail national medians and limited nearby park access; underwrite modest rent growth and proactive operations.