| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Good |
| Demographics | 66th | Good |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11950 Metropolitan Ave, Kew Gardens, NY, 11415, US |
| Region / Metro | Kew Gardens |
| Year of Construction | 1974 |
| Units | 33 |
| Transaction Date | 2012-05-16 |
| Transaction Price | $3,175,000 |
| Buyer | METRO SOMEKH LLC |
| Seller | METROPOLITAN AVENUE PROPERTIES LLC |
11950 Metropolitan Ave, Kew Gardens Multifamily Investment
Neighborhood renter demand is supported by a high share of renter-occupied units and steady occupancy, according to CRE market data from WDSuite. The location’s amenity density and commuting access position this asset for durable tenant retention.
Kew Gardens scores well for investors, landing in the top quartile among 889 New York metro neighborhoods, per WDSuite’s CRE market data. The area is an Urban Core setting with strong daily-needs access—restaurants, parks, pharmacies, groceries, and cafes are all abundant—supporting leasing velocity and day-to-day livability.
Neighborhood occupancy is solid and has trended up over the last five years, sitting around the top third nationally. A notably high share of housing units are renter-occupied, indicating a deep tenant base that typically supports occupancy stability and renewal rates. Average school ratings are mid-to-upper tier for the metro, which can help broaden the renter pool to households seeking longer-term stability.
Home values in the neighborhood are elevated relative to national norms, and value-to-income levels are high for the area. In practice, this high-cost ownership market tends to sustain reliance on rental housing, reinforcing depth of demand for multifamily units and supporting pricing power when managed carefully.
Within a 3-mile radius, population has been steady with projections for modest population growth and a meaningful increase in households alongside smaller average household size. These trends point to a gradual renter pool expansion and support for multifamily absorption and occupancy management going forward.
The property’s 1974 vintage is newer than much of the surrounding housing stock (which skews earlier), providing relative competitiveness versus older buildings. Investors should still underwrite routine system updates and potential common-area modernization to meet current renter expectations.
Safety indicators are mixed. Compared with neighborhoods nationwide, the area sits in low national percentiles for both violent and property incidents, signaling a higher-than-average crime environment. However, year-over-year trends show double-digit declines in estimated violent and property offense rates, suggesting recent improvement. Investors typically mitigate neighborhood variability through on-site security practices, lighting, controlled access, and active property management.
At the metro level, safety performance varies block by block across New York neighborhoods; this area tracks closer to the more challenging end of the distribution but has shown improvement momentum. Prospective underwriting should account for operational measures and leasing strategies that emphasize resident safety and retention.
The surrounding employment base includes finance, insurance, airlines, telecom, and life sciences offices, supporting commuter convenience and a diversified renter draw from white-collar and operations roles.
- Prudential — insurance (2.9 miles)
- Jetblue Airways — airlines (6.5 miles) — HQ
- Pfizer — life sciences (8.1 miles) — HQ
- Verizon Communications — telecom (8.1 miles)
- Lockheed Martin — defense & aerospace offices (8.2 miles)
This 33-unit property in Kew Gardens benefits from a high renter concentration, strong amenity access, and neighborhood occupancy that has strengthened in recent years. Elevated ownership costs locally tend to reinforce sustained reliance on rental housing, while within a 3-mile radius households are projected to increase and average household size to edge lower—both supportive of renter pool expansion and stable absorption. Based on CRE market data from WDSuite, the location ranks well within the metro on overall neighborhood quality and sits around the top third nationally for occupancy.
Constructed in 1974, the asset is newer than much of the area’s housing stock, offering relative competitive positioning versus older buildings while still warranting planning for aging systems and selective renovations to meet modern renter expectations. Investors should also underwrite an operational plan responsive to local safety dynamics and pursue value-add created through interior updates and amenity improvements aimed at retention.
- Deep renter-occupied base in an amenity-rich Urban Core supports demand and renewals.
- Neighborhood occupancy trends have improved and sit around the top third nationally.
- Elevated ownership costs locally reinforce reliance on multifamily, aiding pricing power with prudent lease management.
- 1974 vintage provides competitive positioning versus older stock; plan for targeted system upgrades and modernization.
- Risks: below-average safety benchmarks relative to national peers and capex needs typical of 1970s assets; active management and renovations can mitigate.