| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 67th | Good |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2905 39th Ave, Long Island City, NY, 11101, US |
| Region / Metro | Long Island City |
| Year of Construction | 1989 |
| Units | 39 |
| Transaction Date | 1994-05-31 |
| Transaction Price | $885,000 |
| Buyer | MELNICH REALTY CORP |
| Seller | SPENGLER HORST |
2905 39th Ave, Long Island City Multifamily Position
Amenity-rich Urban Core location with deep renter demand and costly ownership alternatives supports leasing durability, according to WDSuite’s CRE market data.
Long Island City’s Urban Core setting offers dense access to groceries, parks, pharmacies, cafes, and restaurants, with amenity availability ranking among the strongest nationally. The neighborhood holds an A rating and is competitive among New York–Jersey City–White Plains subareas (rank 59 of 889), providing walkable convenience and transit optionality that underpin renter appeal.
Home values in the neighborhood sit at elevated levels, and the value-to-income ratio is high relative to national norms. For multifamily investors, a high-cost ownership market can reinforce reliance on rental housing and support pricing power when managed thoughtfully.
Tenure patterns point to a deep renter base: within a 3-mile radius, a substantial share of housing units are renter-occupied today, with forecasts showing renter concentration remaining high. This supports a broad tenant pool for studios and smaller formats — aligned with this property’s compact average unit size — and can aid lease-up and retention strategies.
Demographics aggregated within 3 miles show recent softness in population but a forward view of population growth and a notable increase in household count alongside smaller average household sizes. That combination typically expands the renter pool and supports occupancy over time, particularly for efficient units near transit and employment.
School quality in the immediate area trends below the national median, which may matter less for studios and one-bedroom product but is a consideration for broader family-oriented demand. Neighborhood occupancy has been softer in recent years; monitoring lease trade-outs and renewal behavior versus the metro baseline remains important.
Safety indicators for the neighborhood track below the national median, based on WDSuite’s CRE market data. However, both violent and property incident rates have posted notable year-over-year declines, indicating an improving trend.
Investors should approach block-level risk with customary diligence and focus on standard measures such as lighting, access control, and resident engagement, while noting the broader trend improvement at the neighborhood level.
Proximity to corporate employment anchors helps sustain weekday activity and renter demand. Nearby roles span airlines, defense & aerospace, banking, diversified holdings, and pharmaceuticals — all within a roughly two-mile commute.
- Jetblue Airways — airline HQ (0.3 miles) — HQ
- Lockheed Martin — defense & aerospace offices (1.9 miles)
- Citigroup — banking HQ (2.0 miles) — HQ
- HRG Group — diversified holding company (2.0 miles) — HQ
- Pfizer — pharmaceuticals (2.0 miles) — HQ
Built in 1989, the asset is slightly newer than the local average vintage, providing a competitive edge versus older stock while still warranting selective modernization to enhance rentability. Location fundamentals are strong: abundant neighborhood amenities, high ownership costs, and a sizable renter-occupied share indicate durable demand for professionally managed apartments. Within a 3-mile radius, forecasts point to population growth, a sharp increase in households, and smaller household sizes — signals that typically expand the renter pool for efficient units near employment and transit.
Neighborhood occupancy has been softer and safety metrics sit below national medians, but trend data show crime moderating and household growth strengthening. According to CRE market data from WDSuite, elevated home values and persistent renter concentration can support pricing discipline and lease retention when paired with thoughtful asset management.
- Amenity-dense Urban Core location near major employers supports leasing and retention.
- High-cost ownership landscape reinforces multifamily demand and pricing power.
- 1989 vintage offers relative competitiveness with targeted value-add potential.
- Demographic outlook (3-mile radius) points to more households and a larger renter pool.
- Risks: below-median safety and softer neighborhood occupancy require focused operations and underwriting discipline.