| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 67th | Good |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3721 31st St, Long Island City, NY, 11101, US |
| Region / Metro | Long Island City |
| Year of Construction | 2010 |
| Units | 82 |
| Transaction Date | 2005-08-10 |
| Transaction Price | $12,000,000 |
| Buyer | HARCOR FAIR REALTY LLC |
| Seller | FIESTA REALTY INC |
3721 31st St, Long Island City Multifamily Opportunity
2010-vintage, 82-unit asset positioned in a high-amenity LIC neighborhood where elevated ownership costs and a deep renter base support durable demand, according to WDSuite’s CRE market data.
Long Island City’s Urban Core setting delivers exceptional daily convenience for renters. Amenity density ranks strongly within the New York–Jersey City–White Plains metro (amenities rank 58 out of 889 metro neighborhoods), placing the area in the top quartile nationally for cafes, groceries, pharmacies, parks, and restaurants. This concentration supports leasing velocity and resident retention for professionally managed multifamily.
The property’s 2010 construction is newer than the neighborhood’s average vintage (1985). That positioning typically reduces near-term capital needs versus older stock and helps competitiveness on finishes, systems, and energy efficiency; investors should still plan for mid-life system refreshes and targeted common-area upgrades over a hold period.
Within a 3-mile radius, demographics point to a large, income-diverse renter pool today and additional household growth ahead. Forecasts show population and household counts increasing with smaller average household sizes, expanding the tenant base for studios and one-bedrooms and supporting occupancy stability. Renter-occupied housing is the majority in this radius, indicating depth of demand for multifamily product rather than reliance on for-sale alternatives.
Home values in the immediate neighborhood are elevated relative to national norms and metro medians, and the value-to-income ratio ranks in the top tier nationally. In practice, this high-cost ownership market sustains reliance on rental housing and can support pricing power for well-positioned assets. At the same time, neighborhood rent-to-income levels suggest affordability pressure for some cohorts, making revenue management and unit mix strategy important for retention.
Neighborhood occupancy is below many urban benchmarks and has softened over the last five years; investors should underwrite to competitive concessions and focused leasing operations. Even so, the area’s strong amenity access and renter concentration remain constructive fundamentals for stabilized multifamily, based on CRE market data from WDSuite.
Safety indicators for the neighborhood are mixed when compared with metro and national patterns. The neighborhood’s crime rank positions it closer to higher-crime areas within the 889 neighborhoods of the region, and national percentiles sit below the median. However, both violent and property offense rates have declined year over year, signaling directional improvement.
Investors should evaluate asset-level security measures and street activation around the property, while noting the recent downward trend in estimated incident rates. In practical terms, improved safety momentum can aid leasing and retention, but underwriting should remain conservative relative to submarkets with top-quartile national safety percentiles.
Nearby employers create a diversified white-collar employment base that supports renter demand and commute convenience, led by JetBlue Airways, Lockheed Martin, Citigroup, HRG Group, and Bristol-Myers Squibb.
- Jetblue Airways — airline HQ (0.46 miles) — HQ
- Lockheed Martin — defense & aerospace offices (2.03 miles)
- Citigroup — banking & financial services (2.14 miles) — HQ
- HRG Group — diversified holding company (2.15 miles) — HQ
- Bristol-Myers Squibb — pharmaceuticals (2.17 miles) — HQ
3721 31st St offers an 82-unit, 2010-vintage multifamily position in a top-amenity Long Island City location. The neighborhood ranks competitively within the metro for access to grocery, parks, cafes, and restaurants, reinforcing leasing appeal and day-to-day convenience. Within a 3-mile radius, projections point to population growth, an increase in households, and smaller average household sizes—factors that expand the renter pool for smaller units and support occupancy stability. Elevated neighborhood home values and a high value-to-income ratio indicate a high-cost ownership market, which typically sustains renter reliance on multifamily housing. At the same time, neighborhood rent-to-income levels call for careful revenue management to balance pricing power with retention.
Based on CRE market data from WDSuite, the asset competes as newer stock versus the area’s older average vintage, offering relative efficiency and reduced near-term capital planning versus legacy buildings. Key underwriting considerations include below-typical neighborhood occupancy and safety metrics that, while improving year over year, remain below national medians—conditions best addressed through active leasing, targeted amenities, and professional management practices.
- LIC Urban Core location with top-quartile amenity access supports leasing and retention
- 2010 construction offers competitive positioning versus older neighborhood stock with manageable mid-life capex
- 3-mile forecasts show population and household growth with smaller household sizes, expanding the tenant base
- High-cost ownership landscape reinforces multifamily demand and potential pricing power
- Risks: below-typical neighborhood occupancy and safety percentiles require conservative underwriting and active management