| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Best |
| Demographics | 87th | Best |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4118 Crescent St, Long Island City, NY, 11101, US |
| Region / Metro | Long Island City |
| Year of Construction | 2010 |
| Units | 87 |
| Transaction Date | 2007-10-22 |
| Transaction Price | $13,000,000 |
| Buyer | CIAMPA S2 LLC |
| Seller | CIAMPA 24 LLC |
4118 Crescent St Long Island City Multifamily Opportunity
2010-vintage asset in an amenity-dense LIC pocket with strong renter demand supported by high-cost ownership and proximity to major employers, according to WDSuite’s CRE market data.
Long Island City’s Urban Core setting delivers dense amenities and access to Manhattan job centers. The neighborhood ranks competitive among the New York-Jersey City-White Plains metro’s 889 neighborhoods for overall performance (A+ rating; neighborhood rank 10 of 889) and amenities (rank 34 of 889), with cafes, parks, groceries, and pharmacies scoring in the top percentiles nationally. For investors, this concentration of daily-needs retail and lifestyle options supports leasing velocity and resident retention.
Construction in the immediate area skews newer than much of the metro (average vintage 1997; competitive rank 31 of 889). At the property level, a 2010 construction year positions the asset favorably versus older local stock, though investors should still plan for mid-life system updates and targeted modernization to maintain competitive positioning.
Within a 3-mile radius, about three-quarters of housing units are renter-occupied, indicating a deep tenant base for multifamily. Household counts are projected to rise meaningfully over the next five years while average household size trends lower, pointing to renter pool expansion and support for occupancy stability. Median household incomes in the radius are high, and elevated home values in Queens’ LIC submarket create a high-cost ownership market that typically sustains multifamily demand and supports pricing power rather than competing directly with entry-level ownership.
Rents in the immediate neighborhood sit at the upper end of the metro and nation, and rent-to-income levels indicate manageable affordability pressure locally. Average school ratings are middle-of-the-pack (around 3 out of 5; rank 286 of 889), which is adequate for urban renters but not a primary draw; investors should frame appeal around commute convenience, amenity access, and professionally managed living. These dynamics collectively align with multifamily property research that emphasizes location fundamentals and renter depth as core drivers of NOI durability.
Safety metrics are mixed and warrant sober underwriting. The neighborhood’s crime rank (269 among 889 metro neighborhoods) indicates conditions that are not among the metro’s best, and national percentiles for both violent and property offenses sit on the lower end compared to neighborhoods nationwide. At the same time, recent year-over-year declines in estimated violent and property offenses suggest an improving trend, which can support leasing and retention if sustained.
Investors should consider standard measures—strong onsite management, lighting, and access controls—to align with renter expectations. Positioning the asset’s amenity access and commute convenience can help offset perception risk while monitoring whether the recent downtrend continues relative to broader regional patterns.
Nearby corporate employment anchors—including JetBlue Airways, Lockheed Martin, Pfizer, Citigroup, and Bristol-Myers Squibb—concentrate high-wage jobs within short commutes, supporting renter demand, lease-up velocity, and retention for workforce and professional tenants.
- JetBlue Airways — airlines (0.1 miles) — HQ
- Lockheed Martin — defense & aerospace offices (1.6 miles)
- Pfizer — pharmaceuticals (1.7 miles) — HQ
- Citigroup — banking & financial services (1.7 miles) — HQ
- Bristol-Myers Squibb — biopharma (1.8 miles) — HQ
This 87-unit, 2010-built asset benefits from LIC’s amenity density, high-income renter base, and adjacency to Fortune 500 employers. Newer construction versus the neighborhood’s average vintage provides competitive positioning, with scope for selective value-add—common area refresh, unit finishes, and system tune-ups—to capture premium rents while maintaining operational efficiency. Based on commercial real estate analysis from WDSuite, neighborhood rents track at the higher end of the metro, and elevated for-sale home values reinforce renter reliance on multifamily housing.
Demographics aggregated within a 3-mile radius point to a larger tenant base ahead as households increase and average household size contracts, supporting occupancy stability and lease retention. Key underwriting considerations include softer neighborhood occupancy relative to metro leaders, mid-life capital planning typical of 2010 product, and monitoring of area safety trends; disciplined operations and professional management can mitigate these risks.
- Amenity-rich LIC location with proximity to major employers supports demand and retention.
- 2010 vintage offers competitive positioning versus older stock with targeted value-add potential.
- High-cost ownership market and upper-tier neighborhood rents back pricing power for quality operations.
- 3-mile demographic outlook indicates renter pool expansion, aiding occupancy stability.
- Risks: neighborhood safety metrics below national averages and softer occupancy; requires strong management and active leasing strategy.