| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Best |
| Demographics | 87th | Best |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 4124 24th St, Long Island City, NY, 11101, US |
| Region / Metro | Long Island City |
| Year of Construction | 2013 |
| Units | 88 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
4124 24th St Long Island City 2013-Built Multifamily
Newer construction in an amenity-rich urban core supports leasing resilience and competitive positioning, according to WDSuite’s CRE market data.
Located in Long Island City’s Urban Core, the property benefits from neighborhood fundamentals that rank 10 out of 889 metro neighborhoods (A+ overall). Amenity access is a clear strength: restaurants, cafes, parks, groceries, and pharmacies sit in the top percentile nationally, translating to daily convenience and renter appeal that can support absorption and retention.
Renter demand is deep. Within a 3-mile radius, a high share of housing units are renter-occupied, indicating a substantial tenant base for multifamily. Household counts have been edging higher and are projected to expand further, while average household size is expected to trend smaller—together suggesting a larger pool of renters and support for occupancy stability. Median household incomes in the 3-mile radius are elevated versus national norms, which can underpin rent collections and renewal rates.
Ownership remains a high-cost option relative to the nation, with neighborhood home values well above national averages; this context often sustains reliance on multifamily housing and can reinforce pricing power for well-located assets. Neighborhood rents also command a premium within the metro, per WDSuite’s commercial real estate analysis, aligning with the area’s amenity density and professional employment base.
Two dynamics warrant monitoring. First, neighborhood-wide occupancy levels have trailed national norms, implying potential lease-up variability at the margin; assets with strong unit mix and service levels typically compete well in this setting. Second, COVID-era exposure in local employment was somewhat higher than average for the region, though recent labor normalization in New York has supported steady renter demand.
Safety compares favorably within the New York–Jersey City–White Plains metro: the neighborhood ranks 269 out of 889, which is competitive among metro neighborhoods. Nationally, it trends below the median on safety measures, so investors may underwrite with conservative assumptions around security features and operating protocols.
Recent directionality is constructive. According to WDSuite’s CRE data, estimated violent and property offense rates in the area declined year over year, with property offenses showing a notably stronger pullback. These are neighborhood-level trends, not property-specific, and they help contextualize risk while recognizing improving momentum.
Proximity to major employers supports commuter convenience and leasing depth, particularly among professional renters. Notable nearby employers include JetBlue Airways, Lockheed Martin, Pfizer, Citigroup, and Bristol-Myers Squibb.
- Jetblue Airways — corporate offices (0.1 miles) — HQ
- Lockheed Martin — defense & aerospace offices (1.6 miles)
- Pfizer — pharmaceuticals (1.7 miles) — HQ
- Citigroup — financial services (1.7 miles) — HQ
- Bristol-Myers Squibb — pharmaceuticals (1.7 miles) — HQ
Built in 2013, this 88-unit asset offers a newer vintage relative to the neighborhood’s typical stock, enhancing competitive positioning versus older properties while still allowing for targeted modernization over time. The location’s amenity density and strong professional employment base support steady renter demand, and per-unit NOI performance in the neighborhood compares very favorably on a national basis, based on multifamily property research from WDSuite.
Forward-looking demographics within a 3-mile radius point to a larger tenant base: households are projected to increase while average household size trends smaller, expanding the renter pool and supporting occupancy stability. Counterbalancing factors include below-national safety readings and neighborhood-wide occupancy that has lagged national norms; prudent underwriting on lease-up timelines and operating expenses is advisable.
- 2013 construction offers competitive positioning versus older neighborhood stock
- Amenity-rich Urban Core location supports absorption and renewals
- Deep renter base and projected household growth within 3 miles support demand
- Neighborhood’s strong per-unit NOI performance relative to national norms
- Risks: below-national safety readings and softer neighborhood-wide occupancy