| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 84th | Best |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6554 Austin St, Rego Park, NY, 11374, US |
| Region / Metro | Rego Park |
| Year of Construction | 2008 |
| Units | 50 |
| Transaction Date | 2007-03-02 |
| Transaction Price | $2,517,500 |
| Buyer | A H REALTY CO LLC |
| Seller | E R L ELECTRONICS PRODUCTS INC |
6554 Austin St, Rego Park NY Multifamily Investment
Renter demand in Rego Park shows resilience with occupancy holding above national medians, according to WDSuite’s CRE market data. A 2009 vintage and an urban core location position the asset to compete against older neighborhood stock.
Rego Park’s urban core profile offers daily convenience that supports leasing velocity. Amenity access is strong — the neighborhood ranks 63rd out of 889 metro neighborhoods for overall amenities (top quartile in the New York–Jersey City–White Plains region) and sits in the top national percentiles for parks, grocery, cafés, pharmacies, and restaurants. Average school ratings are at the top of the metro (1st of 889) and top percentile nationally, a factor that can bolster family-oriented renter retention.
Neighborhood occupancy is above the national median and has edged higher over the past five years, based on CRE market data from WDSuite. The share of renter-occupied housing units is elevated versus national norms, indicating a deep tenant base that typically supports multifamily absorption and renewal outcomes. With the property built in 2009 versus neighborhood stock that skews older, investors should expect relative competitiveness on building systems and finishes while planning for routine mid-life upgrades.
Within a 3-mile radius, demographics point to a larger household base and rising incomes, with projections indicating more households by 2028 alongside smaller average household sizes. This combination generally expands the renter pool and supports occupancy stability for well-located assets near transit and retail.
Home values are elevated compared with national levels, and value-to-income ratios are high for the area. In practice, a high-cost ownership market tends to sustain reliance on rental housing, while a neighborhood rent-to-income position near the low end nationally helps mitigate affordability pressure — positive for lease retention and revenue management. These dynamics, together with strong amenity access and schooling, create an attractive backdrop for multifamily property research and long-term hold strategies.
Safety metrics in this neighborhood trend closer to the middle of the metro but below national safety percentiles. The neighborhood’s crime rank sits near the metro median (478th of 889), indicating conditions that are not among the region’s lowest-risk areas but broadly comparable to many New York neighborhoods.
Nationally, both property and violent offense estimates benchmark in lower percentiles, signaling a need for standard risk management — secure access, lighting, and active management practices. Recent estimates show modest year-over-year increases, so investors may want to monitor trendlines across the submarket and consider corresponding operating protocols. Comparisons should be framed at the neighborhood level rather than the property level.
Nearby corporate offices provide a diverse white-collar employment base that supports renter demand and commute convenience, notably including Prudential, JetBlue Airways, Pfizer, Lockheed Martin, and Verizon Communications.
- Prudential — financial services (4.0 miles)
- Jetblue Airways — airlines (4.5 miles) — HQ
- Pfizer — pharmaceuticals (6.2 miles) — HQ
- Lockheed Martin — defense & aerospace offices (6.2 miles)
- Verizon Communications — telecommunications (6.3 miles)
This 50-unit asset, delivered in 2009, competes favorably in a neighborhood where much of the housing stock is older, reducing near-term capital risk relative to vintage peers while still offering potential to modernize interiors and common areas for yield. According to CRE market data from WDSuite, neighborhood occupancy trends sit above national medians and renter concentration is high, supporting demand depth and renewal potential.
Elevated home values in Rego Park reinforce sustained reliance on rental housing, while a relatively manageable rent-to-income position for the area supports lease retention and pricing discipline. Strong amenity access and top-tier school ratings further enhance livability, although below-average national safety percentiles and modestly increasing offense estimates warrant prudent onsite security and active management. Neighborhood-level NOI performance trails national averages, so underwriting should emphasize operational execution and value-add scope.
- 2009 vintage offers competitive positioning versus older neighborhood stock with pragmatic mid-life CapEx planning
- Above-national-median occupancy and high renter-occupied share support demand depth and renewal stability
- Elevated ownership costs reinforce renter reliance, aiding pricing power and lease management
- Urban core amenities and top-ranked schools strengthen long-term livability and tenant retention
- Risks: below-national safety percentiles and neighborhood-level NOI below national averages call for active management