| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Good |
| Demographics | 54th | Fair |
| Amenities | 90th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8265 116th St, Richmond Hill, NY, 11418, US |
| Region / Metro | Richmond Hill |
| Year of Construction | 2007 |
| Units | 26 |
| Transaction Date | 2005-04-15 |
| Transaction Price | $2,100,000 |
| Buyer | 82-65 116TH STREET LLC |
| Seller | SLAMOVITS ETTA |
8265 116th St, Richmond Hill NY — 2007, 26-Unit Multifamily
Neighborhood occupancy in the mid-90s and a renter base around half of households point to steady leasing fundamentals, according to WDSuite’s CRE market data. Elevated ownership costs in Queens further sustain renter demand and support retention for well-maintained assets.
This Urban Core pocket of Richmond Hill ranks 196 out of 889 New York–Jersey City–White Plains metro neighborhoods, placing it in the top quartile among metro peers based on overall neighborhood rating (A-), per WDSuite. For investors, that translates to diversified demand drivers rather than reliance on a single factor.
Livability indicators are strong: grocery access sits in the 97th percentile nationally, restaurants and childcare are each around the top decile, and parks and pharmacies are both in the mid-80s percentiles. School options track modestly above national norms (around the 60th percentile). These amenity levels typically support day-to-day convenience and help with lease retention.
At the neighborhood level, occupancy is above the national median (mid-60s percentile), and the share of renter-occupied units is above national norms (mid-80s percentile). Median contract rents benchmark above national levels (mid-80s percentile), while rent-to-income sits below the national median, indicating comparatively manageable affordability pressure from an investor standpoint and aiding renewal strategies.
Vintage matters: with a 2007 construction year, this asset is materially newer than the neighborhood’s older housing stock (average year 1939). That positioning can enhance competitiveness versus prewar inventory, while investors should still plan for mid-life system updates and selective modernization to sustain pricing power.
Demographic statistics aggregated within a 3-mile radius show households have grown in recent years and are projected to continue rising through 2028, even as average household size trends lower. This points to a gradually expanding renter pool and supports occupancy stability for smaller-format units.
Home values in the area are elevated relative to national benchmarks (low-90s percentiles for pricing and value-to-income), which in practice reinforces reliance on multifamily housing and can support sustained renter demand and lease retention.
Safety metrics for the neighborhood trail national averages overall, with violent and property offense rates positioned in lower national percentiles. In practical terms, that means investors should underwrite prudent security and operating protocols, and monitor leasing concessions if perception issues arise.
Trends are moving in a favorable direction: both violent and property offense rates have declined year over year, placing the improvement measures above the national median. Within the metro (889 neighborhoods), the area performs competitively among peers, though still below national norms. Framing and on-site management can help maintain resident confidence and support retention.
Proximity to diversified corporate employment underpins renter demand, offering short commutes to insurance, airlines, pharmaceuticals, telecommunications, and financial services roles. Nearby anchors include Prudential, JetBlue Airways, Pfizer, Verizon Communications, and TIAA.
- Prudential — insurance (2.9 miles)
- Jetblue Airways — airlines (6.2 miles) — HQ
- Pfizer — pharmaceuticals (7.8 miles) — HQ
- Verizon Communications — telecommunications (7.8 miles)
- TIAA — financial services (7.9 miles) — HQ
The 2007 vintage positions this 26-unit asset ahead of much of the surrounding housing stock, supporting competitive appeal versus older buildings while calling for thoughtful mid-life capital planning. Neighborhood occupancy trends above national medians, a renter-occupied share around half of units, and elevated ownership costs across Queens together point to durable demand and stable renewals. According to CRE market data from WDSuite, local rents benchmark above national levels while rent-to-income sits below the national median, which can aid pricing discipline without overextending residents.
Demographics aggregated within a 3-mile radius indicate gradual population growth, rising household counts, and a projected increase through 2028 as average household size declines — dynamics that typically expand the renter pool and support occupancy stability. Strong amenity access (grocery, restaurants, childcare, parks) and decent school ratings further reinforce livability, while investors should underwrite for security measures and selective modernization to preserve competitive positioning.
- Newer 2007 construction relative to neighborhood stock strengthens competitive positioning with manageable mid-life capex needs.
- Neighborhood occupancy above national medians and a solid renter base support leasing stability and renewals.
- Elevated ownership costs in Queens tend to reinforce multifamily demand and pricing power.
- 3-mile demographics show growing households and smaller household sizes, expanding the renter pool through 2028.
- Key risks: below-national safety metrics and mid-life system updates; proactive management and targeted capex can mitigate.