| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 69th | Good |
| Amenities | 86th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2 Narrows Rd S, Staten Island, NY, 10305, US |
| Region / Metro | Staten Island |
| Year of Construction | 1977 |
| Units | 30 |
| Transaction Date | 1995-03-08 |
| Transaction Price | $140,000 |
| Buyer | NARROWS ROAD SOUTH LLC |
| Seller | WILSHIRE CREDIT CORP |
2 Narrows Rd S Staten Island Multifamily Investment
Positioned in Staten Island’s urban core, this asset benefits from steady neighborhood renter demand and strong local amenities; according to WDSuite’s commercial real estate analysis, elevated ownership costs in the area tend to sustain multifamily leasing.
The property sits in an Urban Core neighborhood with an A rating and ranks 129 out of 889 metro neighborhoods, indicating top quartile positioning within the New York–Jersey City–White Plains metro. According to WDSuite’s CRE market data, neighborhood occupancy is 91.3%—measured for the neighborhood, not the property—supporting baseline income stability for well-managed assets.
Amenity access is a relative strength: cafes, groceries, parks, and pharmacies score in the mid-to-high 80s by national percentile, which helps with day-to-day convenience and resident retention. Average school ratings near the 73rd national percentile provide additional family appeal compared with many urban peers.
Home values in the neighborhood are elevated (around the 91st percentile nationally), a high-cost ownership backdrop that typically reinforces reliance on rental housing and can aid pricing power for appropriately positioned units. Rent-to-income in the neighborhood trends around 0.21, indicating less acute affordability pressure than many coastal submarkets and potentially supporting lease management flexibility.
Vintage considerations matter: built in 1977, the asset is newer than the neighborhood’s average 1962 stock, suggesting relative competitiveness versus older buildings. That said, systems and finishes from this era may still warrant targeted modernization, creating selective value-add upside through common-area refreshes and in-unit updates.
Tenure patterns point to a viable multifamily renter base. At the neighborhood level, the share of housing units that are renter-occupied is below half, while within a 3-mile radius renters account for roughly half of occupied units today and are projected to edge higher by 2028. Combined with 3-mile-radius population and household growth projections, this supports a larger tenant base and helps underpin occupancy stability over the medium term.
Safety indicators are mixed relative to national benchmarks. WDSuite’s data place the neighborhood below the national median for safety (violent and property offense percentiles are lower than average nationwide), which investors should factor into underwriting and operational planning. At the same time, estimated property offenses have declined year over year, indicating some recent improvement momentum. As always, conditions vary block to block; investors typically evaluate on-site security, lighting, and management practices as part of due diligence.
Nearby employment anchors span beverages, food distribution, staffing, and financial services, supporting a broad commuter tenant base and helping with leasing durability for workforce-oriented units.
- Dr Pepper Snapple Group — beverage (6.0 miles)
- Performance Food Group — food distribution (7.3 miles)
- Robert Half International — staffing & recruiting (7.6 miles)
- S&P Global — financial data & analytics (7.7 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (7.7 miles) — HQ
This 30-unit, 1977-vintage asset in Staten Island’s urban core benefits from strong neighborhood fundamentals for renters: high-cost ownership in the surrounding area, solid amenity access, and neighborhood occupancy in the low 90s (measured for the neighborhood, not the property). Small average unit sizes suggest a price-sensitive positioning that can resonate with workforce renters seeking convenience to employment cores on either side of the harbor.
Within a 3-mile radius, recent population and household growth—and projections for further increases—indicate a gradually expanding renter pool. Combined with proximity to multiple corporate offices and headquarters, these dynamics support demand depth and retention, while the 1977 vintage offers targeted value-add potential through modernization. According to CRE market data from WDSuite, relative rent-to-income levels imply room for disciplined revenue management compared with many coastal peers.
- High-cost ownership market supports sustained multifamily demand and pricing power.
- Neighborhood occupancy around the low-90% range underpins income stability (neighborhood metric).
- 1977 vintage presents selective value-add through systems upgrades and unit refreshes versus older local stock.
- Diverse employment base within 6–8 miles supports leasing and retention for workforce renters.
- Risks: below-median national safety indicators and aging systems require proactive management and capex planning.