| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Fair |
| Demographics | 39th | Poor |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 224 Richmond Ter, Staten Island, NY, 10301, US |
| Region / Metro | Staten Island |
| Year of Construction | 2012 |
| Units | 43 |
| Transaction Date | 2005-06-30 |
| Transaction Price | $4,342,500 |
| Buyer | AAB 224 RICHMOND TERRACE LLC |
| Seller | SDF7 RICHMOND LLC |
224 Richmond Ter, Staten Island NY Multifamily Investment
Newer 2012 construction in an Urban Core pocket where renter concentration is high and ownership costs are elevated, supporting steady tenant demand, according to WDSuite’s CRE market data.
Situated in Staten Island’s Urban Core, the property benefits from a neighborhood that ranks competitive among New York-Jersey City-White Plains neighborhoods for daily conveniences, with parks and open space in the top quartile nationally and strong density of grocery, restaurant, pharmacy, and childcare options. This amenity depth supports day-to-day livability and helps with resident retention.
The asset’s 2012 vintage is notably newer than the neighborhood’s older housing stock (average vintage mid-20th century). That positioning can enhance leasing competitiveness versus nearby legacy properties, while still warranting routine capital planning as systems age over time.
Neighborhood renter-occupied share is a majority, indicating a deep tenant base for multifamily. While the neighborhood’s occupancy trend has been softer than the metro average recently, the combination of strong amenity access and a sizable renter pool helps support demand stability over a full cycle.
Within a 3-mile radius, population and households have grown over the past five years, and projections indicate further increases in households, pointing to a larger tenant base ahead. Rising household incomes in the same radius also underpin the ability to absorb rent growth over time, supporting occupancy stability and lease retention.
Elevated home values locally place this area among higher-cost ownership markets, which tends to sustain reliance on multifamily rentals and can bolster pricing power for well-maintained assets. At the same time, rent levels are above national medians while rent-to-income indicators remain manageable, suggesting moderate affordability pressure that still requires active lease management.
School quality in the surrounding area trends below national medians, which may temper appeal for some family renters; investors should factor this into unit mix, amenity strategy, and pricing for larger layouts.
Safety indicators for the neighborhood track below national percentiles, signaling a higher relative incidence of reported offenses compared with many U.S. neighborhoods. However, recent year-over-year trends show double-digit declines in both violent and property offense estimates, suggesting conditions have been improving.
At the metro level, this subarea performs below average, so investors should underwrite appropriate security measures and insurance assumptions. Continued monitoring of trend direction is advisable given the recent improvements.
Nearby corporate offices broaden the employment base and support renter demand via commute convenience, led by consumer goods, staffing, and financial services employers that are within roughly 4–6 miles of the property.
- Dr Pepper Snapple Group — consumer goods (3.99 miles)
- Performance Food Group — food distribution (5.01 miles)
- Robert Half International — staffing & consulting (5.28 miles)
- S&P Global — financial information services (5.39 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (5.41 miles) — HQ
224 Richmond Ter offers a 2012-vintage, 43-unit asset in a renter-heavy Urban Core location with strong day-to-day amenities. Newer construction relative to the neighborhood’s older stock provides competitive positioning for leasing and reduces near-term modernization needs, though investors should plan for future system updates. Within a 3-mile radius, population and household growth, along with rising incomes, point to a larger renter pool and support for occupancy stability over the medium term. Elevated home values in the area reinforce reliance on multifamily housing, helping sustain demand for well-managed properties.
Neighborhood occupancy has trailed broader metro benchmarks recently, and safety measures sit below national percentiles, but recent offense trends have improved. Under disciplined operations and targeted capital, the property can capitalize on amenity depth and a sizable renter base, with underwriting that reflects prudent security and lease management. These dynamics are consistent with patterns observed in the New York metro, according to WDSuite’s multifamily property research.
- 2012 vintage outcompetes older neighborhood stock; plan for long-term systems upkeep
- Renter-heavy area and strong amenity access support demand and retention
- 3-mile radius shows population and household growth, expanding the tenant base
- High-cost ownership landscape underpins sustained multifamily rental reliance
- Risks: below-metro occupancy and below-national-percentile safety; underwrite security and leasing accordingly