| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Fair |
| Demographics | 39th | Poor |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 247 Jersey St, Staten Island, NY, 10301, US |
| Region / Metro | Staten Island |
| Year of Construction | 1984 |
| Units | 31 |
| Transaction Date | 2011-12-22 |
| Transaction Price | $14,000,000 |
| Buyer | FAIRWAY RICHMOND HOUSING DEVELOPMENT FUN |
| Seller | RICHMOND HOUSING ASSOCIATES LP |
247 Jersey St Staten Island Multifamily Investment Snapshot
Renter demand is supported by a high renter-occupied share in the neighborhood and a high-cost ownership market, according to WDSuite’s CRE market data. The near-core location offers convenience and amenity depth that can help stabilize occupancy through cycles.
The immediate neighborhood around 247 Jersey St rates B+ and ranks 324 out of 889 in the New York–Jersey City–White Plains metro, making it competitive among metro neighborhoods. Amenity access is a clear strength: parks are in the top national percentile, and groceries, restaurants, pharmacies, and childcare availability all score well above national medians, based on CRE market data from WDSuite.
The building’s 1984 vintage is newer than the neighborhood’s average construction year, which tilts toward prewar stock. That positioning can be advantageous versus older comparables, while investors should still plan for aging systems and selective modernization to support rent growth and leasing velocity over the hold.
Tenure patterns point to durable multifamily demand: about 52% of housing units are renter-occupied in the neighborhood (high by national standards), indicating a deep tenant base. While neighborhood occupancy is below national averages, rent-to-income levels are relatively manageable locally and median home values are elevated for the region, which tends to sustain renter reliance on multifamily housing and supports pricing power when managed thoughtfully.
Within a 3-mile radius, population and households have been growing and are projected to continue expanding over the next five years, implying a larger renter pool and support for absorption. Average school ratings trend below national norms, which may influence leasing strategy toward smaller households and workforce renters rather than being a primary draw for family-oriented demand.
Safety metrics sit below national averages: the neighborhood falls into lower national percentiles for both violent and property offenses. However, year-over-year trends show double-digit declines in both categories, a positive directional signal according to WDSuite’s CRE data.
Relative to the New York–Jersey City–White Plains metro, the area ranks 332 out of 889 neighborhoods, which is competitive among metro neighborhoods but still below national benchmarks for safety. Investors should underwrite prudent security measures and retention strategies while recognizing the improving trendline.
Nearby corporate offices across distribution, professional services, and financial services underpin a broad employment base that supports renter demand and commute convenience. The following employers are within typical commuting distance and can contribute to leasing stability in workforce and professional cohorts.
- Dr Pepper Snapple Group — beverage corporate offices (4.45 miles)
- Performance Food Group — food distribution corporate offices (4.84 miles)
- Robert Half International — professional staffing offices (5.75 miles)
- S&P Global — financial information services (5.86 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (5.89 miles) — HQ
247 Jersey St is a 31-unit, 1984-vintage asset positioned in a neighborhood with strong amenity access and a renter-leaning housing stock. Elevated home values in the surrounding area reinforce reliance on rental options, while rent-to-income levels suggest room for disciplined revenue management. According to CRE market data from WDSuite, the neighborhood’s B+ profile is competitive within the metro and benefits from top-tier parks and strong daily-needs access, supporting tenant retention.
Forward-looking demographics within a 3-mile radius point to continued population and household growth, expanding the renter pool. While neighborhood occupancy trends are softer than national benchmarks and safety indicators trail national averages, both the declining offense rates and the property’s relatively newer vintage versus local stock create a path for value through targeted upgrades, thoughtful leasing, and operational focus.
- Renter concentration above national norms supports a deep tenant base and resilient demand.
- 1984 construction offers a relative edge versus older neighborhood stock, with scope for selective modernization.
- Elevated local home values reinforce rental reliance and potential pricing power with prudent lease management.
- Amenity-rich environment (parks, groceries, services) supports retention and day-to-day livability.
- Risks: below-national safety metrics and softer neighborhood occupancy warrant conservative underwriting and active management.