| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Fair |
| Demographics | 39th | Poor |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 316 Jersey St, Staten Island, NY, 10301, US |
| Region / Metro | Staten Island |
| Year of Construction | 1984 |
| Units | 28 |
| Transaction Date | 2011-12-22 |
| Transaction Price | $14,000,000 |
| Buyer | FAIRWAY RICHMOND HOUSING DEVELOPMENT FUN |
| Seller | RICHMOND HOUSING ASSOCIATES LP |
316 Jersey St, Staten Island Multifamily Investment
Renter demand is supported by a high renter-occupied share in the surrounding neighborhood and elevated ownership costs nearby, according to WDSuite’s CRE market data. For investors, this points to a durable tenant base with pricing set by an Urban Core location rather than commodity supply.
The immediate area around 316 Jersey St sits within an Urban Core neighborhood rated B+ and ranked 324 out of 889 metro neighborhoods, making it competitive among New York–Jersey City–White Plains sub-areas. Amenity access is a strength: parks are in the 100th percentile nationally, groceries in the 98th, and restaurants in the 96th percentile, which supports day-to-day convenience and renter retention.
Renter-occupied housing accounts for a majority of units in the neighborhood (renter concentration 51.8%), indicating a deep tenant pool for multifamily assets. Median home values sit near the 90th percentile nationally, a high-cost ownership market that tends to reinforce reliance on rentals and can support occupancy stability. Neighborhood occupancy is reported for the neighborhood (not this property) and has eased modestly over five years, which warrants active leasing and renewal management.
Within a 3-mile radius, population and households have grown in recent years, with further increases projected, expanding the renter pool over the medium term. Income trends also point higher, and median contract rents in the neighborhood track in the 75th percentile nationally; in practice, investors should monitor affordability pressure and structure lease management accordingly. These dynamics align with multifamily property research that emphasizes amenity-rich, high-cost ownership submarkets for durable demand.
Vintage is another consideration: much of the surrounding housing stock is older (average year 1940), while this property was built in 1984. That relative youth can be a competitive edge versus prewar buildings, though investors should still budget for modernization of building systems and common areas to meet today’s renter expectations.
Safety indicators should be weighed in context. The neighborhood ranks 332 out of 889 in the metro, and national safety percentiles point to below-average safety compared with neighborhoods nationwide. However, recent trends show improvement, with both violent and property offense rates declining year over year. For underwriting, this suggests balancing current conditions with the noted downward trend, and emphasizing on-site security, lighting, and resident engagement.
Nearby employment nodes include consumer goods, food distribution, professional services, and financial headquarters, supporting commuter convenience and renter demand from a diverse white-collar and operations workforce. Listed below are representative employers within commuting distance.
- Dr Pepper Snapple Group — consumer goods (4.5 miles)
- Performance Food Group — food distribution (4.9 miles)
- Robert Half International — professional staffing (5.9 miles)
- S&P Global — financial information (6.0 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (6.0 miles) — HQ
This 28-unit 1984-vintage asset offers a relative age advantage versus the area’s largely prewar stock, which can translate into lower near-term capital intensity and stronger competitive positioning with targeted upgrades. The neighborhood’s majority renter-occupied share signals depth in the tenant base, while elevated ownership costs locally support sustained reliance on rental housing. According to CRE market data from WDSuite, neighborhood occupancy has softened modestly over five years, so execution will hinge on disciplined leasing and renewals rather than outsized rent pushes.
Demand fundamentals are underpinned by strong amenity access and growing population and households within a 3-mile radius, which supports leasing velocity over time. At the same time, affordability pressure and area safety benchmarks warrant conservative underwriting and active asset management.
- 1984 construction provides a relative edge versus older neighborhood stock, with value-add potential through modernization.
- Majority renter-occupied housing in the neighborhood supports a deep tenant base and steady demand.
- Amenity-rich Urban Core location (top national percentiles for parks, groceries, restaurants) aids retention and leasing.
- Execution focus: neighborhood occupancy has eased; prioritize renewals, concessions strategy, and targeted upgrades.
- Risk management: below-average safety benchmarks and affordability pressure call for conservative underwriting and on-site enhancements.