| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Poor |
| Demographics | 34th | Poor |
| Amenities | 45th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 331 Harbor Rd, Staten Island, NY, 10303, US |
| Region / Metro | Staten Island |
| Year of Construction | 1997 |
| Units | 28 |
| Transaction Date | 2010-12-22 |
| Transaction Price | $663,798 |
| Buyer | HARBOR MANOR APTS L P |
| Seller | HARBOR MANOR ASSOCIATES L P |
331 Harbor Rd, Staten Island Multifamily Investment
Neighborhood fundamentals point to steady renter demand supported by a high-cost ownership market and stable occupancy at the neighborhood level, according to CRE market data from WDSuite. With smaller average unit sizes, the asset is positioned for price-sensitive tenants seeking access to North Shore employment nodes.
Located in Staten Island’s North Shore, the neighborhood carries a C- rating and ranks 810 out of 889 metro neighborhoods, indicating an area that requires selective underwriting and active management. Restaurants are a relative strength (roughly top decile nationally), while pharmacies test well too; however, cafes, grocery stores, and parks are sparse within the neighborhood, so residents typically rely on nearby corridors for daily needs.
The property’s 1997 vintage is newer than the neighborhood’s average construction year (1963). For investors, the newer vintage can help competitiveness versus older local stock, though planning for mid-life system upgrades remains prudent as the asset approaches three decades of operation.
At the neighborhood level, occupancy is about 88% with little change over five years, suggesting stable but not tight conditions. Renter-occupied share is roughly 31% within the neighborhood and about 38% within the 3-mile radius, signaling a moderate renter base that can support leasing, particularly for smaller formats. Median contract rents in the neighborhood sit above the national midpoint, while the rent-to-income profile indicates manageable affordability pressure that can aid retention.
Within a 3-mile radius, demographic statistics show recent population and household growth, with projections pointing to additional gains by 2028. This expansion of the local renter pool supports occupancy stability and leasing velocity over time, based on commercial real estate analysis from WDSuite’s CRE market data benchmarks. Elevated home values (top quintile nationally) and a high value-to-income ratio reinforce reliance on multifamily rentals, which can support sustained demand and pricing power for well-managed assets.
Safety indicators rank in the lower half of the metro: the neighborhood’s crime rank is 210 out of 889 metro neighborhoods, reflecting higher incident rates than many New York–area peers. Nationally, the area sits well below average on safety metrics, so investors should underwrite additional security measures and active property management.
Recent momentum is improving: estimated violent and property offense rates both show year-over-year declines, which is a constructive trend for perception and retention. While these improvements are encouraging, prudent planning for lighting, access control, and partnerships with local stakeholders remains important given the neighborhood’s relative standing versus the metro and nation.
Proximity to distribution and corporate employers supports workforce housing demand and commute convenience, with access to food distribution, pharmaceuticals, and diversified corporate headquarters noted below.
- Performance Food Group — food distribution (2.98 miles)
- Merck — pharmaceuticals (6.84 miles) — HQ
- Prudential Financial — financial services (7.51 miles) — HQ
- Public Service Enterprise Group — utilities (7.59 miles) — HQ
- Dr Pepper Snapple Group — beverages (8.26 miles)
331 Harbor Rd offers a 1997-vintage, small-unit profile that aligns with price-sensitive renter segments. The asset benefits from neighborhood-level occupancy that has held relatively steady and from a high-cost ownership landscape (elevated home values and value-to-income ratio), both of which tend to reinforce renter reliance on multifamily housing. According to CRE market data from WDSuite, the neighborhood’s rent levels sit above national midpoints while rent-to-income signals manageable affordability pressure, supporting tenant retention when paired with disciplined lease management.
Within a 3-mile radius, recent and projected gains in population and household counts point to a larger tenant base through 2028. The property’s newer-than-local-average vintage provides competitive positioning versus older stock, though investors should budget for selective modernization and common-area refresh to sustain leasing velocity. Amenity gaps and below-average safety metrics relative to the metro are underwriting considerations, but proximity to major employers can help backfill demand and mitigate volatility with effective operations.
- Newer 1997 vintage versus local average supports competitive positioning; plan for mid-life system updates.
- Neighborhood occupancy stable around the high-80s with moderate renter concentration supporting consistent leasing.
- High-cost ownership market reinforces renter demand and pricing power for well-managed small-format units.
- 3-mile radius shows population and household growth, expanding the tenant base through 2028.
- Key risks: amenity gaps and below-average safety versus metro; mitigate via security, resident services, and targeted upgrades.