| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Best |
| Demographics | 46th | Poor |
| Amenities | 78th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 70 Hancock St, Staten Island, NY, 10305, US |
| Region / Metro | Staten Island |
| Year of Construction | 1975 |
| Units | 26 |
| Transaction Date | 2006-10-16 |
| Transaction Price | $2,700,000 |
| Buyer | BELAIR RIDGE DEVELOPMENT CORP |
| Seller | MANLEY COURT INC |
70 Hancock St, Staten Island NY — 26-Unit Multifamily Opportunity
Stabilized neighborhood occupancy and a deep renter base support durable cash flow, according to WDSuite’s CRE market data, with high local ownership costs reinforcing rental demand.
This Urban Core location in Staten Island balances access to daily needs with solid renter demand dynamics. Grocery and pharmacy density are strong for the area, and cafes and restaurants are plentiful relative to many neighborhoods nationwide. Neighborhood occupancy trends sit in the top quartile nationally, supporting lease-up and retention. For multifamily property research, this translates into a broad day-to-day convenience profile and consistent demand.
Renter-occupied housing accounts for roughly two-fifths of units in the neighborhood, indicating a sizable tenant pool while still competing with a meaningful ownership base. Elevated home values relative to national norms point to a high-cost ownership market that can sustain renter reliance on multifamily housing and help support pricing power.
Within a 3-mile radius, population and household counts have been growing, with forecasts pointing to further expansion by 2028. This trajectory suggests a larger tenant base ahead and supports occupancy stability. Average household sizes have held relatively steady, implying incremental, not disruptive, shifts in unit mix needs.
The property’s 1975 vintage is slightly newer than the neighborhood’s average construction year. That positioning can be competitive versus older stock, though investors should still plan for targeted system upgrades or modernization to meet current renter expectations.
Two caution flags to underwrite: neighborhood school ratings trend low versus national benchmarks, and park access is limited. Both factors can influence marketing to certain tenant segments but do not negate the area’s demonstrated occupancy strength.
Safety outcomes compare weaker than national averages, and within the New York-Jersey City-White Plains metro the neighborhood’s crime rank places it in the higher-risk quartile out of 889 neighborhoods. Investors typically account for this with security-focused operations and tenant screening to support retention and asset performance.
Recent momentum is constructive: both violent and property offense rates have declined year over year, indicating improving trends. While not a guarantee of future conditions, this direction of travel can help leasing and renewals when paired with on-site measures and community engagement.
Proximity to major corporate employers supports commuter convenience and a diversified renter base. Key nearby offices include food distribution, beverage, staffing, and financial services headquarters within a typical urban commute range.
- Performance Food Group — food distribution (6.9 miles)
- Dr Pepper Snapple Group — beverage (7.5 miles)
- Robert Half International — staffing & recruiting (9.0 miles)
- S&P Global — financial services (9.1 miles) — HQ
- Guardian Life Ins. Co. of America — insurance (9.2 miles) — HQ
70 Hancock St is a 26-unit asset built in 1975, positioned slightly newer than the neighborhood’s average vintage. This supports competitive positioning versus older stock while leaving room for value through targeted renovations and system upgrades. Occupancy in the surrounding neighborhood ranks in the stronger national cohorts, and elevated ownership costs locally reinforce sustained reliance on rentals, aiding lease retention and pricing discipline.
Within a 3-mile radius, population and households have been expanding, with further increases expected by 2028—signals of a growing renter pool that can support occupancy stability. According to commercial real estate analysis from WDSuite, the area’s amenity access and balanced renter concentration underpin ongoing multifamily demand, though investors should underwrite for operational attention to safety perceptions and the submarket’s lower school ratings.
- Strong neighborhood occupancy and deep renter base support stable leasing
- High-cost ownership market reinforces multifamily demand and pricing power
- 1975 vintage offers competitiveness versus older stock with targeted value-add
- Population and household growth within 3 miles expand the tenant pool
- Risks: below-average school ratings, comparatively weaker safety metrics, and ongoing capex needs