| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Fair |
| Demographics | 56th | Fair |
| Amenities | 42nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5 Elm St, Garnerville, NY, 10923, US |
| Region / Metro | Garnerville |
| Year of Construction | 2012 |
| Units | 48 |
| Transaction Date | 2014-02-18 |
| Transaction Price | $349,000 |
| Buyer | WEBER MOSES |
| Seller | RAMAPO LOCAL DEVELOPMENT CORP |
5 Elm St, Garnerville NY Multifamily Investment
Stabilized neighborhood occupancy and a newer 2012 vintage position this 48-unit asset for durable cash flow, according to WDSuite’s CRE market data. Neighborhood renter depth is modest immediately around the property, so broader 3-mile demand drivers and pricing discipline matter.
The property sits in a suburban Rockland County setting where neighborhood occupancy is strong relative to peers. The neighborhood’s occupancy rate is among the top quartile nationally and ranks above the metro median (rank 67 out of 889 New York–Jersey City–White Plains neighborhoods), per WDSuite — a positive read-through for income stability at the neighborhood level, not the property itself.
Livability is serviceable with everyday conveniences nearby. Grocery, park, and pharmacy access track near or just above national medians (each around the upper-half to upper-quartile nationally), while restaurants are closer to the national midpoint and cafes and childcare are thinner in the immediate area. Average school ratings in the neighborhood sit below national medians, which some workforce renters may discount relative to commute or price.
Housing stock in the neighborhood skews older than the subject’s 2012 vintage (average local construction year 1984). This typically gives newer assets a competitive edge on finishes and systems versus older comparables, while still warranting capital planning for mid-life building systems over the hold period.
Home values in the neighborhood are elevated for the region (nationally high percentile), and the value-to-income relationship indicates a high-cost ownership market. For investors, that context can reinforce reliance on multifamily housing and support lease retention, though it also raises affordability pressure considerations when setting rent growth and renewal strategies.
Within a 3-mile radius, demographics indicate a growing tenant base. Population and household counts have increased over the last five years and are projected to expand further through 2028, with median household incomes rising alongside. A renter-occupied share near one-quarter today and a slight projected uptick suggest a deeper demand pool in the broader trade area than in the immediate neighborhood, supporting absorption and occupancy management.
Comparable crime metrics are not available at the neighborhood level in WDSuite for this location. Investors typically benchmark city and county trend data and engage local property management to assess block-by-block conditions, patrol presence, and building-level controls when underwriting.
Given strong neighborhood-level occupancy, operators often emphasize access control, lighting, and resident screening to support retention and limit non-revenue downtime, while using regional crime trends as the reference point rather than drawing precise conclusions for this specific block.
Proximity to major corporate offices supports commuter convenience and a diversified renter base, led by nearby headquarters and regional hubs for Ascena Retail Group, PepsiCo, Prudential Financial, IBM, and Becton Dickinson.
- Ascena Retail Group — apparel retail HQ (12.2 miles) — HQ
- PepsiCo — food & beverage offices (12.4 miles)
- Prudential Financial — financial services offices (16.0 miles)
- IBM — technology HQ (16.1 miles) — HQ
- Becton Dickinson — medical technology HQ (16.5 miles) — HQ
Built in 2012, the property is newer than much of the surrounding housing stock, offering competitive positioning versus older assets while still warranting mid-life systems planning. Neighborhood-level occupancy trends rank above the metro median and in the top quartile nationally, which, based on commercial real estate analysis from WDSuite, points to supportive fundamentals for maintaining income stability at the neighborhood level.
Investor focus should balance strong regional incomes and a high-cost ownership landscape against a lower renter concentration directly in the neighborhood. The broader 3-mile area shows population growth, rising household incomes, and a modestly increasing renter share alongside rent growth projections, which together suggest a stable tenant base and steady leasing, provided pricing aligns with local affordability.
- 2012 vintage offers competitive positioning versus older local stock; plan for mid-life capex.
- Neighborhood occupancy ranks above metro median (67 of 889) and top quartile nationally, supporting income stability at the neighborhood level.
- High-cost ownership context can reinforce rental demand and lease retention potential.
- 3-mile demographics indicate population and household growth with rising incomes, supporting renter pool expansion.
- Risk: Lower renter-occupied share in the immediate neighborhood and modest amenity depth require disciplined pricing and marketing to the wider trade area.