| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Fair |
| Demographics | 56th | Fair |
| Amenities | 42nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8 Elm St, Garnerville, NY, 10923, US |
| Region / Metro | Garnerville |
| Year of Construction | 2011 |
| Units | 24 |
| Transaction Date | 2022-03-29 |
| Transaction Price | $520,000 |
| Buyer | WEBER CHAIM |
| Seller | HALBERSTAM MICHAEL |
8 Elm St Garnerville NY Multifamily Investment
Neighborhood occupancy is tight and has trended upward, and a high-cost ownership market supports renter reliance on multifamily housing, according to WDSuite’s CRE market data.
Garnerville’s suburban setting combines steady renter demand with near-full neighborhood occupancy. The neighborhood’s occupancy rate is high and ranked strongly within the metro (top decile among 889 metro neighborhoods), indicating limited turnover and supportive leasing conditions at the submarket level. These occupancy dynamics are measured for the neighborhood, not the property.
Within a 3-mile radius, population has expanded in recent years and is projected to continue growing, pointing to a larger tenant base over time. Household counts are also forecast to rise, which typically supports occupancy stability and absorption for well-located multifamily assets. Median contract rents in the 3-mile area are projected to increase further, reinforcing the need for attentive lease management and positioning.
Ownership costs in the neighborhood are elevated relative to many U.S. areas (median home values sit in a high national percentile), a backdrop that tends to sustain rental demand and can support pricing power and retention for quality properties. Renter-occupied housing within a 3-mile radius represents roughly one-quarter of units, offering a defined but selective tenant pool; investors should plan marketing and amenities that align with this renter concentration.
Local amenity access is mixed: grocery, pharmacy, and park access score above many areas nationally, while cafes and childcare density are comparatively thin. Average school ratings in the neighborhood trail national norms, which may modestly influence family-oriented demand. The property’s 2011 vintage is newer than the neighborhood’s average year built, suggesting competitive positioning versus older stock, while leaving room for targeted updates to systems and finishes as part of ongoing asset management.
Comparable neighborhood-level safety metrics are not available in this dataset for Garnerville. Investors should benchmark any third-party crime data against the broader New York–Jersey City–White Plains metro to understand relative positioning and trends, and incorporate property-level measures (lighting, access control, maintenance) into underwriting. Where credible regional metrics are available, compare trajectory over multiple years rather than single-period readings to gauge stability.
- Ascena Retail Group — retail apparel HQ (12.1 miles) — HQ
- Pepsico — beverages/CPG offices (12.4 miles)
- Prudential Financial — financial services offices (16.0 miles)
- Ibm — technology HQ (16.2 miles) — HQ
- Becton Dickinson — medical devices HQ (16.4 miles) — HQ
Nearby corporate employers provide a diversified white-collar job base that supports renter demand and retention, with concentration in retail apparel, beverages/CPG, financial services, technology, and medical devices.
Built in 2011 with 24 units, the property stands newer than the neighborhood’s average vintage, positioning it competitively versus older local stock while allowing for targeted modernization to enhance rents and operating efficiency. Neighborhood occupancy is strong and among the better-performing areas in the metro, supporting leasing stability and limited downtime. Elevated ownership costs in the neighborhood underpin steady multifamily demand, while 3-mile demographic growth points to a gradually expanding renter pool—trends supported by commercial real estate analysis from WDSuite.
Forward-looking indicators are constructive: population and household growth within 3 miles are projected to increase, and rents are expected to trend upward, which can reinforce revenue durability if paired with disciplined renewals and expense control. The main watch items are average school ratings and thinner lifestyle amenity density in select categories, which call for thoughtful amenity programming and marketing to maintain absorption and retention.
- Newer 2011 vintage versus neighborhood average, with potential for selective value-add to strengthen competitive positioning.
- Strong neighborhood occupancy (among the top-performing cohorts in a metro of 889 neighborhoods) supports lease-up and renewal stability.
- High-cost ownership market sustains renter reliance on multifamily, supporting pricing power and retention.
- 3-mile population and household growth expand the tenant base, with rent levels projected to trend upward per WDSuite’s CRE market data.
- Risks: below-average neighborhood school ratings and thinner café/childcare density may temper family-driven demand; emphasize asset-level amenities and resident services.