| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Fair |
| Demographics | 56th | Fair |
| Amenities | 42nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9 Elm St, Garnerville, NY, 10923, US |
| Region / Metro | Garnerville |
| Year of Construction | 2012 |
| Units | 24 |
| Transaction Date | 2018-10-04 |
| Transaction Price | $470,000 |
| Buyer | FOLLMAN SIMON |
| Seller | TAUBER AKIVA |
9 Elm St, Garnerville NY — 2012 Multifamily Investment
Neighborhood occupancy remains high and stable, supporting steady renter demand according to WDSuite’s CRE market data. With a newer 2012 vintage relative to local stock, this 24-unit asset is positioned to compete on quality while maintaining operating resilience.
Located in a suburban pocket of Rockland County, the property benefits from a neighborhood with strong occupancy dynamics: the neighborhood’s occupancy rate ranks 67 out of 889 metro neighborhoods, placing it in the top quartile nationally, based on CRE market data from WDSuite. This backdrop favors lease stability for professionally managed units.
Livability is balanced by practical amenities rather than density-driven retail. Grocery, park, and pharmacy access track around the upper-mid range nationally (roughly mid-70s percentiles), while restaurants are closer to national mid-range and cafés/childcare are sparse. For investors, this mix suggests everyday convenience without the premium pricing pressures often seen in amenity-saturated cores.
Schools rate below the national midpoint (average rating places the area around the 37th percentile), which may temper some family-driven positioning, yet the area’s suburban character and high neighborhood occupancy still underpin consistent utilization. Median home values sit in a high-cost ownership market (86th percentile nationally) with a value-to-income ratio above the national median, which can support renter retention and pricing power for well-managed multifamily.
Tenure patterns show a lower renter-occupied share within the immediate neighborhood (well below national norms), but the broader 3-mile radius aggregates to roughly one-quarter renter-occupied today with a modest uptick projected, indicating an adequate tenant base for stabilized assets. Within that 3-mile radius, population and households have grown in recent years and are projected to increase further over the next five years, pointing to a larger tenant base and support for occupancy. These trends align with multifamily property research emphasizing household growth as a driver of demand rather than new unit formation.
Vintage considerations matter: the neighborhood’s average construction year trends to the 1980s, while this property’s 2012 delivery provides a relative edge versus older stock. Investors should still underwrite routine system refreshes and light modernization over the hold to sustain competitive positioning.
Comparable, neighborhood-level crime statistics were not available in the provided dataset. Investors typically benchmark safety using consistent metro and county sources and evaluate multi-year trends rather than single-year readings. Standard diligence such as reviewing local law enforcement summaries and touring at different times can help contextualize risk.
- Ascena Retail Group — corporate offices (12.2 miles) — HQ
- PepsiCo — corporate offices (12.4 miles)
- Prudential Financial — corporate offices (16.0 miles)
- IBM — corporate offices (16.2 miles) — HQ
- Becton Dickinson — corporate offices (16.5 miles) — HQ
Nearby corporate employers expand the regional commuter base and can support renter demand through steady white-collar employment. The list below highlights large, recognized firms within commuting distance.
Delivered in 2012, this 24-unit property is newer than much of the surrounding housing stock, offering competitive positioning versus 1980s-vintage comparables while keeping an eye on normal mid-life capital planning. The immediate neighborhood demonstrates strong occupancy performance—top quartile among 889 metro neighborhoods—supporting lease stability. At the same time, elevated home values in the area reinforce reliance on multifamily rentals, which can aid retention and pricing discipline for well-managed assets.
Within a 3-mile radius, recent and projected increases in population and households point to a growing tenant base that supports occupancy durability. According to commercial real estate analysis from WDSuite, the combination of high neighborhood occupancy, a relatively young vintage, and an expanding commuter employment base positions the asset for steady performance, while investors should remain mindful of lower local renter concentration, modest amenity density, and below-average school ratings when crafting the resident profile and marketing strategy.
- Newer 2012 vintage versus local 1980s stock supports competitive positioning
- Strong neighborhood occupancy (top quartile among 889 metro neighborhoods) supports lease stability
- High-cost ownership market reinforces renter reliance and potential pricing power
- 3-mile population and household growth expands the tenant base and supports occupancy
- Risks: lower local renter concentration, lean amenity density, and below-average school ratings