| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 71st | Good |
| Amenities | 67th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11 1st St, New City, NY, 10956, US |
| Region / Metro | New City |
| Year of Construction | 2013 |
| Units | 24 |
| Transaction Date | 2024-09-23 |
| Transaction Price | $1,289,000 |
| Buyer | WEINBERGER YOSEF |
| Seller | BALDWIN ONE REALTY LLC |
11 1st St New City Multifamily — Newer Suburban Asset
Stabilized renter demand in a high-income, owner-leaning suburb supports occupancy durability, according to WDSuite’s CRE market data. The property’s newer vintage provides competitive positioning versus older neighborhood stock.
Located in New City within the New York–Jersey City–White Plains metro, the neighborhood carries a B+ rating and ranks 252 out of 889 metro neighborhoods — above the metro median. WDSuite data shows the neighborhood at full occupancy and ranked 1 of 889 for occupancy, indicating exceptionally tight conditions that can support leasing stability.
The area is predominantly owner-occupied, with a relatively low share of renter-occupied units at the neighborhood level. For multifamily investors, that typically means a thinner immediate renter pool but less direct rental competition; depth is reinforced by strong household incomes (top national percentiles) and elevated home values that sustain reliance on multifamily housing for some residents.
Livability fundamentals are favorable: restaurants and cafes score in the top quartile nationally, and childcare access also ranks in the top quartile. Average school ratings are around 4.0 and sit in the upper quartile nationwide, a draw for family renters. Park density is limited within the neighborhood boundary, consistent with its suburban pattern of amenities distributed across a wider area.
Demographics within a 3-mile radius indicate a large, affluent population and modest recent population growth, with projections pointing to increases in both households and the renter share over the next five years. That trend suggests a gradually expanding tenant base that can support occupancy and rent growth management.
Relative to local housing stock that averages from the late 1960s, the subject property’s 2013 construction is materially newer — a competitive advantage versus older assets while still warranting periodic modernization as systems age.
Neighborhood-level crime metrics are not available in the latest WDSuite release for this area. Investors typically benchmark safety using county and metro comparisons alongside property-level operating history; consider supplementing with third-party datasets and on-the-ground diligence to understand recent trends.
Commuter access to nearby corporate offices supports a stable workforce renter base, led by regional headquarters and large employers in consumer goods, retail, finance, and healthcare that appear within typical commuting distance.
- PepsiCo — consumer goods corporate offices (9.9 miles)
- Ascena Retail Group — retail corporate offices (10.7 miles) — HQ
- Prudential Financial — financial services corporate offices (12.7 miles)
- IBM — technology corporate offices (14.2 miles) — HQ
- Becton Dickinson — healthcare products corporate offices (14.5 miles) — HQ
Built in 2013 with 24 units, the property is notably newer than the neighborhood’s average vintage from the late 1960s, strengthening competitive positioning versus older stock and moderating near-term capital needs. Tight neighborhood conditions — with occupancy ranked first among 889 metro neighborhoods — point to strong leasing fundamentals, while elevated ownership costs and high household incomes support renter demand and retention. According to CRE market data from WDSuite, the surrounding area’s amenities and schools score in the upper national quartiles, aligning with family-oriented suburban demand.
Within a 3-mile radius, population has grown modestly and projections indicate increases in households and a rising renter share over the next five years, implying a larger tenant base and support for occupancy stability. While the immediate neighborhood is owner-leaning, this dynamic can limit direct rental competition and favor well-positioned, newer assets like this one.
- Newer 2013 construction versus older local stock supports competitive positioning and reduces near-term CapEx pressure.
- Exceptionally tight neighborhood occupancy (ranked first among 889 metro neighborhoods) supports leasing stability.
- Upper-quartile schools and amenities bolster family renter appeal and retention potential.
- 3-mile demographic projections point to household growth and a rising renter share, expanding the tenant base.
- Risk: Owner-leaning neighborhood implies a thinner immediate renter pool; lease-up may rely on broader 3-mile demand and product differentiation.