| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Fair |
| Demographics | 43rd | Poor |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15 Park Ave, New City, NY, 10956, US |
| Region / Metro | New City |
| Year of Construction | 1985 |
| Units | 36 |
| Transaction Date | 2023-12-20 |
| Transaction Price | $215,000 |
| Buyer | GOLDMAN DOV |
| Seller | BROWN VIGOTSKY AMY |
15 Park Ave, New City NY Value-Add Multifamily
Neighborhood occupancy trends sit near national norms while a high-cost ownership market supports rental reliance, according to WDSuite’s CRE market data.
This suburban Rockland County location balances everyday convenience with a quieter setting. Grocery access tracks near the national median and park access is stronger than many areas nationwide, while cafes and pharmacies are thinner locally. The neighborhood carries a C- rating and ranks below the metro median among 889 New York–Jersey City–White Plains neighborhoods, signaling average fundamentals that reward careful underwriting.
At the neighborhood level, renter-occupied housing represents a relatively small share of units, which can limit immediate walk-up demand but often supports longer tenures and steadier lease rolls. By contrast, demographics aggregated within a 3-mile radius show a deeper renter base (about one-third of occupied housing is renter-occupied) and continued renter pool expansion, providing a wider catchment for leasing beyond the immediate blocks.
Home values in the neighborhood sit in a high-cost ownership market relative to national norms, which tends to reinforce reliance on multifamily housing and can aid pricing power and lease retention for well-positioned assets. Neighborhood occupancy performance is around the national median but below the metro median, suggesting stabilized operations are achievable with competitive positioning rather than premium assumptions.
Within a 3-mile radius, population and household counts have grown over the last five years and are projected to continue increasing, pointing to a larger tenant base over the medium term. Median contract rents in the 3-mile area have risen and are projected to advance further, which, combined with rising household incomes, supports underwriting for measured rent growth where unit quality and positioning justify it.
Vintage and positioning: Built in 1985, the property is older than the neighborhood’s average construction vintage (late 1990s). Investors should plan for targeted capital projects and consider value-add renovations to sharpen competitive standing against newer stock while leveraging durable suburban demand.
WDSuite does not report a comparable neighborhood crime rank for this location, so investors should benchmark local safety trends against broader Rockland County and nearby suburban peers. As with any suburban New York submarket, underwriting typically incorporates property-level security practices and coordination with local public data to monitor trend direction rather than relying on block-level snapshots.
Nearby corporate offices broaden the white-collar employment base and support commuter-oriented renter demand. Key employers within roughly 10–17 miles include Ascena Retail Group, PepsiCo, Prudential Financial, Becton Dickinson, and IBM.
- Ascena Retail Group — corporate offices (9.4 miles) — HQ
- Pepsico — corporate offices (12.4 miles)
- Prudential Financial — corporate offices (13.1 miles)
- Becton Dickinson — medical technology HQ & offices (13.5 miles) — HQ
- Ibm — technology HQ & offices (16.6 miles) — HQ
15 Park Ave combines a suburban Rockland County setting with a widening 3-mile renter pool and a high-cost ownership environment that supports sustained multifamily demand. Based on CRE market data from WDSuite, neighborhood occupancy trends are near national norms but below the metro median, indicating stabilized operations are attainable with competitive pricing and product. The 1985 vintage suggests scope for value-add upgrades to capture rent premiums versus newer nearby stock.
Demographic momentum within three miles—rising population and households alongside increasing median incomes—supports a larger tenant base over the next several years. Forecast rent growth in the 3-mile area reinforces the case for measured repositioning, while the property’s 36-unit scale can enable focused capital planning and operational attention.
- Suburban location with a widening 3-mile renter base supports leasing depth and occupancy stability.
- High-cost ownership market sustains reliance on rentals, aiding pricing power for well-positioned units.
- 1985 vintage presents value-add and system modernization opportunities to compete with newer stock.
- Near-metro corporate employment nodes underpin commuter demand and lease retention.
- Risks: below-metro-median neighborhood occupancy and thinner on-block amenities require disciplined underwriting and targeted capex.