| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 71st | Good |
| Amenities | 67th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9 1st St, New City, NY, 10956, US |
| Region / Metro | New City |
| Year of Construction | 2012 |
| Units | 22 |
| Transaction Date | 2011-06-30 |
| Transaction Price | $482,500 |
| Buyer | WEISS ISAAC |
| Seller | THE SHEFA TRUST |
9 1st St New City Multifamily — 2012 Build in Tight-Occupancy Submarket
Newer construction in a suburban Rockland County location where neighborhood occupancy is fully absorbed, according to WDSuite’s CRE market data. The combination of high household incomes and limited rental stock supports durable renter demand and pricing discipline.
The property sits in a suburban B+ neighborhood that is competitive among New York-Jersey City-White Plains metro neighborhoods (rank 252 of 889). Neighborhood occupancy registers at 100% with the top rank in the metro, a signal of tight supply that can support rent stability; this occupancy metric reflects the neighborhood, not the property.
Renter-occupied share in the neighborhood is relatively low, indicating a smaller but financially resilient tenant base. Elevated home values in the area reinforce reliance on multifamily housing, while a rent-to-income ratio around the mid-teens suggests manageable affordability pressure that can aid lease retention.
Within a 3-mile radius, population and household trends point to a larger tenant base over the next five years, with incomes rising and a substantial share of higher-earning households. Mid-cycle multifamily property research from WDSuite indicates forecast rent growth alongside an increasing renter pool, supporting occupancy stability and steady leasing.
Local amenities skew favorable for family-oriented renters: restaurants, cafes, and childcare options are above national norms, and average school ratings are strong (top quartile nationally). Park access is limited within the immediate neighborhood, so residents may rely on nearby regional open-space assets for recreation.
Comparable neighborhood-level crime data are not available in WDSuite for this location. Investors typically benchmark conditions against municipal or county sources and track multi-year trends to understand directionality rather than relying on single-year snapshots.
- Pepsico — corporate offices (9.9 miles)
- Ascena Retail Group — corporate offices (10.7 miles) — HQ
- Prudential Financial — corporate offices (12.7 miles)
- Ibm — corporate offices (14.2 miles) — HQ
- Becton Dickinson — corporate offices (14.5 miles) — HQ
Nearby corporate employers help underpin renter demand through well-paid jobs and reasonable commute times, including Pepsico, Ascena Retail Group, Prudential Financial, IBM, and Becton Dickinson.
Built in 2012, this 22‑unit asset is materially newer than the area’s typical housing stock, which can reduce near-term capital needs and provide a competitive edge versus older properties while still allowing selective upgrades to position for premium renewals. Tight neighborhood occupancy and high household incomes point to durable renter demand and steady leasing.
Within a 3-mile radius, population growth and an expected increase in households expand the tenant base, and ownership costs remain elevated relative to incomes, sustaining rental reliance. According to CRE market data from WDSuite, neighborhood fundamentals and forecast rent growth support an income-focused hold with potential to capture incremental upside through targeted renovations and disciplined lease management.
- Newer 2012 vintage versus older local stock supports competitiveness and moderates near-term capex.
- Tight neighborhood occupancy and high-income households support pricing power and retention.
- 3-mile growth outlook expands the renter pool, aligning with forecast rent gains.
- Value-add potential via selective interior updates and amenity refresh to capture renewals.
- Risks: limited nearby park access and a smaller renter-occupied share may temper leasing velocity; proactive marketing and renewal management are important.