| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 67th | Fair |
| Demographics | 43rd | Poor |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9 Park Ave, New City, NY, 10956, US |
| Region / Metro | New City |
| Year of Construction | 1976 |
| Units | 52 |
| Transaction Date | 2012-12-31 |
| Transaction Price | $4,050,000 |
| Buyer | PARK AVE NY LLC |
| Seller | JULIANN GARDEN APARTMENTS INC |
9 Park Ave, New City Multifamily Value-Add Opportunity
Positioned in a high-cost ownership pocket of Rockland County, the asset can target renters priced out of buying while maintaining occupancy resilience, according to WDSuite’s CRE market data. The core takeaway: stable suburban fundamentals with value-add potential from an older 1976 vintage.
New City sits within the New York–Jersey City–White Plains metro and skews suburban, with neighborhood-level occupancy near the national midpoint and home values elevated. The neighborhood’s occupancy is in the national middle tier (53rd percentile), suggesting generally steady leasing conditions without outsized volatility.
Amenities are mixed: grocery access tracks around the national median, while cafes and pharmacies are thinner than typical. At the metro level, the neighborhood’s overall standing is below the metro median (rank 749 among 889 metro neighborhoods), so investors should underwrite demand using submarket and 3-mile drivers rather than relying on immediate-block amenity density.
Tenure patterns differ by geography. At the immediate neighborhood level, renter-occupied share is limited, indicating a primarily owner-occupied area and a more selective renter pool. Within a 3-mile radius, however, renter-occupied units account for roughly one-third of housing, with median incomes above $110,000 and rising—factors that expand the depth of qualified tenants and support rent collections.
Home values in the neighborhood are high relative to the nation (92nd percentile for median value), and the value-to-income ratio trends high as well. In practice, this high-cost ownership market sustains reliance on rental housing and can support pricing power for well-positioned product, particularly smaller formats that trade at lower absolute rents.
Demographics aggregated within a 3-mile radius indicate recent population growth and a projected increase in households over the next five years, pointing to a larger tenant base. Family presence is significant, but the age mix is balanced, which helps diversify demand across studios and smaller layouts as well as larger units where available.
Neighborhood-level crime metrics are not available in the provided WDSuite dataset for this location. Investors commonly benchmark safety by comparing submarket and municipal trend data, local law enforcement reports, and property-level security measures during due diligence to contextualize leasing and retention risk.
Given the suburban context and predominantly owner-occupied housing nearby, many investors expect stable day-to-day conditions, but on-site assessments, insurance quotes, and recent incident trends should be reviewed to align operating assumptions with reality.
The location draws from a diverse regional employment base, supporting workforce housing demand and commute convenience. Key nearby employers include Ascena Retail Group, PepsiCo, Prudential Financial, Becton Dickinson, and IBM.
- Ascena Retail Group — apparel retail (9.4 miles) — HQ
- Pepsico — food & beverage offices (12.4 miles)
- Prudential Financial — financial services (13.1 miles)
- Becton Dickinson — medical technology (13.6 miles) — HQ
- Ibm — technology & services (16.6 miles) — HQ
Built in 1976, this 52-unit property is older than the neighborhood’s average construction year, creating clear value-add angles through modernization and targeted capital planning. The immediate neighborhood shows mid-range occupancy, while a high-cost ownership landscape and growing 3-mile renter pool support runway for stabilized demand. According to CRE market data from WDSuite, neighborhood-level home values are high versus national norms, which tends to reinforce rental reliance when units are positioned with competitive finishes and manageable absolute rents.
The unit mix skews small by average square footage, indicating a studio-forward profile that can capture singles and downsizing households seeking lower total monthly outlays. With grocery access around the national median but thinner café/pharmacy density nearby, leasing strategy should emphasize convenience to regional job centers and refreshed interiors rather than immediate-block amenity appeal.
- High-cost ownership market supports rental demand and pricing discipline
- 1976 vintage offers value-add and systems modernization upside
- 3-mile demographics point to population and household growth, expanding the tenant base
- Small average unit size aligns with budget-conscious renters seeking lower absolute rents
- Risks: thinner immediate amenity density and lower neighborhood renter concentration may slow lease-up without targeted marketing and competitive finishes