| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 90th | Best |
| Demographics | 2nd | Poor |
| Amenities | 44th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15 Koritz Way, Spring Valley, NY, 10977, US |
| Region / Metro | Spring Valley |
| Year of Construction | 2001 |
| Units | 22 |
| Transaction Date | 2018-11-29 |
| Transaction Price | $416,500 |
| Buyer | 15 KORITZ LLC |
| Seller | REICHMANN JACOB |
15 Koritz Way Spring Valley Multifamily Investment
Neighborhood fundamentals point to steady renter demand and high occupancy, according to WDSuite’s CRE market data. Investors should note the area’s strong renter concentration and a high-cost ownership backdrop that can support pricing power and retention.
Located in Spring Valley within the New York–Jersey City–White Plains metro, the property benefits from a renter-driven neighborhood and tight conditions. The neighborhood’s occupancy ranks 99th out of 889 metro neighborhoods — competitive among New York–Jersey City–White Plains neighborhoods and in the top decile nationally — signaling durable leasing performance based on CRE market data from WDSuite. Renter-occupied units account for a large share of the neighborhood’s housing stock, indicating depth in the tenant base and support for multifamily absorption and renewal activity.
Local amenity access skews practical: grocery and pharmacy density track above national norms, while parks, childcare, and full-service restaurants are comparatively limited. Cafe density is notably strong (nationally high percentile), which helps daily convenience, but investors should underwrite around lifestyle amenity gaps that may matter for some renters.
Home values in the neighborhood are elevated relative to incomes, with value-to-income metrics ranking near the top among 889 metro neighborhoods and in the highest national percentile. This indicates a high-cost ownership market that tends to reinforce reliance on rental housing and can support lease retention and pricing discipline for well-managed assets. At the same time, rent-to-income readings suggest affordability pressure for some households, which calls for careful lease management and renewal strategies.
Vintage context: the property was built in 2001 versus a neighborhood average vintage around the mid‑2000s. Being slightly older than nearby stock points to routine capital planning and selective renovations to remain competitive; conversely, newer surrounding inventory may command premiums, creating a clear value‑add pathway for an upgraded offering.
Within a 3‑mile radius, population and household counts have expanded over the last five years and are projected to continue rising, indicating a larger tenant base ahead. Household size remains above national norms in this radius, which can favor larger floor plans; assets with smaller units may rely more on singles and couples segments and should position amenities and pricing accordingly.
Neighborhood‑level crime estimates were not available in WDSuite for this location at the time of analysis. Investors typically benchmark safety by comparing neighborhood conditions to metro and county trends and by reviewing recent municipal reports for context. As with any urban‑core setting, it’s prudent to assess property‑level security practices and review multi‑year trend data rather than single‑period readings.
Nearby corporate offices provide a diversified white‑collar employment base that supports renter demand and commute convenience for residents, including Ascena Retail Group, Prudential Financial, PepsiCo, Becton Dickinson, and Toys "R" Us.
- Ascena Retail Group — retail apparel HQ (8.6 miles) — HQ
- Prudential Financial — financial services (11.9 miles)
- PepsiCo — food & beverage (12.1 miles)
- Becton Dickinson — medical technology (12.6 miles) — HQ
- Toys "R" Us — retail (16.2 miles) — HQ
15 Koritz Way offers exposure to a renter‑heavy neighborhood with tight occupancy and a high‑cost ownership environment that sustains reliance on multifamily housing. Built in 2001, the asset is slightly older than the neighborhood’s average vintage, creating a practical value‑add path via targeted upgrades to remain competitive against mid‑2000s stock. According to commercial real estate analysis from WDSuite, neighborhood occupancy is strong relative to the metro and in the top tier nationally, which supports stability for well‑positioned properties.
Within a 3‑mile radius, population and household growth — with additional increases projected — point to a larger tenant base over time. Elevated home values relative to incomes bolster rental demand, while amenity coverage favors daily needs (grocery/pharmacy) more than recreation, suggesting an underwriting focus on service convenience and on‑site offerings. Affordability pressure for some renter cohorts remains a key watch‑item, placing emphasis on disciplined lease management and renewal strategies.
- Tight neighborhood occupancy supports leasing stability relative to the metro and nationally
- High-cost ownership market reinforces renter reliance and pricing power for efficient operators
- 2001 vintage enables targeted upgrades for competitive positioning versus mid‑2000s stock
- 3‑mile population and household growth expands the tenant base, supporting absorption
- Risks: affordability pressure for some renters and limited nearby recreation amenities warrant careful lease and amenity strategy