| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 5th | Poor |
| Amenities | 31st | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 21 Herrick Ave, Spring Valley, NY, 10977, US |
| Region / Metro | Spring Valley |
| Year of Construction | 2007 |
| Units | 22 |
| Transaction Date | 2011-07-18 |
| Transaction Price | $500,000 |
| Buyer | OBERLANDER MOSHE |
| Seller | BIRNHACK ABRAHAM |
21 Herrick Ave Spring Valley Multifamily Investment
Neighborhood renter-occupied share and elevated ownership costs point to a deep tenant base and steady leasing conditions, according to WDSuite’s CRE market data. All neighborhood metrics cited refer to the surrounding area, not the property itself.
Situated in Spring Valley within the New York–Jersey City–White Plains metro, the property benefits from a neighborhood where renter-occupied housing is prevalent (high renter concentration relative to national norms). For multifamily investors, this indicates depth in the tenant pool and supports renewal potential, while neighborhood occupancy trends sit roughly around the national median per WDSuite’s CRE market data. All neighborhood statistics refer to the surrounding neighborhood, not the property.
Local service access skews practical rather than experiential: grocery and pharmacy density ranks in the higher percentiles nationally, while restaurants, cafes, and parks are limited. This mix favors day-to-day convenience for residents but offers fewer destination amenities. Average school ratings in the neighborhood trend toward the low end nationally, which may influence unit mix positioning and marketing toward renter segments less sensitive to school performance.
Ownership costs in the neighborhood are elevated compared with most areas nationwide (home values sit in a very high national percentile). In investor terms, a high-cost ownership market can reinforce renter reliance on multifamily housing, aiding tenant retention and pricing power where income supports it. At the same time, neighborhood-level median household income ranks below most U.S. neighborhoods, suggesting careful attention to affordability bands and lease management.
Within a 3-mile radius, population and households have expanded and are projected to continue growing, pointing to renter pool expansion and a larger tenant base over the next several years. Median contract rents in the 3-mile area have risen and are forecast to continue rising, which supports revenue growth potential if paired with product quality and targeted unit finishes.
Safety signals are mixed and should be evaluated in context. Compared with other neighborhoods in the New York–Jersey City–White Plains metro (889 total), the area ranks closer to the higher-crime cohort. However, national comparisons indicate stronger relative standing, with violent and property offense rates placing in higher safety percentiles versus neighborhoods nationwide. Recent year-over-year estimates point to an uptick in both violent and property offenses, so investors may wish to underwrite with conservative assumptions and monitor trendlines.
- Ascena Retail Group — retail HQ offices (6.6 miles) — HQ
- Prudential Financial — financial services offices (9.7 miles)
- Becton Dickinson — healthcare & medical technology offices (10.4 miles) — HQ
- PepsiCo — food & beverage corporate offices (13.0 miles)
- Toys "R" Us — consumer retail corporate offices (13.9 miles) — HQ
Nearby corporate offices create a diversified employment base supportive of commuter demand and lease retention, led by retail, financial services, healthcare, consumer goods, and food & beverage firms listed below.
This 22‑unit asset is positioned in a renter-heavy neighborhood where elevated ownership costs help sustain reliance on multifamily housing. Neighborhood occupancy trends are near national norms, while grocery and pharmacy access is strong relative to other amenities, supporting day-to-day livability. Within a 3‑mile radius, population and households have grown and are projected to rise further, indicating a larger tenant base and support for occupancy stability.
According to CRE market data from WDSuite, the surrounding neighborhood shows a high renter-occupied share alongside rising 3‑mile contract rents. That backdrop can support rent growth when paired with thoughtful unit positioning and operations. Key underwriting considerations include income segmentation, rent-to-income affordability pressure in the immediate neighborhood, limited destination amenities, and recent volatility in reported safety trends.
- High renter concentration supports demand depth and renewal potential.
- Elevated home values reinforce reliance on rental housing and can aid pricing power where incomes support it.
- 3-mile population and household growth expand the tenant base and support occupancy stability.
- Proximity to multiple corporate offices supports commuter appeal and leasing stability.
- Risks: affordability pressure, limited destination amenities/schools, and recent safety trend volatility warrant conservative underwriting.