| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 5th | Poor |
| Amenities | 31st | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 28 Ellish Pkwy, Spring Valley, NY, 10977, US |
| Region / Metro | Spring Valley |
| Year of Construction | 2009 |
| Units | 32 |
| Transaction Date | 2013-08-12 |
| Transaction Price | $525,000 |
| Buyer | SILBERSTEIN RACHEL |
| Seller | SF VINCENT LLC |
28 Ellish Pkwy Spring Valley Multifamily Investment
Neighborhood occupancy sits around the national midrange while renter-occupied share is elevated, indicating a broad tenant base for leasing stability, according to CRE market data from WDSuite.
The property sits within Spring Valley s Urban Core, where neighborhood occupancy is near the national midpoint and renter concentration is high. This supports day-to-day leasing and renewal activity at multifamily assets, though rent-to-income levels suggest careful pricing and lease management to mitigate affordability pressure. Home values in the neighborhood are elevated relative to national norms, which tends to sustain reliance on rentals and can reinforce tenant retention.
Local amenities are mixed: grocery and pharmacy access rank strong nationally, yet parks, cafes, and restaurants are comparatively sparse. For investors, this combination often favors value in providing on-site conveniences and thoughtful resident services to offset amenity gaps and support retention.
Renter-occupied share in the neighborhood is high versus most metro peers (competitive among 889 New York-Jersey City-White Plains neighborhoods), pointing to durable multifamily demand. Median asking rents at the neighborhood level trend above national medians, signaling pricing power where product quality and management execution are strong.
Within a 3-mile radius, population and households have expanded and are projected to continue growing, with a notable increase in households alongside a modest downshift in average household size. This trajectory implies a larger tenant base and steady inflow of renters for a range of unit types, supporting occupancy over the medium term based on CRE market data from WDSuite.
School ratings in the immediate neighborhood trail metro and national averages, which can influence renter preferences for certain floor plans. Investors typically address this with unit mix strategy and amenities that appeal to working households and larger families common in the radius.
Safety trends are mixed. The neighborhood s overall crime profile sits around the national midpoint, but estimated violent and property offense rates benchmark in the stronger end of national comparisons (top decile nationally). Recent year-over-year estimates indicate increases, so underwriting should incorporate prudent reserves and ongoing monitoring rather than assuming continued improvement.
Compared with other New York-Jersey City-White Plains neighborhoods, conditions are competitive rather than leading, and investors typically lean on access control, lighting, and resident engagement to support retention and limit loss-to-lease from safety perceptions.
Nearby corporate offices provide a diversified employment base that underpins renter demand and commute convenience, including roles in retail headquarters, financial services, healthcare devices, consumer goods, and food & beverage. The list below highlights key employers within commuting distance that can support leasing stability.
- Ascena Retail Group retail HQ (6.7 miles) HQ
- Prudential Financial financial services (10.2 miles)
- Becton Dickinson medical devices (10.7 miles) HQ
- PepsiCo food & beverage (13.1 miles)
- Toys "R" Us consumer goods (14.2 miles) HQ
This 32-unit multifamily asset benefits from a renter-driven neighborhood where occupancy trends are stable and ownership costs are high relative to incomes, reinforcing reliance on rental housing. Within the 3-mile radius, population and household growth point to a larger tenant base over time, supporting occupancy durability and consistent leasing, based on CRE market data from WDSuite. Elevated home values suggest sustained demand for well-managed rentals, while limited nearby amenities can be offset through on-site offerings and service quality.
Underwriting should consider rent-to-income pressure in the immediate neighborhood and mixed school ratings. That said, proximity to a diversified set of regional employers and strong grocery/pharmacy access help anchor daily living needs and retention, with scope for targeted value-add through resident experience enhancements.
- Renter-heavy neighborhood supports depth of tenant demand and occupancy stability.
- High-cost ownership market reinforces demand for professionally managed multifamily units.
- 3-mile population and household growth expand the renter pool, aiding lease-up and renewals.
- Strong grocery/pharmacy access offsets thin park/cafe/restaurant inventory nearby.
- Risk: Affordability pressure and lower school ratings require cautious rent setting and resident retention strategy.