| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 5th | Poor |
| Amenities | 31st | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 58 Herrick Ave, Spring Valley, NY, 10977, US |
| Region / Metro | Spring Valley |
| Year of Construction | 2013 |
| Units | 24 |
| Transaction Date | 2021-04-16 |
| Transaction Price | $635,000 |
| Buyer | HERSHKOWITZ LUZER |
| Seller | BRUNNER SHAYA |
58 Herrick Ave: Newer 24-Unit Spring Valley Multifamily
High renter concentration and a high-cost ownership market point to durable renter demand in this urban Rockland County location, according to WDSuite’s CRE market data.
Livability indicators suggest everyday convenience with investor-relevant strengths. Grocery access sits in the top quartile nationally and pharmacies also score strongly, while cafes, restaurants, and parks are limited within the immediate neighborhood. Home values are elevated versus national norms, which typically sustains reliance on rentals and can support pricing power; however, it also warrants close attention to affordability and lease management.
At the neighborhood level, occupancy trends are around the national mid-range, and the share of renter-occupied housing is high, indicating a deep tenant base that supports leasing stability. Within a 3-mile radius, demographics show population and household growth alongside a larger-family profile, expanding the pool of renters and reinforcing demand for multifamily units over the medium term. Median contract rents in the 3-mile area have risen over the last five years and are forecast to continue growing, which can aid revenue management, while still requiring careful affordability monitoring.
For investors evaluating asset quality, the property’s 2013 vintage is newer than much of the nearby housing stock (average construction year is closer to the late 2000s), offering relative competitive positioning versus older buildings. Newer construction can reduce near-term capital needs and improve resident appeal; investors should still plan for ongoing systems maintenance and selective upgrades to keep the asset current.
Context within the New York–Jersey City–White Plains metro: neighborhood grocery availability ranks among the stronger cohorts locally and top quartile nationally, while limited recreation and dining options nearby may encourage residents to rely on adjacent submarkets for lifestyle amenities. The combination of high home values and a substantial renter-occupied share signals depth in the tenant base, supporting occupancy stability and renewal potential, provided rent-to-income dynamics are managed prudently.
Safety indicators are mixed but generally compare favorably at the national level. Estimated violent and property offense rates benchmark in higher national percentiles (safer relative to many neighborhoods nationwide), though recent year-over-year estimates indicate an uptick that investors should monitor over time. Framing this within broader metro conditions can help set appropriate underwriting assumptions without over- or under-weighting one-year swings.
Nearby corporate offices provide diverse employment anchors that can support renter demand and retention through commute convenience, including retail apparel, financial services, medical technology, food and beverage, and national retail headquarters.
- Ascena Retail Group — retail apparel HQ (6.7 miles) — HQ
- Prudential Financial — financial services (9.9 miles)
- Becton Dickinson — medical technology (10.5 miles) — HQ
- PepsiCo — food & beverage (13.0 miles)
- Toys "R" Us — retail (14.1 miles) — HQ
58 Herrick Ave offers a newer 2013-built, 24-unit asset positioned in a high renter-occupied neighborhood within the New York–Jersey City–White Plains corridor. Elevated home values in the area reinforce reliance on rentals, while neighborhood occupancy trends sit near national mid-range levels. Within a 3-mile radius, population and household growth expand the tenant base, supporting leasing stability and potential rent growth, according to CRE market data from WDSuite. The property’s newer vintage enhances competitive positioning versus older stock, with scope for targeted upgrades over time.
Investors should balance these strengths with affordability pressure signals and mixed—but generally favorable—safety benchmarks that have shown a recent uptick. Prudent rent-to-income management and realistic underwriting around lease trade-outs can help capture demand while sustaining retention.
- Newer 2013 construction enhances competitiveness versus older neighborhood stock and can temper near-term capex.
- High renter-occupied share and population/household growth within 3 miles support a deeper tenant base and occupancy stability.
- Elevated ownership costs in the area reinforce reliance on rentals, aiding pricing power with careful lease management.
- Nearby corporate offices across finance, healthcare, and consumer sectors add employment diversity that can support demand.
- Risk: affordability pressures and recent safety estimate upticks warrant conservative underwriting and active retention strategies.