| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 5th | Poor |
| Amenities | 31st | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 60 Herrick Ave, Spring Valley, NY, 10977, US |
| Region / Metro | Spring Valley |
| Year of Construction | 2008 |
| Units | 24 |
| Transaction Date | 2023-12-18 |
| Transaction Price | $950,000 |
| Buyer | SCHWARTZ ELIMEILICH |
| Seller | 60 HK THREE CORP |
60 Herrick Ave Spring Valley Multifamily Investment
Renter demand is reinforced by a high renter-occupied share in the neighborhood and expanding household counts nearby, according to WDSuite s CRE market data. Occupancy has held in a mid-range band, suggesting stable leasing with room for asset-level value creation.
Located in Spring Valley within the New York Jersey City White Plains metro, the property sits in an Urban Core neighborhood with a renter-occupied share that ranks 127 out of 889 metro neighborhoods a top quartile position nationally. For investors, that depth of renter households supports ongoing leasing activity and a wider tenant base for a 24-unit asset.
Neighborhood occupancy is reported at 91.9%, which tracks around the middle of national readings while sitting below the metro median. This indicates generally steady demand, but with potential to outperform through asset-level operations and unit positioning.
Daily-needs access is a relative strength: grocery and pharmacy availability score in the 90th-plus national percentiles, while cafes, restaurants, and parks are limited in this immediate area. For multifamily, this mix typically supports retention through convenience even if lifestyle amenity density is modest.
Within a 3-mile radius, population and household counts have grown and are projected to continue rising over the next five years, expanding the local renter pool. Median household incomes in this radius have been trending upward, and projected rent levels are expected to increase alongside demand, according to WDSuite s commercial real estate analysis. Elevated home values in the neighborhood (top national percentiles) create a high-cost ownership market, which tends to sustain reliance on rentals and can support pricing power where unit quality and management execution are strong.
School ratings in the immediate neighborhood track below national norms. Investors should underwrite tenant profile and marketing strategy accordingly, focusing on workforce and family segments that prioritize larger household sizes common to the area.
Safety indicators are mixed. The neighborhood s overall crime rank places it on the higher-incident side within the metro (135 out of 889 neighborhoods), while national benchmarking shows comparatively favorable readings: violent and property offense indicators sit in higher national safety percentiles (top quartile). In practice, investors can view this as generally competitive at the national level with localized variation inside the metro.
Recent-year estimates point to an uptick in both violent and property offense rates. A prudent approach is to underwrite modest security and lighting enhancements and to monitor trend updates through lease-up and renewals rather than assuming continued improvement.
Proximity to a diversified employment base supports workforce housing demand and lease retention. Nearby corporate offices include retail, healthcare, consumer goods, and financial services employers listed below, which provide commuting options that can stabilize occupancy.
- Ascena Retail Group retail apparel (6.7 miles) HQ
- Prudential Financial financial services (9.9 miles)
- Becton Dickinson medical technology (10.5 miles) HQ
- PepsiCo consumer beverages & snacks (13.0 miles)
- Toys "R" Us retail corporate offices (14.1 miles) HQ
This 24-unit asset in Spring Valley benefits from a renter-heavy neighborhood and steady occupancy backdrop. According to CRE market data from WDSuite, the area s renter-occupied share ranks in the top quartile nationally, while grocery and pharmacy access is strong relative to national benchmarks. At the same time, neighborhood occupancy trends sit below the metro median, giving disciplined operators scope to capture upside through renewal management, unit modernization, and targeted marketing.
Within a 3-mile radius, population and households have been expanding and are projected to continue growing, pointing to a larger tenant base over the medium term. Elevated neighborhood home values versus incomes suggest a high-cost ownership context that can sustain rental demand, though rent-to-income levels imply some affordability pressure that warrants careful lease management and unit mix strategy.
- Renter-heavy neighborhood supports a deeper tenant pool and demand stability.
- Daily-needs amenities (grocery, pharmacy) rank strong nationally, aiding retention.
- 3-mile population and household growth underpin leasing and renewal momentum.
- High-cost ownership market can reinforce rental reliance and pricing power for well-positioned units.
- Risks: below-metro occupancy, limited lifestyle amenities, rising safety estimates, and affordability pressure require active management.