| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 87th | Best |
| Demographics | 5th | Poor |
| Amenities | 31st | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9 First St, Spring Valley, NY, 10977, US |
| Region / Metro | Spring Valley |
| Year of Construction | 2012 |
| Units | 22 |
| Transaction Date | 2013-07-23 |
| Transaction Price | $193,600 |
| Buyer | SCHWARTZ NUSSEN |
| Seller | 9 FIRST STREET LLC |
9 First St Spring Valley 22-Unit Multifamily Investment
Neighborhood renter concentration and a high-cost ownership market point to durable tenant demand, according to WDSuite’s CRE market data, while occupancy trends in the area suggest steady leasing conditions.
Located in Spring Valley, this 22-unit asset sits in an Urban Core neighborhood where the share of housing units that are renter-occupied is high, supporting a deeper tenant base and helping sustain occupancy. The property s 2012 vintage is newer than nearby stock on average (2008), offering competitive positioning versus older buildings while still warranting routine capital planning for systems over the hold period.
Local amenity coverage is mixed. Grocery and pharmacy access is strong relative to many neighborhoods nationwide, but on-site walkability to cafes, restaurants, parks, and childcare is thinner. For investors, that combination can translate to solid day-to-day convenience without premium amenity pricing pressures.
Within a 3-mile radius, demographics indicate a growing renter pool: population and households have expanded in recent years and are projected to continue increasing, which tends to support leasing velocity and occupancy stability. Household sizes are larger than national norms and are expected to edge lower over time, suggesting evolving unit-mix needs but continued depth in family-oriented demand.
Home values in the neighborhood are elevated compared with national benchmarks, while neighborhood-level rent-to-income ratios are higher as well. For multifamily investors, that mix typically reinforces renter reliance on apartments but calls for attentive lease management and pricing strategies to mitigate affordability pressure. School ratings in the immediate neighborhood trend lower than national norms; investors should underwrite this into marketing and tenant profile expectations rather than expect it to be a draw.
Safety metrics compare favorably in a broader context. Based on WDSuite s data, the neighborhood scores in the top quartile among 889 metro neighborhoods and ranks in the higher national percentiles for safety, indicating comparatively lower reported offense rates versus many areas nationwide. As with any urban submarket, conditions can vary by block and over time; underwriting should focus on recent trend lines and property-level security measures rather than point estimates.
Proximity to regional employers supports workforce housing demand and commute convenience. Notable nearby employers include Ascena Retail Group, Prudential Financial, Becton Dickinson, PepsiCo, and Toys R Us.
- Ascena Retail Group corporate offices (6.8 miles) HQ
- Prudential Financial corporate offices (10.1 miles)
- Becton Dickinson corporate offices (10.7 miles) HQ
- Pepsico corporate offices (13.0 miles)
- Toys "R" Us corporate offices (14.2 miles) HQ
9 First St offers a 2012-vintage, 22-unit footprint positioned in a renter-heavy Urban Core. Elevated ownership costs in the neighborhood tend to sustain apartment demand, while area occupancy trends indicate steady leasing. Within a 3-mile radius, recent and forecast increases in population and households point to a larger tenant base, supporting occupancy stability and retention. Based on CRE market data from WDSuite, the property competes against slightly older local stock, which may provide an edge with measured capital planning.
Key underwriting considerations include thinner lifestyle amenities and lower neighborhood school ratings, which may influence marketing strategy and tenant mix. Neighborhood-level rent-to-income ratios trend higher, so operators should emphasize renewals, income verification, and staggered increases to balance revenue goals with retention risk.
- Renter-occupied share in the neighborhood supports depth of demand and stable occupancy
- 2012 construction offers competitive positioning versus older nearby stock with manageable capex planning
- 3-mile population and household growth expand the tenant base and support leasing velocity
- Elevated neighborhood home values reinforce reliance on rental housing, aiding pricing power over time
- Risks: thinner amenities, lower school ratings, and higher rent-to-income ratios require disciplined leasing and retention strategies