| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Poor |
| Demographics | 74th | Good |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15 Summit Ave, Tappan, NY, 10983, US |
| Region / Metro | Tappan |
| Year of Construction | 2001 |
| Units | 35 |
| Transaction Date | 1999-10-27 |
| Transaction Price | $1,160,000 |
| Buyer | L & M SPRING VALLEY LLC |
| Seller | LUCREZIA SALVATORE |
15 Summit Ave Tappan NY Multifamily Investment
Neighborhood occupancy is exceptionally stable and sits at the top of metro and national comparisons, supporting durable renter demand, according to WDSuite’s CRE market data.
Located in suburban Tappan within Rockland County and the New York–Jersey City–White Plains metro, the property benefits from a neighborhood with near-full occupancy levels. These occupancy metrics are measured at the neighborhood level, not the property, and rank first among 889 metro neighborhoods, signaling strong lease retention dynamics relative to peers. Restaurants and grocery access trend above national norms, while cafes and parks are limited—pointing to day-to-day convenience with fewer lifestyle amenities.
Built in 2001, the asset is newer than the neighborhood’s average construction vintage (1964). That positioning typically improves competitive standing versus older stock and can temper near-term capital needs, though selective system updates or modernization may still be prudent for leasing momentum.
Home values in the area are elevated for the region, which tends to reinforce reliance on multifamily for households that prefer renting. Renter concentration is low at the neighborhood level (share of housing units that are renter-occupied), so depth of demand will hinge on capturing commuters and households prioritizing quality rentals over ownership. Educational attainment trends high and household incomes are strong, supporting credit quality and potential pricing power. This submarket is competitive among New York–Jersey City–White Plains neighborhoods based on broader demographic indicators, per WDSuite.
Within a 3-mile radius, demographics show high-income profiles and a modest decline in population alongside stable household counts historically. Forward-looking data indicate smaller household sizes and an increase in households, which can translate into a larger tenant base and support occupancy stability. Median asking rents in the radius are projected to rise, based on commercial real estate analysis from WDSuite.
Neighborhood-level crime metrics for this area are limited in WDSuite’s dataset, so a precise comparison to other parts of the New York–Jersey City–White Plains metro is not available. Investors typically contextualize safety using multi-source trend reviews at the neighborhood and city levels and avoid block-specific conclusions.
Proximity to major employers supports commuter demand and lease retention, with a mix of financial services, consumer goods, and technology firms within a roughly 7–13 mile radius. The following nearby employers are most relevant to the renter base referenced above.
- Prudential Financial — insurance & financial services (7.4 miles)
- Pepsico — consumer goods (9.4 miles)
- Cognizant Technology Solutions — IT services (10.7 miles) — HQ
- Ascena Retail Group — retail apparel (11.8 miles) — HQ
- Mastercard — payments & financial technology (12.8 miles) — HQ
15 Summit Ave is a 35-unit, 2001-vintage asset positioned in a suburban Rockland County neighborhood where occupancy is among the strongest in the metro and top percentile nationally. Newer construction relative to local stock enhances competitive positioning, while elevated ownership costs in the area tend to sustain rental demand and support pricing discipline. Within a 3-mile radius, high-income households and projected growth in total households—alongside smaller household sizes—point to a gradually expanding renter pool, reinforcing long-run leasing stability.
Demand is further supported by commuter access to a diversified employment base spanning finance, consumer goods, and technology within 7–13 miles. The main risks to underwrite include a low local renter-occupied share (tenure mix), modest population contraction at the radius level, and fewer lifestyle amenities such as parks and cafes. On balance, according to CRE market data from WDSuite, the fundamentals align with a hold-to-improve or light value-add thesis focused on modernization and amenity differentiation versus older nearby inventory.
- Neighborhood occupancy ranks first among 889 metro neighborhoods, supporting leasing stability (neighborhood metric, not property).
- 2001 vintage offers competitive positioning versus older local stock with selective modernization upside.
- High-cost ownership market reinforces renter reliance, aiding retention and pricing power.
- Diversified nearby employers in finance, consumer goods, and tech bolster commuter-driven demand.
- Risks: low renter concentration locally, modest population decline in the radius, and limited lifestyle amenities.