| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Poor |
| Demographics | 74th | Good |
| Amenities | 39th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 215 Washington St, Tappan, NY, 10983, US |
| Region / Metro | Tappan |
| Year of Construction | 1983 |
| Units | 32 |
| Transaction Date | 2016-02-26 |
| Transaction Price | $250,000 |
| Buyer | LOMBARDI TRUST |
| Seller | MCLARNON KEVIN |
215 Washington St, Tappan NY Multifamily Investment
Neighborhood fundamentals point to stable occupancy and affluent demand drivers, according to WDSuite’s CRE market data, though the renter base is relatively limited in this suburban pocket.
Tappan sits within the New York–Jersey City–White Plains metro and skews suburban with strong household incomes and high home values. Neighborhood home values are elevated (89th percentile nationally), which signals a high-cost ownership market that can sustain rental demand among households prioritizing flexibility, while the heavy owner tilt means the renter-occupied share is smaller than most areas. For investors, this typically supports retention and pricing power for well-positioned units, but may require more targeted leasing to reach a thinner tenant pool.
Amenity access is mixed: grocery and pharmacy access trend above national norms (around the 75th–78th percentiles), and restaurant density is competitive (81st percentile), while parks, cafes, and childcare are sparse in the immediate neighborhood. This balance suggests daily needs are convenient, but property-level amenities and professional management can be important differentiators for lease-up and renewals.
Neighborhood occupancy is reported at 100% with the top rank among 889 metro neighborhoods — a neighborhood-level indicator, not a property guarantee — which supports an underwriting view of steady demand when assets are maintained and positioned appropriately. The neighborhood’s construction vintage skews older (average 1964), and the subject property’s 1983 build is newer than local stock, implying relative competitiveness versus older assets; investors should still plan for system updates and modernization common to 1980s construction.
Demographics within a 3-mile radius show steady-to-soft population trends in recent years with rising incomes and a projected increase in total households alongside smaller average household size. This points to a larger pool of households relative to population and can translate into a broader renter base over time, supporting occupancy stability. Median contract rents in the 3-mile area are projected to rise meaningfully over the next five years, which underscores revenue potential but also calls for attentive lease management to monitor affordability pressure.
Comparable, property-level crime metrics are not reported by WDSuite for this neighborhood. Investors commonly benchmark safety using municipal statistics, police department releases, and insurer data, paired with on-the-ground diligence (daypart visits, visibility, lighting, and access control review). This approach helps contextualize resident retention and insurance considerations without over-relying on block-level claims.
The area draws from a diversified employment base across financial services, consumer goods, IT services, and payments, supporting commuter convenience and renter demand from professionals tied to nearby offices.
- Prudential Financial — financial services (7.9 miles)
- PepsiCo — consumer goods (9.0 miles)
- Cognizant Technology Solutions — IT services (10.7 miles) — HQ
- Mastercard — payments technology (12.2 miles) — HQ
- Ascena Retail Group — retail (12.5 miles) — HQ
215 Washington St offers a 1983-vintage, suburban Rockland County location where neighborhood occupancy reads as fully absorbed and home values are high. Based on CRE market data from WDSuite, the surrounding neighborhood trends toward strong household incomes and an owner-tilted housing mix, which can support rent resilience for quality multifamily but may narrow the depth of the immediate renter pool. Nearby daily-needs amenities are solid, and proximity to diversified employers underpins commuter-oriented demand.
Investor considerations center on operational execution and positioning: 1980s construction typically benefits from targeted capital plans (systems, interiors, curb appeal) to out-compete older local stock. Three-mile demographics show growing household counts alongside smaller household sizes and rising incomes, supporting renter pool expansion and lease retention. Forward rent growth expectations are constructive, while affordability pressure and modest population softness remain watch items.
- Neighborhood-level occupancy strength supports stability when assets are well maintained and marketed.
- 1983 vintage provides value-add and modernization levers versus older neighborhood stock.
- Diversified nearby employers and solid daily-needs access bolster commuter demand.
- Rising incomes and projected household growth within 3 miles support rent and retention potential.
- Risks: thinner renter concentration locally, amenity gaps (parks/cafes), and affordability pressure as rents rise.