| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Good |
| Demographics | 52nd | Good |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7 Elk Dr, Monticello, NY, 12701, US |
| Region / Metro | Monticello |
| Year of Construction | 1980 |
| Units | 31 |
| Transaction Date | 2022-07-05 |
| Transaction Price | $5,480,769 |
| Buyer | COLONIAL HILL DE LLC |
| Seller | ELK COLONIAL HILL LLC |
7 Elk Dr Monticello NY Multifamily Investment
Renter-occupied housing is prevalent in the neighborhood, supporting a consistent tenant base, according to WDSuite’s CRE market data. Positioning and amenity access point to stable day-to-day livability for workforce renters.
Monticello’s neighborhood around 7 Elk Dr ranks first among 62 metro neighborhoods (A+ rating), indicating strong relative local fundamentals at the neighborhood scale based on CRE market data from WDSuite. The area functions as an inner suburb with everyday conveniences close by, which can support leasing and retention for a 31-unit asset.
Amenities are a relative strength: neighborhood counts for cafes, groceries, and pharmacies rank near the top of the metro (each competitive among 62 neighborhoods) and sit above the national median. Park access is limited (lowest rank in the metro), so outdoor space and on-site amenities may play an outsized role in resident satisfaction and retention.
The property’s 1980 construction is newer than the neighborhood’s average vintage (1959). Investors should plan for system updates typical of 1980s assets, with potential value-add through unit modernization to remain competitive against older stock.
Within a 3-mile radius, household incomes skew lower versus national norms, and median home values track below national medians. This combination often sustains rental reliance by making ownership less prevalent, while the neighborhood’s renter-occupied share (52.3% of housing units) signals a deep tenant pool. Median contract rents benchmark below national levels, which can aid lease-up but may temper near-term pricing power; disciplined revenue management remains important.
Neighborhood occupancy runs below national norms, suggesting some slack in local housing demand. Operators should emphasize unit quality and service to capture share; value-forward positioning and modest renovations can be effective in markets with lower headline rents and mixed occupancy trends.
Comparable safety statistics at the neighborhood level are not available in WDSuite’s dataset for this location. Investors typically benchmark reported trends against both metro-wide and county contexts to understand relative positioning and trajectory rather than relying on block-level anecdotes. Where data is available, focusing on multi-year directionality and peer comparisons tends to provide the most useful underwriting context.
This 31-unit, 1980-vintage asset benefits from a top-ranked neighborhood within the Monticello metro (first of 62), everyday amenity access, and a renter-occupied housing share that points to a durable tenant base. Median contract rents trend below national levels, which supports lease-up and retention; pairing this with targeted renovations can help drive competitive positioning against older local stock. According to CRE market data from WDSuite, neighborhood occupancy trails national norms, so execution will hinge on value-forward unit finishes, service quality, and disciplined leasing.
Lower median home values in the area can reinforce reliance on rental housing, while the property’s larger average unit sizes for the sub-100-unit class can appeal to residents seeking space. The primary risks are softer neighborhood occupancy and limited park access; both can be mitigated through on-site amenity emphasis and hands-on operations.
- Top-ranked neighborhood in the metro supports renter demand and daily convenience
- 1980 vintage offers value-add potential via targeted unit and system updates
- Below-national median rents aid lease-up and retention with thoughtful revenue management
- Renter-occupied share (52.3%) indicates depth of tenant base in the neighborhood
- Risks: neighborhood occupancy below national norms and limited park access require strong operations