| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Best |
| Demographics | 54th | Fair |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 151 State Route 32 S, New Paltz, NY, 12561, US |
| Region / Metro | New Paltz |
| Year of Construction | 2004 |
| Units | 33 |
| Transaction Date | 2018-09-26 |
| Transaction Price | $4,000,000 |
| Buyer | BEDFORD & WYTHE LLC |
| Seller | BELLA TERRA NEW PALTZ LLC |
151 State Route 32 S New Paltz Multifamily Investment
Renter demand is supported by a high share of renter-occupied housing in the neighborhood and elevated ownership costs, according to WDSuite’s CRE market data. Occupancy has trended upward in recent years, pointing to stable leasing fundamentals for a professionally managed asset.
Located in an Inner Suburb of the Kingston, NY metro, the neighborhood posts an A rating and ranks 5th of 86 neighborhoods locally, making it competitive among Kingston neighborhoods. Amenity access is solid by metro standards—grocery, pharmacies, and parks rank near the top of the 86-neighborhood cohort—while café density is thinner, which typically favors necessity-driven trips over discretionary foot traffic.
Multifamily fundamentals are balanced. Neighborhood occupancy sits in the high‑80s and has improved over the past five years, supporting steady cash flow management. About six in ten housing units are renter‑occupied, indicating a meaningful renter base and depth for leasing. Median contract rents track close to area norms, with the rent‑to‑income ratio around the high‑20s, which suggests manageable affordability pressure and routine lease management considerations for operators.
Within a 3‑mile radius, demographics point to a growing renter pool: population has inched higher recently and households have increased, with forecasts calling for further household growth and slightly smaller average household sizes. This combination generally expands the addressable tenant base and can support occupancy stability over a multi‑year hold.
Schools average roughly mid‑3 out of 5 and amenities test in the low‑60s percentiles nationally, indicating serviceable quality of life relative to U.S. peers. Home values benchmark above national medians and the neighborhood’s value‑to‑income ratio sits in the top decile nationally, signaling a high‑cost ownership market that tends to reinforce reliance on rental housing and bolster tenant retention.
Comparable crime metrics are not available in WDSuite for this neighborhood, so investors should benchmark municipal reports and regional trend data for context. A prudent approach is to compare multi‑year city and county reporting, focusing on trends rather than single‑year changes, and to align on-site security and lighting standards with typical Inner Suburb assets in the Kingston, NY metro.
Regional employment is diversified across manufacturing and services, with access to major employers supporting commuter demand from the submarket. Listed below are nearby anchors relevant to resident employment and lease retention.
- Praxair — industrial gases (37.1 miles) — HQ
Built in 2004, the property is newer than much of the surrounding housing stock, providing competitive positioning versus older rental inventory while leaving room for selective modernization to enhance rents and retention. The neighborhood’s renter concentration and rising occupancy support steady leasing, while elevated ownership costs locally tend to keep households in the rental market. Based on CRE market data from WDSuite, area amenities and service access are strong by metro standards, which aligns with durable, necessity‑driven demand profiles.
Within a 3‑mile radius, recent population gains, an increase in households, and projections for further household growth point to renter pool expansion over the mid‑term. Operators should plan for routine turns and light value‑add as systems age, using targeted upgrades to maintain competitiveness against newer deliveries across the Kingston region.
- Newer 2004 vintage offers competitive edge versus older neighborhood stock with selective modernization upside.
- Neighborhood renter concentration and improving occupancy support demand depth and leasing stability.
- Elevated ownership costs locally reinforce reliance on multifamily, aiding retention and pricing power.
- 3‑mile demographics indicate population and household growth, expanding the tenant base over time.
- Risk: amenity mix skews toward necessities and regional commutes, so leasing may be sensitive to job access and competitive upgrades by newer assets.