| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 82nd | Best |
| Amenities | 43rd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 68 Lake St, White Plains, NY, 10603, US |
| Region / Metro | White Plains |
| Year of Construction | 2013 |
| Units | 31 |
| Transaction Date | 2017-04-20 |
| Transaction Price | $11,500,000 |
| Buyer | 331 CENTRAL AVE LLC |
| Seller | APUOVIA LLC |
68 Lake St, White Plains Multifamily Investment
Modern 2013 construction in White Plains’ urban core positions this 31-unit asset for durable renter demand and competitive leasing, according to WDSuite’s CRE market data. Neighborhood occupancy sits in the low 90s, supported by strong household incomes and a deep employment base.
The property sits within an Urban Core neighborhood of the New York–Jersey City–White Plains metro that is competitive among metro neighborhoods (ranked 373 of 889). Household incomes test well above many areas (national 86th percentile), which can underpin rent collections and renewal stability. Median contract rents in the neighborhood are high versus the nation (91st percentile), reflecting a demand profile consistent with central Westchester. Neighborhood occupancy is approximately 92.7%, indicating generally healthy leasing conditions at the area level (per CRE market data from WDSuite).
Livability signals are mixed but serviceable for renters. Grocery and park access score in the low 90s percentiles nationally, while restaurant density is above average (74th percentile). Café and pharmacy density is limited within the immediate neighborhood, so residents may rely on nearby districts for those conveniences. For schools, investors should underwrite to specific attendance zones and alternatives, as standardized neighborhood school ratings are not available in this dataset.
Tenure patterns suggest a balanced renter base: roughly 44% of housing units are renter-occupied at the neighborhood level. This supports a meaningful pool of prospective tenants without oversaturation, helping stabilize leasing in varied economic conditions. The rent-to-income ratio around 25% indicates manageable affordability pressure relative to local incomes, which can aid retention and reduce turnover volatility.
Within a 3-mile radius, demographics point to steady demand drivers: population increased modestly over the last five years (~1.7%), households expanded (~6.2%), and families grew (~7.2%). WDSuite’s projections point to further renter pool expansion through 2028 as households are expected to grow materially, with median incomes also trending higher. For multifamily investors, that combination supports occupancy stability and measured pricing power over a longer horizon.
Ownership costs in the neighborhood are meaningful for Westchester (home values in the low-to-mid $300Ks with a value-to-income ratio just under 4), which helps sustain reliance on rental housing even among higher-earning households. This context can reinforce depth of demand for quality, professionally managed apartments, particularly assets with contemporary finishes and efficient layouts.
Comparable safety context for this specific neighborhood cannot be assessed from the current WDSuite dataset, as metro-ranked crime measures and national percentiles are not available here. Investors typically corroborate on-the-ground conditions through municipal reports, third-party crime analytics, and property-level incident histories to complete underwriting.
Given the lack of ranked/percentile crime data for this neighborhood, a prudent approach is to review recent trends for the broader White Plains area and compare them with peer neighborhoods in the New York–Jersey City–White Plains metro before setting operating assumptions.
Proximity to finance, payments, consumer goods, technology, and logistics employers supports commuter convenience and a diversified renter base. Notable nearby employers include Citizens Bank home mortgages, Mastercard, PepsiCo, IBM, and XPO Logistics.
- Fernando DaCunha - Citizens Bank, Home Mortgages — financial services (1.6 miles)
- Mastercard — payments (2.7 miles) — HQ
- Pepsico — consumer goods (3.4 miles) — HQ
- Pepsico — consumer goods (5.0 miles)
- Ibm — technology (5.2 miles) — HQ
- Xpo Logistics — logistics (5.9 miles) — HQ
Built in 2013, the asset is materially newer than the neighborhood’s average vintage (1970s), offering competitive positioning versus older Westchester stock while keeping an eye on mid-life system maintenance over the hold. At the neighborhood level, high income profiles and a rent-to-income ratio near 25% suggest durable collections and renewal capacity. Occupancy around 92.7% and above-average amenity access (groceries, parks, and restaurants) further support demand resilience, based on CRE market data from WDSuite.
Within a 3-mile radius, households have grown and are expected to expand further through 2028, pointing to a larger tenant base over time. Balanced renter concentration in the immediate neighborhood (~44% renter-occupied units) limits overexposure while maintaining depth, and elevated ownership costs for Westchester sustain reliance on quality rental options. Key underwriting considerations include slight softening in neighborhood occupancy over five years and limited café/pharmacy density in the immediate area.
- 2013 vintage competes well versus older local stock; plan for routine mid-life CapEx
- Strong income base and rent-to-income near 25% support collections and renewals
- Neighborhood occupancy ~93% and robust employer proximity underpin leasing stability
- 3-mile household growth and forecasts indicate a larger renter pool over time
- Risks: recent occupancy softening and limited café/pharmacy density near the property