| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 53rd | Fair |
| Amenities | 79th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 450 Walnut St, Yonkers, NY, 10701, US |
| Region / Metro | Yonkers |
| Year of Construction | 1997 |
| Units | 50 |
| Transaction Date | 2016-05-19 |
| Transaction Price | $4,750,000 |
| Buyer | 450 TRINITY APARTMENTS LLC |
| Seller | TRINITY SHARP REALTY LLC |
450 Walnut St, Yonkers NY Multifamily Investment
Neighborhood indicators point to durable renter demand and occupancy stability, according to WDSuite’s CRE market data. The surrounding Yonkers urban core shows competitive fundamentals within the New York–Jersey City–White Plains metro that support consistent leasing performance.
The property sits in an Urban Core pocket of Yonkers with a B+ neighborhood rating (ranked 312 of 889 metro neighborhoods), which is competitive among New York–Jersey City–White Plains sub-areas. Neighborhood occupancy is 95.7% and ranks 326 of 889, suggesting above-median stability locally and a supportive backdrop for multifamily operations rather than outsized vacancy risk.
Amenity access is a clear strength: grocery density ranks 229 of 889 (top quartile nationally), restaurants are similarly strong, and parks are abundant at a top-tier national percentile. Pharmacies are sparse in the immediate area, which may require modest adjustments in resident routines, but overall daily-needs convenience remains favorable for retention. NOI per unit is also a relative bright spot, with the neighborhood’s average ranking 107 of 889 (top quartile), underscoring healthy operating performance in the local peer set based on CRE market data from WDSuite.
Tenure dynamics are particularly relevant for investors: an estimated 78% of housing units in the neighborhood are renter-occupied (99th percentile nationally). This high renter concentration points to a deep tenant base and helps support leasing velocity and renewal prospects when managed effectively. Rent-to-income levels trend on the more manageable side versus many urban submarkets, which can aid retention and limit turnover friction.
Within a 3-mile radius, demographics show population growth over the last five years with further increases projected, alongside a notable rise in household counts. This expansion signals a larger tenant base and supports occupancy stability. Forecasts indicate continued growth in households and incomes, which can sustain demand for quality rentals and provide room for measured rent steps where product quality and management fundamentals warrant.
Vintage context matters: with a 1997 construction year compared to an older neighborhood average (1943), the asset should compete well against legacy stock while still benefiting from targeted modernization (common areas, building systems, or unit finishes) to support pricing power.
Safety metrics portray a mixed but improving profile. The neighborhood’s crime rank sits at 140 of 889 metro neighborhoods, indicating comparatively higher incident rates locally, while national percentiles place violent offenses around the middle of U.S. neighborhoods and property offenses modestly better than mid-pack. Importantly, the most recent trend shows violent offenses declining year over year, a constructive signal that aligns with stabilization patterns observed in several urban submarkets.
For investors, the takeaway is to underwrite to neighborhood-level conditions rather than block-by-block assumptions, calibrating security features, lighting, and resident engagement to sustain retention as the broader trend continues to normalize.
The local employment base blends corporate offices and headquarters within a 8–13 mile commute, supporting workforce housing demand and resident retention. Notable nearby employers include Cognizant, Prudential Financial, Mastercard, PepsiCo, and Disney ABC Television Group.
- Cognizant Technology Solutions — IT services (7.8 miles) — HQ
- Prudential Financial — financial services (10.6 miles)
- Mastercard — payments technology (10.8 miles) — HQ
- PepsiCo — food & beverage (12.0 miles) — HQ
- Disney ABC Television Group — media (12.5 miles)
450 Walnut St offers scale at 50 units with a 1997 vintage in a Yonkers sub-area where neighborhood occupancy is competitive and renter concentration is exceptionally high. The asset’s relative youth versus the local 1940s-era average can be leveraged for positioning against older stock, while targeted updates can enhance rent prospects. According to WDSuite’s commercial real estate analysis, the neighborhood ranks top quartile for NOI per unit and shows strong amenity access, supporting day-to-day livability and leasing durability.
Within a 3-mile radius, recent population and household growth—and projections for further increases—point to a larger tenant base over the medium term. Combined with manageable rent-to-income levels locally and elevated home values for the region, the area’s ownership landscape tends to sustain multifamily demand and reduce turnover pressure when operations are well-managed.
- Competitive neighborhood occupancy and deep renter base support leasing stability
- 1997 vintage competes well versus older stock; selective upgrades can drive value
- Top-quartile neighborhood NOI per unit and strong amenity access back operating performance
- 3-mile radius shows growth in households and incomes, expanding the renter pool
- Risks: mixed safety profile and limited nearby pharmacies warrant prudent OPEX planning