| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Poor |
| Demographics | 28th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1138 Washington Ave, Bronx, NY, 10456, US |
| Region / Metro | Bronx |
| Year of Construction | 2006 |
| Units | 51 |
| Transaction Date | 2023-12-31 |
| Transaction Price | $3,244,121 |
| Buyer | BEULAH IM LLC |
| Seller | THE RICHMAN GROUP CAPITAL CORPORATION |
1138 Washington Ave Bronx Multifamily Investment
Neighborhood occupancy remains strong and renter demand is deep, according to WDSuite s CRE market data, positioning this 2007 asset for stable leasing relative to nearby inventory. With a renter-heavy housing stock and dense amenities, the asset benefits from consistent tenant traffic but will require active affordability management.
Located in the Urban Core of the Bronx, the neighborhood posts competitive amenity access among 889 New York 2013Jersey City 2013White Plains neighborhoods and sits in the top tier nationally for everyday conveniences (grocery, pharmacies, parks, and dining). This density supports resident retention and reduces friction during leasing, a useful tailwind for smaller-unit product.
Occupancy for the neighborhood trends high and has strengthened over the past five years, placing it in the top quartile nationally for stability based on CRE market data from WDSuite. Renter concentration is very high (share of units that are renter-occupied), indicating a large tenant base that supports ongoing absorption and renewals.
The average local building vintage skews older (1970s), while this property was built in 2007. The newer vintage improves competitive positioning versus older stock and can moderate near-term capital needs; however, investors should still plan for system updates and selective modernization to support rent growth and retention.
Within a 3-mile radius, demographics show household counts have increased and are projected to continue rising even as average household size declines. This points to a larger renter pool and demand for smaller units, supporting occupancy stability for compact floor plans. Median rents sit around the national middle, but elevated rent-to-income ratios in the neighborhood suggest potential affordability pressure 2014an important consideration for renewal strategy and pricing. Meanwhile, relatively lower home values for the region can create some competition with ownership, yet the prevailing renter-occupied share continues to reinforce multifamily reliance.
School ratings in the neighborhood track below national averages, which can be a consideration for family-oriented renters. That said, high transit and amenity accessibility typical of the Bronx 2019s Urban Core helps sustain steady renter demand across workforce segments.
Safety indicators for the neighborhood rank below the national median, with crime measures tracking in lower national percentiles compared to U.S. neighborhoods overall. While this suggests a tougher baseline, recent readings show improvement in violent offense rates year over year, which is a constructive trend to monitor rather than a guarantee.
Investors often factor this context into operations via security measures, lighting, and partnership with property management practices. Comparatively, conditions can vary block to block; the takeaway here is to underwrite with conservative assumptions and emphasize tenant experience while watching trend direction over time.
Proximity to Midtown and core employment nodes supports workforce housing demand and commute convenience. Nearby employers span media, consumer brands, and airlines, contributing to a broad white-collar and service employment base that can underpin leasing stability.
- Disney ABC Television Group D media offices (5.4 miles)
- Loews D corporate offices (5.6 miles) D HQ
- Ralph Lauren D corporate offices (5.6 miles) D HQ
- Estee Lauder D corporate offices (5.6 miles) D HQ
- Jetblue Airways D corporate offices (5.6 miles) D HQ
1138 Washington Ave offers investors exposure to a renter-dominated Bronx submarket with dense amenities and historically high neighborhood occupancy. The 2007 vintage provides a competitive edge versus older local stock, supporting leasing and reducing immediate capital intensity, while still leaving room for targeted value-add to drive renewals and rent positioning. According to CRE market data from WDSuite, the neighborhood Dwide occupancy and amenity access compare favorably on a national basis, which can help sustain absorption for compact units.
Forward-looking fundamentals within a 3-mile radius point to rising household counts and smaller average household sizes, which expands the tenant base for smaller floor plans and supports occupancy stability. Balanced against these strengths are affordability pressures (elevated rent-to-income ratios), below-average school ratings, and safety metrics that trail national norms Dall factors that warrant conservative underwriting, active renewal management, and attention to onsite security and resident experience.
- Renter-heavy submarket and high neighborhood occupancy support stable leasing
- 2007 construction offers competitive positioning versus older local stock with targeted value-add potential
- Dense amenities and major employment access underpin retention and absorption
- Demographic trends within 3 miles suggest more households and demand for smaller units
- Risks: affordability pressure, below-average school ratings, and safety metrics below national norms require prudent operations