| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 25th | Poor |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1876 Belmont Ave, Bronx, NY, 10457, US |
| Region / Metro | Bronx |
| Year of Construction | 1992 |
| Units | 92 |
| Transaction Date | 2014-12-30 |
| Transaction Price | $11,200,000 |
| Buyer | PIO/VIP HOUSING DEVELOPMENT FUND CORPORA |
| Seller | SEBCO/VIP HOUSING DEVELOPMENT FUND COMPA |
1876 Belmont Ave Bronx Multifamily Investment
High renter concentration and steady neighborhood occupancy support durable leasing, according to WDSuite s CRE market data, with demand reinforced by an urban amenity base. This positioning favors consistent tenant traffic, while pricing should be managed with attention to neighborhood affordability.
1876 Belmont Ave sits in an Urban Core pocket of the Bronx with a B neighborhood rating and a renter-occupied share near the top of the metro, indicating a deep tenant base for multifamily. Neighborhood occupancy trends in the mid-90s suggest generally stable lease-up and retention at the neighborhood level, based on CRE market data from WDSuite.
Amenities are a clear strength: the area ranks 39th among 889 metro neighborhoods and sits in the top quartile nationally for access to daily needs such as groceries, parks, pharmacies, cafes, and restaurants. This walkable ecosystem typically supports leasing velocity for smaller-format units and workforce housing.
Within a 3-mile radius, household counts have risen even as overall population has been roughly flat to slightly down, pointing to smaller household sizes and a broader household base. Looking ahead, WDSuite data indicates households are projected to grow further by the late 2020s, which would expand the local renter pool and support occupancy stability. School ratings trail national averages, so asset positioning may lean more toward price-sensitive renters rather than family-driven demand segments.
Ownership costs are elevated relative to incomes in this neighborhood (national percentiles for home values and value-to-income both sit in the 70s), which tends to sustain reliance on rental housing and can support pricing power for well-managed properties. At the same time, neighborhood rent levels are above many U.S. neighborhoods but below coastal cores, so operators should calibrate renewals to maintain retention where rent-to-income is tight.
Safety indicators for the neighborhood are below national benchmarks, and the area does not rank among the safer parts of the metro. Based on WDSuite s data, overall crime ranks in the lower half compared with 889 metro neighborhoods. However, both violent and property offense rates show year-over-year improvement, with declines over the most recent period that indicate a constructive trend rather than a static condition.
For underwriting, investors typically account for this context through enhanced on-site management, lighting, and access controls, and by aligning marketing to renter segments that prioritize transit and amenity proximity. Monitoring the multi-year trend remains important to assess whether recent improvement continues.
The property benefits from proximity to a diversified Midtown employment base that supports renter demand and retention, including IT services, media, a diversified holding company, and an airline headquarters. Employers below are listed by distance from the property.
- Cognizant IT services (6.3 miles)
- Cognizant Technology Solutions IT services (6.3 miles) HQ
- Disney ABC Television Group media (6.7 miles)
- Loews diversified holding company (6.9 miles) HQ
- Jetblue Airways airline (6.9 miles) HQ
Built in 1992, this 92-unit asset is newer than much of the surrounding Bronx housing stock, offering relative competitiveness versus older buildings while leaving room for targeted modernization of common areas and systems. The neighborhood s high renter-occupied share and amenity-rich environment underpin a broad tenant base and steady occupancy, while elevated ownership costs locally reinforce multifamily demand. According to CRE market data from WDSuite, occupancy at the neighborhood level has held near the mid-90s, and a rising household count within 3 miles points to a larger tenant base over time.
Key considerations include careful lease management where rent-to-income pressures are pronounced and thoughtful operational measures given safety metrics that trail national benchmarks. With smaller-format units, the property can position toward renters prioritizing access and value, balancing renewal growth with retention.
- Newer 1992 vintage versus neighborhood average, supporting competitive positioning with selective modernization upside
- High renter-occupied share and amenity depth support a durable tenant base and occupancy stability
- Household growth within 3 miles expands the renter pool, reinforcing leasing fundamentals
- Elevated ownership costs sustain rental demand, with pricing power for well-managed units
- Risks: tighter rent-to-income ratios and below-average safety metrics warrant disciplined underwriting and on-site management