| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 25th | Poor |
| Amenities | 99th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2045 Southern Blvd, Bronx, NY, 10460, US |
| Region / Metro | Bronx |
| Year of Construction | 1916 |
| Units | 40 |
| Transaction Date | 2017-04-21 |
| Transaction Price | $9,346,669 |
| Buyer | BELMONT HOUSING DEVELOPMENT FUND COMPANY |
| Seller | NEW YORK EQUITY FUND 2000 LIMITED PARTNE |
2045 Southern Blvd, Bronx NY Multifamily Investment
Stable neighborhood occupancy and a deep renter-occupied housing base point to durable demand drivers, according to WDSuite’s CRE market data. This asset’s Bronx Urban Core location supports leasing consistency with strong amenity access and a high-cost ownership backdrop.
The property sits in an Urban Core Bronx neighborhood rated B (348 of 889 in the New York–Jersey City–White Plains metro), indicating competitive positioning among metro neighborhoods. Amenity density is a clear strength, with cafés, groceries, restaurants, parks, and pharmacies ranking in the top national percentiles — a convenience profile that typically supports retention and day-to-day livability for renters.
Neighborhood occupancy is above national midrange, and renter-occupied housing share is among the highest nationally. Together these signals suggest a large tenant base and depth of demand for smaller-format multifamily units similar to the property’s average unit size. Median contract rents are in the national upper-middle range while remaining below ownership costs in this high-cost ownership market, which can sustain reliance on rental housing and support pricing power when managed carefully.
Within a 3-mile radius, population has been relatively stable in recent years and households are projected to increase alongside smaller average household sizes. That combination expands the renter pool over time and can support occupancy stability. Income measures have trended upward from prior periods, reinforcing the potential for steady leasing, though affordability management remains important.
The building’s 1976 vintage is slightly newer than the neighborhood’s average housing stock from the mid-1960s, offering relative competitiveness versus older product. Investors should still anticipate selective modernization or systems updates to meet current renter expectations and to enhance unit efficiency.
Safety indicators for the neighborhood sit around the metro median (rank 429 of 889), and compare below the national average on several measures. Recent year-over-year estimates show declining rates for both violent and property offenses, which is a constructive trend, but the national positioning remains weaker than peers. Investors typically underwrite active security, lighting, and access-control measures to support resident confidence and retention in similar Urban Core locations.
Proximity to major Manhattan corporate offices underpins commuter demand and supports weekday leasing stability. Nearby employers include Cognizant, Cognizant Technology Solutions, Disney ABC Television Group, JetBlue Airways, and Loews.
- Cognizant — technology services (6.6 miles)
- Cognizant Technology Solutions — technology services (6.6 miles) — HQ
- Disney ABC Television Group — media offices (7.0 miles)
- Jetblue Airways — airline HQ & corporate (7.1 miles) — HQ
- Loews — diversified holding company (7.1 miles) — HQ
This 40-unit Bronx asset benefits from a deep renter base, amenity-dense surroundings, and neighborhood occupancy that supports consistent leasing. Elevated home values in the area reinforce renter reliance on multifamily housing, while median rents remain in a range that can sustain demand with thoughtful lease management. According to CRE market data from WDSuite, neighborhood NOI per unit trends rank among the stronger cohorts metro-wide, aligning with an operations-focused thesis.
Built in 1976, the property is slightly newer than much of the local housing stock, which can provide a competitive edge versus older assets. Targeted renovations and system upgrades may enhance unit livability and unlock value-add returns. Forward-looking household growth within a 3-mile radius and smaller household sizes point to a gradually expanding renter pool that can support occupancy stability over the hold period.
- Deep renter-occupied housing base supports demand and leasing stability.
- Amenity-rich Urban Core location aids retention and day-to-day livability.
- 1976 vintage offers relative competitiveness with value-add upgrade potential.
- Household growth and smaller household sizes within 3 miles expand the renter pool over time.
- Risks: affordability pressure and below-national safety positioning call for active lease and security management.