| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Good |
| Demographics | 43rd | Poor |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2150 Wallace Ave, Bronx, NY, 10462, US |
| Region / Metro | Bronx |
| Year of Construction | 1929 |
| Units | 79 |
| Transaction Date | 2012-03-16 |
| Transaction Price | $8,750,000 |
| Buyer | 2150 LAXMI NAGAR LLC |
| Seller | GJJ REALTY LLC |
2150 Wallace Ave Bronx Multifamily Investment
According to WDSuite’s CRE market data, the surrounding neighborhood shows mid-90s occupancy with a high renter concentration, indicating durable demand for well-managed units. Recent rent growth has been steady at the neighborhood level, supporting consistent performance for stabilized multifamily assets.
This Urban Core location in the Bronx benefits from strong daily-needs access and dense retail. Neighborhood amenities rank in the top quartile among 889 metro neighborhoods, with grocery and pharmacy densities that are among the highest nationally. Dining and cafe options are plentiful, while park access within the neighborhood boundary is limited, so outdoor space may be a differentiator at the property level.
For investors, the renter-occupied share of housing units is high, signaling depth in the tenant base and consistent leasing velocity. Neighborhood occupancy is around 95%, which tends to support income stability and renewal potential. Median contract rents sit above national norms yet below the region’s highest-cost submarkets, a balance that can help sustain absorption without overreliance on rapid rent escalations.
Demographic statistics are aggregated within a 3-mile radius: households increased over the past five years and are projected to continue expanding even as overall population trends are mixed, pointing to smaller household sizes and a larger renter pool over time. This pattern generally supports occupancy stability and provides a broader base for targeted unit mixes and lease management.
The average neighborhood building vintage skews mid-20th century, while this asset’s 1997 construction is newer than much of the local stock—often an advantage for competitive positioning versus older properties, while still planning for system modernization and potential value-add upgrades that address today’s renter expectations. School ratings in the area trail national averages; for workforce-oriented assets, this typically places more weight on commute convenience and neighborhood services as leasing drivers, according to WDSuite’s commercial real estate analysis.
Safety trends should be evaluated in context. Compared with neighborhoods nationwide, this area sits below national safety percentiles, indicating higher reported crime than many U.S. neighborhoods. Recent data show year-over-year declines in both property and violent offenses, which is constructive but warrants continued monitoring at the neighborhood level rather than assuming linear improvement.
Investors typically underwrite with conservative assumptions—focusing on on-site security practices, lighting and access controls, and resident engagement—while comparing neighborhood trends to broader metro patterns to gauge relative positioning.
The area draws on a diversified regional employment base that supports renter demand and retention, notably in technology services, airlines, media, and corporate headquarters within commutable distances. The employers listed below reflect nearby anchors relevant to workforce housing demand.
- Cognizant — technology services (7.5 miles)
- Cognizant Technology Solutions — technology services (7.6 miles) — HQ
- Jetblue Airways — airline HQ (8.2 miles) — HQ
- Disney ABC Television Group — media (8.3 miles)
- Loews — corporate offices (8.3 miles) — HQ
2150 Wallace Ave offers a stabilized Bronx location with deep renter demand and service-rich surroundings. Neighborhood occupancy is around the mid-90s and the renter-occupied share is high, supporting lease-up resilience and renewal potential. Within a 3-mile radius, households have grown and are projected to expand further, suggesting a larger tenant base even as population trends remain mixed—typically supportive of steady absorption and pricing discipline. Based on CRE market data from WDSuite, ownership costs remain elevated in the region relative to incomes, which reinforces reliance on multifamily rentals while calling for thoughtful rent-to-income management to sustain retention.
The asset’s 1997 vintage is newer than much of the surrounding mid-20th-century housing stock, which can be competitively advantageous versus older properties. Investors may still plan targeted capital to modernize systems and common areas to meet current renter preferences, while leveraging the dense retail and transit-accessible context typical of the Bronx to support occupancy and NOI consistency over the hold.
- Dense, service-rich Bronx location with top-quartile amenities and strong daily-needs access
- High neighborhood renter concentration and mid-90s occupancy support leasing stability
- 1997 construction offers competitive positioning versus older local stock with targeted value-add potential
- 3-mile household growth and projected expansion point to a broader tenant base over time
- Risks: below-national safety percentiles and rent-to-income pressures require conservative underwriting and active lease management