| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Poor |
| Demographics | 19th | Poor |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2155 Morris Ave, Bronx, NY, 10453, US |
| Region / Metro | Bronx |
| Year of Construction | 1917 |
| Units | 21 |
| Transaction Date | 2012-02-09 |
| Transaction Price | $3,050,000 |
| Buyer | 2155 MORRIS LLC |
| Seller | 2151 MORRIS LLC |
2155 Morris Ave Bronx Multifamily Investment
Neighborhood fundamentals point to durable renter demand and high occupancy, according to WDSuite’s CRE market data. The submarket s deep renter base supports leasing stability for a 21-unit asset in the Bronx Urban Core.
The Bronx Urban Core location offers dense, everyday convenience that supports tenant retention. Amenities index in the top tier nationally, with abundant groceries, pharmacies, restaurants, and cafes clustered within walking and transit corridors (validated by WDSuite s CRE market data). While local school ratings trail national norms, the immediate trade area is geared toward workforce renters who prioritize access and connectivity over school performance.
Occupancy at the neighborhood level is strong and has edged higher over the past five years. Among 889 metro neighborhoods in New York-Jersey City-White Plains, it sits above the metro median and near the top quartile, signaling comparatively tight vacancy and steady lease-up potential. The housing stock in the area tends to be older; with a 1990 construction year, the subject is newer than the neighborhood average (1952), which can enhance competitive positioning while still warranting targeted system upgrades as the asset approaches mid-life.
Tenure data indicates a very high share of renter-occupied units in the neighborhood, translating to a large, established tenant base and deeper multifamily demand. In a 3-mile radius, households have increased even as population edged slightly lower, pointing to smaller household sizes and a broader pool of renters; forward-looking estimates indicate further household growth, which can support occupancy stability and absorption.
Home values in the broader area are elevated relative to national benchmarks, characterizing a high-cost ownership market. That backdrop typically reinforces reliance on rental housing and supports pricing power, but it also requires attentive lease management to monitor affordability pressure and renewal dynamics.
Relative to neighborhoods nationwide, reported safety metrics for this area track below national percentiles, indicating higher-than-average rates of both violent and property offenses. However, recent year-over-year trends show double-digit declines in estimated violent and property offense rates, an improvement pace that outperformed many areas nationally, based on WDSuite s CRE market data. For underwriting, conservative loss assumptions and security-focused operating practices are prudent while monitoring continued trend improvements at the neighborhood level within the 889-neighborhood New York-Jersey City-White Plains metro.
Proximity to Midtown employment clusters provides a broad white-collar tenant base and commute convenience. Key nearby employers include Cognizant, Cognizant Technology Solutions, Disney ABC Television Group, Loews, and Ralph Lauren.
- Cognizant corporate offices (5.5 miles)
- Cognizant Technology Solutions corporate offices (5.5 miles) HQ
- Disney ABC Television Group media (6.9 miles)
- Loews diversified holdings (7.2 miles) HQ
- Ralph Lauren apparel & lifestyle (7.2 miles) HQ
This 21-unit 1990-vintage property competes in a renter-heavy Bronx neighborhood where occupancy is tight and amenity access is among the strongest nationally. The asset is newer than much of the surrounding housing stock, supporting relative competitiveness while leaving room for targeted modernization to drive rent premiums. According to CRE market data from WDSuite, neighborhood occupancy trends run above metro norms with steady five-year gains, and a high renter-occupied share underpins demand durability.
Within a 3-mile radius, households have grown and are projected to expand further even as average household size declines, pointing to a larger tenant base and continued demand for rental units. Elevated ownership costs in the area tend to sustain reliance on multifamily, though higher rent-to-income ratios call for disciplined pricing and retention strategies.
- Tight neighborhood occupancy and deep renter base support leasing stability
- 1990 construction is newer than area average, with value-add potential via targeted upgrades
- Amenity-rich Urban Core location enhances resident convenience and retention
- High-cost ownership market reinforces rental demand and pricing power
- Risk: affordability pressure and below-national safety percentiles warrant conservative underwriting and proactive resident engagement