| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Poor |
| Demographics | 43rd | Poor |
| Amenities | 78th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2950 Grand Concourse, Bronx, NY, 10458, US |
| Region / Metro | Bronx |
| Year of Construction | 2010 |
| Units | 77 |
| Transaction Date | 2004-09-15 |
| Transaction Price | $625,000 |
| Buyer | 2950 GRAND CONCOURSE LLC |
| Seller | GRACE EVANGELICAL LUTHERAN CHURCH |
2950 Grand Concourse Bronx Multifamily Investment Opportunity
2010 vintage in an Urban Core pocket where neighborhood occupancy remains resilient, supporting income stability according to WDSuite’s CRE market data. The submarket skews heavily renter-occupied, indicating a deep tenant base relative to nearby ownership options.
Located at 2950 Grand Concourse in the Bronx, the property benefits from Urban Core dynamics that favor multifamily demand. Neighborhood occupancy is competitive among New York-Jersey City-White Plains neighborhoods, and rent levels have trended upward over the past five years, reinforcing revenue durability for stabilized assets.
With roughly four-fifths of housing units renter-occupied, the local renter concentration signals a broad tenant pool and consistent leasing velocity. Within a 3-mile radius, households have increased in recent years and are projected to expand further, pointing to a larger tenant base over the medium term. Median home values in the neighborhood are relatively low compared with national norms, which can create some competition from ownership; however, the entrenched renter base continues to support multifamily absorption and retention.
Daily-needs access is a strength: grocery and pharmacy density ranks in the top tier nationally, and restaurants are similarly abundant. Cafe density is thinner, but the area’s overall amenity mix supports day-to-day convenience and helps sustain renter demand. Average school ratings are roughly mid-pack nationally, which is typical for dense urban districts and should be considered in unit mix and tenant-targeting strategies.
The asset’s 2010 construction is newer than the neighborhood’s older housing stock (average vintage skewing mid-20th century), positioning it competitively versus legacy buildings while still leaving room for selective modernization to enhance NOI. Neighborhood NOI per unit performance sits in the top quartile nationally, underscoring operational potential for well-managed properties in this location.
Safety trends should be evaluated with care. Relative to other neighborhoods in the New York-Jersey City-White Plains metro (889 total), the area ranks below the metro median, and its national safety standing is weaker than many neighborhoods nationwide. Conditions can vary block to block, so property-level security, lighting, and management practices are important mitigants.
Investors may wish to underwrite slightly higher operating provisions for security and tenant experience and to monitor local trendlines over time rather than relying on a single-year snapshot.
Proximity to Midtown and major corporate offices supports commuter convenience and leasing depth, with nearby employers in technology and media as well as diversified headquarters including Cognizant, Cognizant Technology Solutions, Disney ABC Television Group, Loews, and Ralph Lauren.
- Cognizant — corporate offices (6.2 miles)
- Cognizant Technology Solutions — corporate offices (6.3 miles) — HQ
- Disney ABC Television Group — media (8.4 miles)
- Loews — diversified holding company (8.6 miles) — HQ
- Ralph Lauren — apparel & lifestyle (8.7 miles) — HQ
This 77-unit, 2010-vintage asset competes well against the neighborhood’s older stock, offering a relative quality edge with potential for targeted upgrades to drive rent premiums. Neighborhood occupancy is steady and renter concentration is high, supporting leasing stability; according to CRE market data from WDSuite, this area performs competitively within the metro while benefiting from strong daily-needs access that underpins tenant retention.
Within a 3-mile radius, households have been rising and are projected to grow, expanding the renter pool even as ownership remains comparatively accessible in the immediate neighborhood. That dynamic suggests balanced pricing power: sufficient demand depth for stabilized operations, with the need for disciplined income management where affordability pressure could influence lease renewal strategies.
- 2010 construction offers competitive positioning versus older local stock with selective value-add potential
- Neighborhood occupancy and entrenched renter base support stable leasing and retention
- Strong daily-needs access (groceries, pharmacies, dining) reinforces day-to-day livability for renters
- Expanding household counts within 3 miles point to a growing tenant base over the medium term
- Risks: below-metro safety standing and resident affordability pressure warrant prudent Opex and renewal management