| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 25th | Poor |
| Amenities | 96th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 518 E 138th St, Bronx, NY, 10454, US |
| Region / Metro | Bronx |
| Year of Construction | 1906 |
| Units | 25 |
| Transaction Date | 2021-09-24 |
| Transaction Price | $7,500,000 |
| Buyer | 514-518 E 138 LLC |
| Seller | GATES PLACE LLC |
518 E 138th St, Bronx Multifamily Opportunity
Neighborhood occupancy is in the mid-to-high 90s, supporting durable cash flow potential, according to WDSuite’s CRE market data. Strong renter demand in this Urban Core location offers scale for a 25-unit asset while leaving room for value-add execution.
Located in the Bronx’s Urban Core, the area surrounding 518 E 138th St shows stable renter demand and daily-needs convenience. Neighborhood occupancy trends are in the top quartile nationally, and the renter-occupied share is exceptionally high, indicating a deep tenant base for multifamily operators. Elevated home values relative to national benchmarks reinforce reliance on rental housing and can support pricing power when units are well-positioned.
Amenity access is a clear strength: grocery and pharmacy density rank in the highest national percentiles, with strong coverage of restaurants, parks, childcare, and cafes. This concentration of essentials typically supports resident retention and reduces friction on leasing. School ratings track below the national median, which may matter for some family renters, but proximity to services and transit-oriented living commonly offsets this for workforce and young-adult cohorts.
The property’s 1979 vintage is slightly newer than the neighborhood’s average construction year (1972). That positioning can be competitive versus older local stock, while still warranting targeted capital planning for building systems and interiors to drive rent capture and reduce maintenance volatility.
Demographics within a 3-mile radius indicate a large renter pool today and potential renter pool expansion ahead. Recent years show modest population softening but an increase in household counts and smaller household sizes, dynamics that often support apartment demand. Forward-looking projections point to growth in households and incomes, which, if realized, can underpin occupancy stability and gradual rent uptake for well-managed assets.
On pricing and affordability, neighborhood median contract rents have risen over the last five years, and rent-to-income ratios suggest some affordability pressure. For operators, this implies the need for disciplined lease management and value-forward upgrades, especially in a market where elevated ownership costs keep many households in the rental sector.
Safety indicators for the neighborhood benchmark below national medians, placing the area in lower national percentiles compared with neighborhoods nationwide. While recent data show a year-over-year improvement in violent offense rates, property offenses have moved up, underscoring the importance of active property management and resident engagement to support on-site safety.
Within the New York–Jersey City–White Plains metro (889 neighborhoods), the neighborhood’s crime position is not among the top-performing cohorts. Investors typically account for this by emphasizing visibility, lighting, controlled access, and partnerships with local resources. The recent improvement trend in violent incidents is constructive, but underwriting should reflect a conservative stance on security-related operating practices.
Proximity to Manhattan’s corporate core supports a broad commuter tenant base, with major employers within roughly four miles that can aid leasing stability and retention for workforce renters. The list below highlights nearby corporate offices relevant to daily commute patterns.
- Disney ABC Television Group — media (4.0 miles)
- Loews — diversified holdings (4.0 miles) — HQ
- Jetblue Airways — aviation corporate offices (4.0 miles) — HQ
- Ralph Lauren — apparel corporate offices (4.1 miles) — HQ
- Estee Lauder — cosmetics corporate offices (4.1 miles) — HQ
518 E 138th St benefits from a high-renter neighborhood with occupancy trends in the top quartile nationally and strong access to daily amenities, supporting leasing durability. Elevated home values in the area sustain renter reliance on multifamily housing, creating a broad tenant base for a 25-unit asset. Based on CRE market data from WDSuite, rent levels have advanced over recent years, suggesting potential to capture value with targeted renovations while remaining mindful of rent-to-income sensitivity.
The 1979 vintage is slightly newer than the neighborhood average, offering relative competitiveness against older stock. A focused value-add plan—modernizing interiors, addressing building systems, and refining operations—can position units to compete effectively with both legacy properties and newer comparables, while conservative underwriting should account for safety and affordability management.
- High renter concentration and top-quartile neighborhood occupancy support demand depth and leasing stability.
- Amenity-rich Urban Core location (grocery, pharmacy, restaurants) enhances retention and daily convenience.
- 1979 vintage slightly newer than local average—good candidate for targeted value-add and systems upgrades.
- Elevated ownership costs favor multifamily demand, supporting pricing power when units are well-positioned.
- Risks: below-median safety benchmarks and affordability pressure call for conservative underwriting and proactive operations.