| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Good |
| Demographics | 23rd | Poor |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 645 Prospect Ave, Bronx, NY, 10455, US |
| Region / Metro | Bronx |
| Year of Construction | 1985 |
| Units | 109 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
645 Prospect Ave Bronx Multifamily Investment
Neighborhood fundamentals point to durable renter demand, with occupancy in the surrounding area trending high according to WDSuite’s CRE market data. Proximity to dense amenities and major employment cores supports leasing stability for professionally managed assets.
Located in the Bronx Urban Core, the property sits in a neighborhood rated B+ and positioned Competitive among New York–Jersey City–White Plains neighborhoods (302 of 889). Amenity access is a clear strength: restaurants, grocery, parks, and pharmacies all benchmark in top national percentiles, reinforcing daily convenience and reinforcing renter appeal for workforce-oriented housing.
Operationally, the neighborhood exhibits tight conditions with occupancy measured at 98.4% (neighborhood-level), placing it in the top quartile nationally. The renter concentration is high (about 86% of housing units are renter-occupied at the neighborhood level), indicating a deep tenant base that can support absorption and renewals in typical market cycles, based on CRE market data from WDSuite.
Vintage context matters for capital planning. The average neighborhood vintage skews older (late 1960s), while this asset was built in 1986. Being newer than the surrounding stock can improve competitive positioning versus pre-war and mid-century buildings, while still leaving room for targeted modernization, energy-efficiency upgrades, or in-unit improvements to drive rent premiums and retention.
Demographics aggregated within a 3-mile radius show a large resident base and steady population with recent household gains, with forecasts pointing to additional household growth and a smaller average household size over the next five years. For investors, that trend supports a larger renter pool and sustained demand for smaller formats, aiding occupancy stability and leasing velocity relative to the broader metro.
Counterpoints include below-average school ratings and mixed socioeconomic indicators versus national benchmarks. Even so, the area’s amenity density and reliance on rental housing anchor demand, and the neighborhood’s housing and amenity ranks place it Above metro median (115 and 92 out of 889, respectively), signaling competitive fundamentals for multifamily operations.
Safety metrics are mixed. By metro rank, the neighborhood’s crime position is Competitive among New York–Jersey City–White Plains neighborhoods (346 out of 889), but national comparisons indicate elevated incident rates relative to many U.S. neighborhoods. Recent year-over-year trends show double-digit declines in both violent and property offenses, suggesting directional improvement, according to WDSuite’s CRE market data.
For underwriting and onsite management, plan for appropriate security measures and resident-experience protocols. Framing performance against the metro and monitoring the improving trajectory can help calibrate risk controls without overstating block-level conditions.
Access to Midtown and East Side corporate nodes provides a broad employment base that supports renter demand and commute convenience. Nearby anchors include JetBlue, Disney, Loews, Ralph Lauren, and Est e9e Lauder.
- JetBlue Airways d airlines HQ (4.8 miles) d HQ
- Disney ABC Television Group d media offices (4.9 miles)
- Loews d diversified holdings HQ (4.9 miles) d HQ
- Ralph Lauren d apparel & lifestyle HQ (5.0 miles) d HQ
- Est e9e Lauder d beauty & personal care HQ (5.0 miles) d HQ
This 109-unit asset (built 1986; average unit size ~516 sf) is newer than much of the surrounding stock, offering relative competitiveness and potential value-add through systems modernization and unit upgrades. Neighborhood conditions show tight renter dynamics: occupancy is high at the neighborhood level and renter-occupied share is substantial, supporting demand resilience and renewal capture. Elevated ownership costs locally further reinforce reliance on rental housing and can aid pricing power when paired with targeted improvements, according to CRE market data from WDSuite.
Within a 3-mile radius, the resident base is large, with steady population and rising household counts; forecasts point to additional household growth and a smaller average household size, expanding the renter pool for smaller formats. Offsetting factors include affordability pressure (higher rent-to-income ratios), lower school ratings, and safety metrics that trail national norms even as recent trends improve. Prudent asset management and capex planning can convert the property’s relative vintage advantage and amenity-rich location into durable long-term performance.
- Tight neighborhood occupancy and high renter concentration support leasing stability
- 1986 vintage is newer than area average, with value-add potential via targeted upgrades
- Amenity-rich Urban Core location near major employment centers underpins demand
- Long-term tailwind from rising households within 3 miles expands the tenant base
- Risks: affordability pressure (rent-to-income), school ratings, and safety require active management