| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Good |
| Demographics | 19th | Poor |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 647 Faile St, Bronx, NY, 10474, US |
| Region / Metro | Bronx |
| Year of Construction | 1920 |
| Units | 27 |
| Transaction Date | 2014-06-09 |
| Transaction Price | $2,295,000 |
| Buyer | 647 FAILLE REALTY LLC |
| Seller | LP FAILE STREET LLC |
647 Faile St, Bronx — Urban-Core Multifamily Positioning
Neighborhood occupancy has held in the low-90s and renter concentration is high, according to WDSuite’s CRE market data, signaling depth of tenant demand relative to the broader NYC metro.
The property sits in an Urban Core neighborhood in the Bronx rated “B” among 889 metro neighborhoods, with occupancy measured for the neighborhood around the mid-90% range and stable over recent years. Renter-occupied housing accounts for a very high share of units in the neighborhood, supporting a large tenant base and consistent leasing activity for smaller multifamily assets.
Amenity access is a relative strength: neighborhood metrics score in the top national percentiles for groceries, restaurants, parks, and pharmacies, reinforcing day-to-day convenience that helps retention. By contrast, average school ratings trend below national norms, which may matter less for studios and smaller unit mixes but remains a consideration for family-oriented demand.
Within a 3-mile radius, households have grown even as average household size has edged down, indicating more households forming across fewer people per home and expanding the renter pool. Forecasts in WDSuite’s multifamily property research point to additional gains in households and incomes over the next several years, which typically supports occupancy stability and pricing discipline.
Ownership costs in this area are elevated relative to local incomes, placing the neighborhood in the higher national percentiles for value-to-income ratios. This dynamic generally sustains reliance on rental housing and can bolster lease retention, though it also increases sensitivity to rent-to-income levels, which should be reflected in lease management and renewal strategies.
Vintage context: the asset’s 1993 construction is newer than much of the surrounding housing stock, which skews mid-20th century. That relative youth can be competitive against older neighborhood properties; investors should still underwrite typical system updates and common-area refreshes associated with 1990s buildings.
Safety indicators for the neighborhood track below national averages, with national percentiles signaling higher crime exposure than many U.S. neighborhoods. Within the New York–Jersey City–White Plains metro’s 889 neighborhoods, conditions are around the metro median, and recent data show year-over-year declines in violent incidents, suggesting gradual improvement. Investors commonly account for these dynamics through security practices and tenant-experience measures.
Nearby employment centers in Manhattan and Queens support commuter demand, with a concentration of corporate offices that deepen the renter base. Key employers include JetBlue, Loews, Ralph Lauren, Disney ABC Television, and Estée Lauder.
- JetBlue Airways — airlines HQ (5.1 miles) — HQ
- Loews — diversified holdings (5.6 miles) — HQ
- Ralph Lauren — apparel & lifestyle (5.6 miles) — HQ
- Disney ABC Television Group — media offices (5.7 miles)
- Estée Lauder — beauty & personal care (5.7 miles) — HQ
647 Faile St offers exposure to a Bronx Urban Core neighborhood with durable renter demand, reflected in high renter-occupied share and neighborhood occupancy in the low-90s. According to CRE market data from WDSuite, amenity density is a competitive advantage nationally, while elevated ownership costs relative to incomes tend to reinforce reliance on multifamily housing. The 1993 vintage is newer than much of the surrounding stock, suggesting a positioning edge versus mid-century assets alongside typical 1990s capex planning.
Demographic statistics aggregated within a 3-mile radius indicate growth in households and a gradual shift toward smaller household sizes. These trends typically expand the tenant base for smaller units and support occupancy stability, though affordability pressure (higher rent-to-income levels) and below-average school ratings call for thoughtful lease management and renewal strategies.
- High renter-occupied share and steady neighborhood occupancy support leasing durability
- Amenity-rich Urban Core location aids retention and pricing power versus older stock
- 1993 vintage offers relative competitiveness with manageable modernization scope
- 3-mile trends show household growth and smaller household sizes, expanding the renter pool
- Risk: affordability pressure and below-national safety metrics require disciplined lease and property operations