| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Good |
| Demographics | 23rd | Poor |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 923 Kelly St, Bronx, NY, 10459, US |
| Region / Metro | Bronx |
| Year of Construction | 1925 |
| Units | 20 |
| Transaction Date | 2005-04-28 |
| Transaction Price | $1,900,000 |
| Buyer | CAM 923 KELLY ST ASSOCIATES LLC |
| Seller | EOM 923 KELLY REALTY CORP |
923 Kelly St Bronx 20-Unit Multifamily Investment
Neighborhood fundamentals point to resilient renter demand and near-full occupancy dynamics, according to WDSuite’s CRE market data. Solid amenity access and an Urban Core location support leasing durability for investors focused on steady operations.
Located in the Urban Core of the Bronx, the neighborhood around 923 Kelly St ranks 302 out of 889 New York–Jersey City–White Plains metro neighborhoods (above the metro median) with a B+ neighborhood rating. Amenity access is a clear strength: grocery, dining, parks, pharmacies, and cafes place the area in the top quartile nationally, which supports renter attraction and day-to-day convenience for residents.
Occupancy at the neighborhood level is competitive among New York–Jersey City–White Plains neighborhoods (ranked 90 of 889) and sits in the upper national percentiles, signaling stable leasing conditions rather than lease-up risk. The area also shows a high share of renter-occupied housing (neighborhood tenure data indicates a pronounced renter concentration), which deepens the tenant base and supports ongoing demand for multifamily units.
Within a 3-mile radius, household counts have increased in recent years and are projected to continue rising, with household sizes trending smaller. This pattern typically expands the renter pool and can support occupancy stability and turnover management. Median household incomes in the 3-mile area have been improving, while the neighborhood’s rent-to-income and value-to-income context suggests investors should balance pricing power with affordability pressure in lease strategy.
The property’s 1997 vintage is newer than the surrounding area’s average construction year. That positioning can offer a competitive edge versus older local stock, while still warranting targeted modernization or system updates to sustain performance and capture value-add upside.
School ratings in the neighborhood score below national averages, which may matter for family-oriented renters, but strong amenity access and proximity to employment centers can offset retention risk for workforce housing profiles.
Safety outcomes in the immediate neighborhood are below national averages, and the area ranks 346 out of 889 metro neighborhoods on crime, indicating comparatively higher incident levels within the region. Even so, recent year-over-year trends show improvement, with both violent and property offense rates declining, which is a constructive directional signal for investors monitoring operating risk over time.
For underwriting, this context suggests practical measures—such as lighting, access control, and visible management presence—can support resident satisfaction and retention while aligning with the improving trendline.
The area serves a large, diversified employment base in Manhattan-adjacent locations, supporting workforce renter demand and commute convenience. Nearby anchors include Jetblue Airways, Disney ABC Television Group, Loews, Ralph Lauren, and Estee Lauder.
- Jetblue Airways — airlines (5.3 miles) — HQ
- Disney ABC Television Group — media offices (5.5 miles)
- Loews — diversified holdings (5.5 miles) — HQ
- Ralph Lauren — apparel (5.6 miles) — HQ
- Estee Lauder — cosmetics (5.6 miles) — HQ
This 20-unit, 1997-vintage asset benefits from an Urban Core location with strong amenity access and a renter-heavy housing landscape, supporting depth of demand and steady leasing. Neighborhood occupancy ranks among the stronger cohorts in the metro, and high-cost homeownership conditions locally reinforce reliance on rental housing—factors that can aid retention and pricing discipline over time.
According to CRE market data from WDSuite, the surrounding 3-mile area shows growing households and smaller household sizes, which typically expand the renter pool. While incomes are trending higher, neighborhood rent-to-income metrics point to some affordability pressure, suggesting investors should pair value-add renovations with careful lease management.
- Occupancy strength at the neighborhood level supports stable cash flow potential.
- 1997 vintage offers competitive positioning versus older local stock with targeted modernization upside.
- Urban Core amenities and proximity to major employers aid leasing velocity and retention.
- High-cost ownership market sustains multifamily demand and pricing discipline.
- Risk: Affordability pressure and below-average safety require active asset management and resident-focused operations.