| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Good |
| Demographics | 23rd | Poor |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 115 Henwood Pl, Bronx, NY, 10453, US |
| Region / Metro | Bronx |
| Year of Construction | 2005 |
| Units | 51 |
| Transaction Date | 2015-06-30 |
| Transaction Price | $12,500,000 |
| Buyer | PROMESA FOUNDATION INC |
| Seller | 115 HENWOOD PARKING CORP |
115 Henwood Pl, Bronx NY Multifamily Investment
Neighborhood occupancy is strong with a deep renter base, supporting stable leasing dynamics according to WDSuite’s CRE market data. This Urban Core location benefits from dense amenities and elevated ownership costs that reinforce sustained multifamily demand.
Situated in the Bronx Urban Core, the neighborhood surrounding 115 Henwood Pl shows investor-friendly fundamentals: dense daily-needs access (groceries, pharmacies, parks, and restaurants rank near the top of national comparisons) and a renter-driven housing stock. The area’s occupancy is competitive among New York-Jersey City-White Plains neighborhoods and sits in the top quartile nationally, pointing to steady renter demand at the neighborhood level rather than at this specific property.
Renter-occupied concentration in the neighborhood is very high, indicating a broad tenant pool and potential resilience through cycles. Median contract rents have trended upward over the last five years, while the neighborhood’s high home values suggest a high-cost ownership market that tends to keep households engaged in rental housing—supporting retention and pricing power when managed thoughtfully.
The asset’s 2007 vintage is newer than the neighborhood’s older average building stock (1950s era). That positioning can be a competitive advantage versus legacy properties, though investors should budget for mid-life system updates and selective modernization to maintain relative appeal and capture value-add upside.
Demographic statistics aggregated within a 3-mile radius indicate modest population change but a meaningful increase in total households, reflecting smaller household sizes and a potentially expanding renter pool. Forecasts point to further household growth and rising incomes, which, paired with amenity density, can support occupancy stability and measured rent growth over time.
Safety metrics for the neighborhood track below national averages, placing it on the less-safe side compared with neighborhoods nationwide. Within the New York-Jersey City-White Plains metro, the neighborhood ranks toward the higher-crime end of the spectrum (372 out of 889), so underwriting should incorporate security measures and operating practices consistent with urban assets.
Recent trends show improvement: both violent and property offense rates declined over the past year, suggesting conditions are moving in a favorable direction. Investors may view this as a positive trajectory, while still underlining the importance of active property management and resident engagement.
Nearby corporate offices provide a diversified white-collar employment base that supports renter demand and commute convenience, including Cognizant, Cognizant Technology Solutions, Disney ABC Television Group, Loews, and Ralph Lauren.
- Cognizant — technology services (5.37 miles)
- Cognizant Technology Solutions — technology services (5.40 miles) — HQ
- Disney ABC Television Group — media & entertainment (6.33 miles)
- Loews — diversified holdings (6.56 miles) — HQ
- Ralph Lauren — apparel & retail (6.63 miles) — HQ
This 51-unit, 2007-vintage asset is positioned in a neighborhood with top-quartile occupancy and a very high renter-occupied share, indicating depth of tenant demand and potential leasing durability. Elevated home values in the area reinforce reliance on rental housing, while amenity density supports day-to-day convenience that can aid retention. According to commercial real estate analysis from WDSuite, neighborhood-level NOI per unit benchmarks are competitive for the metro, aligning with the asset’s workforce-oriented demand drivers.
Within a 3-mile radius, households have increased even as average household size has trended smaller—an outlook that points to a larger renter pool over time. The property’s mid-2000s vintage offers relative competitiveness versus older stock, with scope for targeted renovations and systems updates to capture value-add upside. Key watch items include affordability pressure (given rent-to-income dynamics), below-average school ratings, and safety metrics that, while improving year over year, remain below national norms.
- Strong neighborhood occupancy and deep renter base support leasing stability
- 2007 vintage competes well versus older local stock; targeted upgrades can drive value
- Dense amenities and high-cost ownership market reinforce rental demand and retention
- Expanding households within 3 miles indicate a growing renter pool
- Risks: affordability pressure, below-average school ratings, and safety below national norms despite recent improvement