| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 24th | Poor |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1662 Boston Rd, Bronx, NY, 10460, US |
| Region / Metro | Bronx |
| Year of Construction | 2011 |
| Units | 24 |
| Transaction Date | 2004-07-08 |
| Transaction Price | $90,000 |
| Buyer | RAINBOW DEVELOPMENT LLC |
| Seller | JULANA REALTY LLC |
1662 Boston Rd Bronx 24-Unit Multifamily Opportunity
Stabilized renter demand in the surrounding Bronx neighborhood and a 2011 vintage position this 24-unit asset for durable occupancy, according to WDSuite’s CRE market data. The submarket’s high renter concentration supports leasing depth while ownership costs tilt households toward multifamily.
The property sits in an Urban Core pocket of the Bronx rated B and above the metro median (rank 390 of 889) for overall neighborhood performance. Amenity access is a clear strength: grocery, pharmacy, parks, and restaurants test in the top quartile nationally, supporting daily convenience and resident retention for workforce-oriented renters.
Occupancy in the surrounding neighborhood is firm at 95.3% (above the national median), and the renter-occupied share is very high at 84.4%, indicating a deep tenant base and consistent leasing velocity rather than reliance on for-sale dynamics. Elevated home values locally reinforce multifamily dependence and can support pricing power, though rent-to-income readings signal the need for disciplined lease management.
Within a 3-mile radius, households have grown in recent years and are projected to expand further as average household size trends lower, pointing to a larger renter pool and sustained demand for smaller-format units. Median contract rents in the area have risen over the last five years and are forecast to increase, supporting NOI but warranting attention to affordability pressure and renewal strategies.
Built in 2011, this property is notably newer than the neighborhood’s older housing stock (average vintage 1970). That relative youth can enhance competitive positioning against legacy assets, while investors should still plan for mid-life systems updates and potential light renovations to maintain rentability and control operating costs.
Safety indicators trend weaker than national norms in this Bronx neighborhood, with crime levels positioned below national percentiles for safety. However, recent year-over-year estimates show double-digit declines in both violent and property offenses, suggesting incremental improvement. Investors should underwrite appropriate security measures and operating protocols while noting the downward trend.
Compared with other New York–Jersey City–White Plains metro neighborhoods (889 total), the area’s safety profile sits below the metro median. For multifamily operations, this typically translates to heightened emphasis on on-site lighting, access control, and partnership with local community resources to support resident comfort and retention.
Proximity to major Manhattan-based employers supports commuter convenience and broad renter demand, particularly for workforce tenants with service, corporate, and media roles. Nearby anchors include JetBlue Airways, Disney ABC Television Group, Loews, Ralph Lauren, and Estée Lauder.
- JetBlue Airways — airline (6.4 miles) — HQ
- Disney ABC Television Group — media (6.4 miles)
- Loews — holding company (6.5 miles) — HQ
- Ralph Lauren — apparel (6.6 miles) — HQ
- Estée Lauder — cosmetics (6.6 miles) — HQ
This 24-unit, 2011-built asset benefits from a high-renter Bronx neighborhood where occupancy has remained solid and amenity density is a competitive advantage. Elevated ownership costs in the area reinforce renter reliance on multifamily, while median rents have advanced, supporting income growth potential; based on CRE market data from WDSuite, neighborhood occupancy trends and a very high renter-occupied share point to durable leasing depth.
Households within a 3-mile radius have expanded and are projected to continue growing as average household size declines, implying a larger renter pool and steady demand for smaller-format units. Investors should balance this with prudent underwriting around affordability pressure, school quality, and local safety—factors that can be addressed through targeted CapEx, security, and resident-experience initiatives.
- 2011 vintage offers competitive positioning versus older local stock, with manageable mid-life CapEx planning.
- Strong amenity access and high renter concentration support retention and leasing stability.
- Household growth and shrinking household size within 3 miles expand the renter pool for smaller units.
- Elevated ownership costs bolster multifamily demand and potential pricing power with disciplined renewals.
- Risks: affordability pressure (rent-to-income), below-median safety metrics, and school ratings require careful lease and OPEX management.