| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Good |
| Demographics | 17th | Poor |
| Amenities | 100th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2066 Morris Ave, Bronx, NY, 10453, US |
| Region / Metro | Bronx |
| Year of Construction | 2008 |
| Units | 55 |
| Transaction Date | 2006-10-31 |
| Transaction Price | $2,600,000 |
| Buyer | AZTEC HOLDCO LLC |
| Seller | SAFG RETIREMENT SERVICES INC |
2066 Morris Ave, Bronx Multifamily Investment
High neighborhood occupancy and a deep renter base point to durable tenancy and pricing resilience in this Urban Core pocket of the Bronx, according to WDSuite’s CRE market data.
The property sits in a B-rated Urban Core neighborhood within the New York–Jersey City–White Plains metro, where amenity access is a clear strength. Food, grocery, pharmacies, parks, and cafes are concentrated at the top end nationally, supporting day-to-day convenience and reinforcing renter appeal. Compared with many metro peers, the neighborhood s occupancy is high by national standards and competitive across the metro, a constructive backdrop for lease stability.
Local housing stock skews older on average (1950s era), while this asset built in 2008 is newer than much of the immediate competitive set. That vintage positioning helps curb near-term capital exposure versus older multifamily product and can support leasing against legacy buildings, though investors should still plan for mid-life systems and modernization over the hold.
Unit tenure is heavily renter-occupied at the neighborhood level, indicating a deep pool of households that rely on multifamily housing. Within a 3-mile radius, demographics show households have expanded over the last five years even as average household size edged down, effectively broadening the tenant base. Forward-looking projections point to further increases in households, which should support occupancy stability and absorption.
Ownership remains a high-cost proposition relative to incomes in this area. Elevated home values by national standards and solid rent growth trends support sustained reliance on rentals, which typically aids retention and gives well-located assets some pricing power. School ratings trail national norms, which may influence the mix of renter households but is often less determinative for smaller unit mixes typical of workforce and young professional demand.
Safety indicators for the neighborhood track below the national average, reflecting higher incident rates than many U.S. neighborhoods. That said, recent year-over-year estimates show declines in both violent and property offenses, a positive directional trend that investors can monitor alongside standard risk-mitigation measures (lighting, access control, and partnership with professional management), based on CRE market data from WDSuite.
Proximity to major employers in Midtown and surrounding employment nodes supports commuter convenience and renter demand tied to technology services, media, hospitality, and apparel headquarters named below.
- Cognizant IT services (5.5 miles)
- Cognizant Technology Solutions IT services (5.5 miles) HQ
- Disney ABC Television Group media (6.8 miles)
- Loews hospitality (7.0 miles) HQ
- Ralph Lauren apparel (7.1 miles) HQ
Built in 2008 with 55 units, the asset is newer than much of the surrounding housing stock, offering competitive positioning versus older Bronx inventory while warranting typical mid-life capital planning. Neighborhood dynamics are supportive: occupancy is strong by national standards, renter concentration is high, and amenity density is exceptional all constructive for leasing and renewal performance. According to commercial real estate analysis from WDSuite, ownership costs remain elevated relative to incomes locally, which tends to sustain multifamily demand and bolster retention.
Investor considerations include managing rent-to-income affordability pressure and monitoring safety metrics, which have shown recent improvement but remain below national averages. With thoughtful asset management and selective upgrades, the property can capture steady demand from commuters and local workforce households drawn to the area s connectivity and services.
- High neighborhood occupancy and deep renter pool support stable leasing
- 2008 vintage offers competitive edge versus older area stock; plan for mid-life systems
- Dense amenities and access to major employers underpin demand and renewals
- Elevated ownership costs reinforce reliance on rentals, aiding pricing power
- Risks: below-average safety and affordability pressure require proactive leasing and operations