| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Poor |
| Demographics | 17th | Poor |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2348 Webster Ave, Bronx, NY, 10458, US |
| Region / Metro | Bronx |
| Year of Construction | 2005 |
| Units | 64 |
| Transaction Date | 2005-06-30 |
| Transaction Price | $641,500 |
| Buyer | JACOBS PLACE HOUSING DEVELOPMENT FUND CO |
| Seller | DEPARTMENT OF HOUSING AND PRESERVATION |
2348 Webster Ave, Bronx NY Multifamily Investment
Positioned in a renter-heavy Urban Core pocket of the Bronx, the asset benefits from steady neighborhood occupancy and dense daily needs retail, according to WDSuite’s CRE market data. This supports durable leasing fundamentals even as affordability management remains a key operating lever.
The property sits within the New York-Jersey City-White Plains metro, in a Bronx Urban Core neighborhood rated C+. Amenity access is competitive among 889 metro neighborhoods (rank 104), with a dense mix of groceries, restaurants, pharmacies, and parks. Nationally, the area scores in the top percentiles for everyday services, which helps sustain foot traffic and supports renter retention for workforce-oriented buildings.
Neighborhood housing stock skews older on average (1961), while this property’s 2007 vintage is newer than much of the local inventory. For investors, that generally implies stronger competitive positioning versus older walk-ups and mid-century product, while still planning for mid-life system updates or selective modernization to meet current renter expectations.
Renter concentration is high: 88.5% of housing units are renter-occupied, indicating a deep tenant base and visibility on demand for multifamily product. Neighborhood occupancy is 93.6%, with stability over the past five years, suggesting manageable turnover risk relative to other Bronx locations. Median home values sit at elevated levels for the area, reinforcing reliance on rental options and aiding lease retention, though pricing power should be balanced against rent-to-income considerations.
Within a 3-mile radius, household counts have increased in recent years and are projected to grow further, with forecasts calling for a meaningful rise in households and smaller average household sizes. This points to a larger renter pool over time and supports occupancy stability. Median incomes in the 3-mile area have risen, which can aid collections and upgrade demand, but operators should calibrate rents to local affordability bands.
School ratings in the neighborhood trend below national averages, which may reduce appeal for some family renters but is partially offset by strong proximity to daily services and transit-rich Bronx corridors. Overall, based on CRE market data from WDSuite, the submarket’s amenity depth and renter orientation underpin demand, while asset selection and hands-on management remain important to navigate affordability pressure and operating costs.
Safety indicators in this Bronx neighborhood trail national benchmarks, though recent data show improvement. The area ranks 420 out of 889 metro neighborhoods on crime, placing it below the metro median, while national comparisons indicate lower safety percentiles. Year over year, estimated violent offense rates have decreased by roughly the mid-teens percentage, and property offenses have also declined, signaling a positive directional trend.
Investors should underwrite with conservative assumptions around security, lighting, and building access controls, while recognizing that multi-year declines in reported offenses can support leasing stability when paired with professional onsite management and resident engagement.
Proximity to Midtown and major corporate nodes expands the commuter tenant base, with convenient access to diversified employers across technology services, media, consumer brands, and airlines that can support leasing depth and retention.
- Cognizant — technology services (5.95 miles)
- Cognizant Technology Solutions — technology services (5.98 miles) — HQ
- Disney ABC Television Group — media & entertainment (7.33 miles)
- Loews — diversified holdings (7.53 miles) — HQ
- Ralph Lauren — apparel & retail (7.60 miles) — HQ
Built in 2007 with 64 units averaging roughly 553 square feet, the property is newer than much of the surrounding housing stock, offering a competitive edge versus older Bronx product while leaving room for targeted upgrades to drive rent premiums. The neighborhood’s renter-occupied share is high and occupancy has remained steady, supporting baseline demand and lease-up visibility. According to CRE market data from WDSuite, deep amenity access and a high-cost ownership landscape further reinforce reliance on multifamily housing.
Within a 3-mile radius, households have grown and are projected to rise further as average household sizes trend lower—conditions that can expand the renter pool and support occupancy stability. Operators should still plan around affordability pressure (elevated rent-to-income in the neighborhood) and prudent expense controls, while leveraging the asset’s relative vintage and location fundamentals to sustain performance.
- 2007 vintage offers competitive positioning versus older local stock with potential value-add through selective modernization
- High renter-occupied share and stable neighborhood occupancy support demand and leasing visibility
- Dense amenities and access to major employment centers strengthen retention and day-to-day convenience
- Demographic trends within 3 miles indicate a larger renter pool over time, supporting occupancy stability
- Risks: elevated rent-to-income ratios and below-average safety metrics warrant conservative underwriting and active management