As part of our ongoing analysis of the neighborhoods of major cities, the NeighborhorhoodX team has been exploring and analyzing the neighborhoods of New York City. One of our immediate areas of focus is the Bronx - especially the southern Bronx neighborhoods closest to Manhattan which have been experiencing significant interest.
Hunts Point is in the southern Bronx, just northeast of Mott Haven and Port Morris, two neighborhoods which have been getting the lion's share of recent press coverage. The neighborhood is on a peninsula circled by the East and Bronx rivers, with the 278 to the north.
The current average listing price in Hunts Point is $225 per square foot. However, as you can see from the chart below, the individual properties that make up this average range from $172/sq.ft. (613 Barretto St.) to $277/sq.ft. (613 Coster St.).
Readers can mouse over the chart bars for more detailed analytics, and the addresses link directly to the property listings.
Strong rental potential. Many of the current listings are multi-family properties, attractive to investors or owner-occupants who would like the rent from the other apartments to offset part of the mortgage. Looking at a subset of current listings that excluded outliers and those with incomplete or contradictory data, the annual rents per square foot in Hunts Point ranged from $20-31.68/sq.ft.
"To put this number in context," said Constantine Valhouli, NeighborhoodX's Director of Research. "The average purchase price of $225/sq.ft. is only 7.88 times the average annual rent, offering an impressive yield."
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