| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Poor |
| Demographics | 29th | Poor |
| Amenities | 16th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 104 Lewis St, Buffalo, NY, 14206, US |
| Region / Metro | Buffalo |
| Year of Construction | 1996 |
| Units | 34 |
| Transaction Date | 2017-11-27 |
| Transaction Price | $1,600,000 |
| Buyer | --- |
| Seller | --- |
104 Lewis St, Buffalo NY Multifamily Investment
Stabilized renter demand in the immediate neighborhood, combined with a 1996 vintage that competes well against older local stock, supports steady operations according to WDSuite’s CRE market data.
The property sits in an inner-suburb setting of Buffalo with everyday conveniences close by. Grocery access is a relative strength — competitive among Buffalo-Cheektowaga neighborhoods (ranked 33 out of 301) and top quartile nationally by density — helping support daily livability and resident retention.
Neighborhood occupancy trends sit near the metro midpoint, indicating manageable leasing risk rather than outsized volatility. Renter-occupied housing represents a high share locally (86th percentile nationally), signaling a deep tenant pool for multifamily operators and supporting ongoing demand for professionally managed units.
Within a 3-mile radius, households expanded over the last five years and are projected to grow further through 2028, pointing to a larger tenant base and potential lease-up support. This directional growth, paired with moderate local rent-to-income levels, suggests affordability pressure is manageable for most renters, aiding renewal strategies and pricing discipline backed by multifamily property research from WDSuite.
The submarket’s housing stock skews older on average, while this asset’s 1996 construction is newer than much of the neighborhood. That positioning can be a competitive advantage versus pre-war buildings, though investors should still underwrite routine system upgrades and modernization typical for late-1990s assets.
Safety indicators for the immediate neighborhood trend below both national and metro averages. Crime ranks 93 out of 301 Buffalo-Cheektowaga neighborhoods, indicating relatively higher incident rates versus many parts of the metro, and national comparisons sit in lower percentiles.
Recent year-over-year readings point to an uptick in both property and violent offenses locally. For underwriting, investors typically account for enhanced security measures and community management to support resident comfort and retention, and they may favor screening and operating practices aligned with submarkets showing similar risk profiles.
Proximity to major employers underpins renter demand by shortening commutes for a diverse workforce, including finance, logistics, healthcare, and life sciences — all relevant to leasing stability in this part of Buffalo.
- M&T Bank Corp. — banking HQ and corporate functions (2.1 miles) — HQ
- FedEx Trade Networks — logistics & trade services (5.0 miles)
- McKesson — healthcare distribution offices (5.7 miles)
- UnitedHealth Group — healthcare services (8.0 miles)
- Thermo Fisher Scientifc — life sciences offices (11.9 miles)
This 34-unit, 1996-vintage asset offers practical positioning in an inner-suburb Buffalo location where renter concentration is high and grocery access is strong. The vintage is newer than much of the surrounding stock, helping competitiveness against older buildings while still warranting typical late-1990s capital planning for systems and common-area refresh.
Neighborhood occupancy trends are around the metro median, and within a 3-mile radius WDSuite indicates population growth and a meaningful increase in households through 2028 — supportive of a larger tenant base and occupancy stability. According to CRE market data from WDSuite, moderate rent-to-income levels locally suggest manageable retention risk, though investors should weigh amenity gaps in the immediate blocks and safety readings that trail metro norms.
- 1996 construction competes well versus older neighborhood stock; plan for routine modernization
- High renter-occupied share locally supports depth of tenant demand
- 3-mile household and population growth through 2028 expands the renter pool and supports occupancy
- Strong grocery access aids daily livability and lease retention
- Risks: below-average safety indicators and limited nearby cafes/restaurants warrant conservative underwriting