| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 56th | Fair |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 17 W Utica St, Buffalo, NY, 14209, US |
| Region / Metro | Buffalo |
| Year of Construction | 1992 |
| Units | 27 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
17 W Utica St, Buffalo — Urban-Core Multifamily
Positioned in Buffalo s A-rated urban core, this 27-unit asset benefits from strong renter concentration and improving neighborhood occupancy, according to WDSuite s CRE market data. Neighborhood metrics reflect area conditions rather than property-specific performance.
The property sits in an A-rated Urban Core neighborhood ranked 18th among 301 metro neighborhoods, indicating competitive positioning within Buffalo-Cheektowaga. Amenities are a clear strength: restaurants, cafes, groceries, and pharmacies are dense by local and national standards, supporting day-to-day convenience that helps with leasing and retention.
Renter-occupied housing accounts for a majority of neighborhood units (high renter concentration), which signals a deep tenant base for multifamily. Neighborhood occupancy has trended up over the past five years, supporting a more stable leasing backdrop even if short-term dynamics can vary by asset quality and management.
Within a 3-mile radius, demographic data show recent population growth alongside an increase in households, with forecasts calling for further gains and smaller average household sizes. This combination typically expands the renter pool and supports demand for professionally managed units.
Ownership costs in the area are elevated relative to local incomes, and home values have appreciated meaningfully over the past five years. In practice, a high-cost ownership market tends to sustain reliance on rentals, which can bolster tenant retention and pricing power where rent-to-income remains manageable.
Safety indicators for the neighborhood are below national averages, with property and violent offense measures tracking in lower national percentiles. Within the Buffalo-Cheektowaga metro, the area is not among the top-performing neighborhoods on crime, and recent year trends indicate some uptick. Investors typically underwrite prudent security measures and active property management to support resident comfort and leasing performance.
Nearby employers provide a diversified white-collar and healthcare-oriented employment base that supports renter demand and commute convenience. Key nodes include M&T Bank Corp., FedEx Trade Networks, UnitedHealth Group, McKesson, and Thermo Fisher Scientifc.
- M&T Bank Corp. banking (1.6 miles) HQ
- FedEx Trade Networks logistics (2.3 miles)
- UnitedHealth Group health insurance (5.8 miles)
- McKesson pharmaceutical distribution (8.2 miles)
- Thermo Fisher Scientifc life sciences (9.1 miles)
Built in 1992, the asset is newer than much of the surrounding housing stock, which can provide a competitive edge versus older product while still offering value-add potential through targeted modernization. Neighborhood fundamentals are supportive: a majority renter share, improving occupancy, and dense amenities that help with retention. Within a 3-mile radius, recent population and household growth with projections for additional gains point to a larger tenant base over time. According to CRE market data from WDSuite, ownership costs remain relatively high locally, which often sustains rental demand where rents track in line with incomes.
Key considerations include underwriting for neighborhood safety that trails national averages and planning for ongoing capital needs typical of early-1990s construction (mechanicals, interiors, and common areas). With disciplined operations and selective upgrades, the property can compete for demand from nearby employment centers and urban-core renters.
- 1992 vintage offers competitive positioning versus older stock, with clear value-add levers through modernization.
- Majority renter-occupied neighborhood and improving occupancy support leasing stability.
- 3-mile radius shows population and household growth, expanding the renter pool.
- Elevated ownership costs reinforce multifamily reliance, aiding retention where rent-to-income remains manageable.
- Risks: below-national-average safety metrics and typical capex for early-1990s systems; active management and security planning recommended.