| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 52nd | Fair |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 183 Jewett Pkwy, Buffalo, NY, 14214, US |
| Region / Metro | Buffalo |
| Year of Construction | 1984 |
| Units | 32 |
| Transaction Date | 2014-06-13 |
| Transaction Price | $300,000 |
| Buyer | 183 JEWETT LLC |
| Seller | THE CANISIUS COLLEGE OF BUFFALO |
183 Jewett Pkwy, Buffalo NY Multifamily Investment
Neighborhood occupancy has trended higher over the past five years and renter demand is supported by a majority of renter-occupied housing units, according to WDSuite’s CRE market data. This points to stable leasing fundamentals for a 32‑unit asset positioned near everyday amenities.
183 Jewett Pkwy sits in an Inner Suburb location that is competitive among Buffalo-Cheektowaga neighborhoods (rank 82 out of 301). Everyday convenience is a strength: cafe and grocery density rank within the top tier locally (ranks 6 and 7 of 301, respectively) and are in the top decile nationally, which supports resident retention and day-to-day livability for renters.
From an investment lens, neighborhood occupancy is measured for the neighborhood—not the property—and has improved over the last five years, supporting expectations for leasing stability. The local renter-occupied share is just over half, indicating a deep tenant base and consistent multifamily demand. Median market rents in the area are mid-range for the region, with steady five-year growth, which can aid revenue management while keeping affordability competitive relative to incomes.
Demographic statistics are aggregated within a 3‑mile radius and indicate recent population and household growth, with projections calling for additional household expansion over the next five years—signals that typically translate into a larger tenant base and support occupancy stability. The average household size is edging smaller, which can sustain demand for well-located apartments.
Home values in the neighborhood are elevated relative to local incomes, a high‑cost ownership context that tends to reinforce reliance on rental housing and support lease retention. While everyday services are strong, there are fewer nearby parks and pharmacies and limited nearby school ratings reported, which some residents may weigh when choosing a location.
The property’s 1984 construction is newer than much of the surrounding housing stock (neighborhood average vintage skews early 20th century). That positioning can be competitive versus older buildings; however, investors should plan for system modernization and targeted renovations to keep the asset aligned with current renter expectations.
Safety conditions in the immediate neighborhood are below national averages based on comparative percentiles, and the area ranks below the metro median for safety among 301 Buffalo-Cheektowaga neighborhoods. Recent year-over-year indicators also show softer trends. These signals warrant standard operating focus on lighting, access control, and resident engagement to support retention and leasing.
For investors, the takeaway is to underwrite with conservative assumptions on security-related operating expenses and to monitor neighborhood trendlines alongside metro benchmarks. Framing safety at the neighborhood level—not the property—helps calibrate expectations without overgeneralizing block-by-block conditions.
Proximity to established corporate employers supports workforce housing demand and commute convenience, which can aid leasing and retention. Notable nearby employers include FedEx Trade Networks, M&T Bank Corp., UnitedHealth Group, Thermo Fisher Scientific, and McKesson.
- FedEx Trade Networks — logistics offices (2.6 miles)
- M&T Bank Corp. — banking (3.5 miles) — HQ
- UnitedHealth Group — healthcare services (4.1 miles)
- Thermo Fisher Scientific — life sciences offices (8.4 miles)
- McKesson — healthcare distribution offices (8.6 miles)
This 32‑unit, 1984‑vintage property offers a practical blend of demand depth and competitive positioning versus older neighborhood stock. Neighborhood occupancy has improved over the last five years, and a majority share of renter‑occupied housing units signals a stable tenant base. Within a 3‑mile radius, recent and projected increases in households point to renter pool expansion that can support steady absorption and lease retention. According to CRE market data from WDSuite, local amenity access—especially cafes and groceries—ranks strongly, reinforcing day‑to‑day livability for residents.
Investor considerations include planning for mid‑life system upgrades typical for 1980s construction and underwriting conservatively for neighborhood safety that trends below national norms. Elevated ownership costs relative to incomes in the area tend to sustain demand for rental housing, supporting pricing discipline while maintaining attention to affordability and renewal strategy.
- Neighborhood occupancy trend supports leasing stability and retention.
- Majority renter-occupied housing indicates depth of tenant demand.
- 1984 vintage is newer than much of the local stock, with value-add via targeted modernization.
- Strong amenity access (cafes, groceries) enhances livability and supports renewals.
- Risk: neighborhood safety below national norms; budget for security and resident services.