| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 77th | Best |
| Amenities | 31st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 367 Elmwood Ave, Buffalo, NY, 14222, US |
| Region / Metro | Buffalo |
| Year of Construction | 1973 |
| Units | 21 |
| Transaction Date | 2021-04-29 |
| Transaction Price | $1,470,000 |
| Buyer | LRHK PROPERTIES LLC |
| Seller | 367 ELMWOOD LLC |
367 Elmwood Ave Buffalo Multifamily Investment
Located in Buffalo s urban core, this 21-unit asset benefits from a deep renter base and steady neighborhood occupancy, according to WDSuite s CRE market data. For multifamily property research, the immediate takeaway is durable demand supported by proximity to jobs and services.
Elmwood s urban core setting offers daily convenience and renter appeal. Dining access is a relative strength the neighborhood ranks competitively among 301 Buffalo-Cheektowaga neighborhoods and sits in the top quartile nationally for restaurant density, supporting leasing momentum for walkable product. Childcare availability also performs at a top-decile level in the metro (ranked 4th of 301), a positive signal for retention among households that rent.
Neighborhood occupancy trends have been stable with recent improvement, indicating resilient tenant demand even as new lease rates evolve. The area shows a high share of renter-occupied housing units, which typically supports a broader tenant pipeline and reduces downtime between turns. Median contract rents remain moderate relative to local incomes, which can aid renewal capture and reduce concessions risk during softer periods.
Within a 3-mile radius, demographics point to a larger tenant base over time: recent population growth has been positive, households have increased, and forecasts indicate additional household gains by 2028. A smaller average household size expected over the next few years suggests continued demand for smaller-unit formats, supporting absorption for studios and one-bedrooms.
Ownership costs in the neighborhood are elevated versus many areas of the region (home values rank near the top of the metro and above national medians), which tends to reinforce reliance on multifamily rentals and can support pricing power for well-maintained assets. Given the property s 1973 vintage newer than much of the local housing stock investors can position it as a competitive alternative to older buildings while planning selective modernization to meet today s renter expectations.
Safety indicators here are mixed and should be evaluated alongside management practices. The neighborhood s overall crime rank is below the metro median (ranked 66 among 301 Buffalo-Cheektowaga neighborhoods), and national comparisons place it below the mid-range; however, recent trends show an improvement in violent incidents year over year, indicating directional progress. For investors, prudent on-site security measures and lighting, plus coordination with local community programs, can help maintain occupancy stability and resident satisfaction.
Proximity to established employers supports renter demand through commute convenience and a diversified employment base. Notable nearby employers include M&T Bank (financial services), FedEx Trade Networks (logistics), UnitedHealth Group (healthcare services), McKesson (healthcare distribution), and Thermo Fisher Scientific (life sciences).
- M&T Bank Corp. financial services (1.27 miles) HQ
- FedEx Trade Networks logistics (2.16 miles)
- UnitedHealth Group healthcare services (6.17 miles)
- McKesson healthcare distribution (8.46 miles)
- Thermo Fisher Scientifc life sciences (9.13 miles)
This 21-unit property at 367 Elmwood Ave offers exposure to a renter-heavy neighborhood where occupancy has remained steady and restaurant- and childcare-access indicators outperform much of the metro. Elevated home values in the area help sustain multifamily demand, while rent levels relative to incomes support renewal capture and leasing velocity. According to CRE market data from WDSuite, the neighborhood s fundamentals point to durable renter demand rather than one-time spikes, which is favorable for long-term hold strategies.
The 1973 vintage is newer than much of the local housing stock, giving the asset a competitive baseline against older product while leaving room for targeted modernization to lift rents and retention. Looking out across a 3-mile radius, population and household growth along with an expected shift toward smaller household sizes supports a larger tenant base for smaller floor plans over time.
- Renter-heavy neighborhood supports depth of tenant demand and occupancy stability
- Dining and childcare access rank competitively in the metro, aiding leasing and retention
- Elevated ownership costs reinforce reliance on rentals, supporting pricing power for maintained units
- 1973 vintage offers a platform for value-add upgrades to enhance competitiveness
- Risks: safety metrics below national midline and limited grocery/park/pharmacy access requires active management and amenity strategy