| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Poor |
| Demographics | 68th | Best |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 770 Mill Rd, Buffalo, NY, 14224, US |
| Region / Metro | Buffalo |
| Year of Construction | 1978 |
| Units | 55 |
| Transaction Date | 2009-02-02 |
| Transaction Price | $1,000,000 |
| Buyer | 770 MILL LLC |
| Seller | AHMED ANSAR |
770 Mill Rd, Buffalo Multifamily Value-Add Opportunity
Neighborhood occupancy is steady and suburban fundamentals are durable, according to WDSuite’s CRE market data, positioning this asset for cash flow with targeted renovations. The surrounding area shows balanced renter demand and everyday convenience, supporting retention and leasing stability.
Set within a suburban pocket of the Buffalo-Cheektowaga metro, the neighborhood is rated B and ranks 129 out of 301 locally—above the metro median—indicating balanced livability and demand for workforce housing. Restaurants and parks are accessible (both competitive versus national medians), while cafes and pharmacies are sparse, suggesting residents rely on a practical mix of nearby services rather than destination retail, based on CRE market data from WDSuite.
Neighborhood occupancy is about 95% (neighborhood-level, not property-specific), which supports stable cash flow for multifamily operators. The median household income ranks in the 76th percentile nationally, signaling solid purchasing power for area renters. Home values sit near the national midpoint, and the value-to-income ratio is comparatively low for the U.S., which means ownership is relatively attainable; multifamily operators should compete on convenience, finish level, and professional management to sustain pricing power and retention.
Property vintage matters here: the asset was built in 1978, newer than the neighborhood’s average construction year of 1950. That positioning can be a competitive advantage against older stock, while still warranting a capital plan for aging systems and select modernization to enhance unit appeal and operating efficiency.
Within a 3-mile radius, population has inched up recently while household counts have grown and are projected to expand meaningfully through 2028. This points to a gradually larger tenant base and supports occupancy stability. The renter-occupied share within this radius is roughly one-quarter to one-third of housing units, indicating a sizable yet balanced pool of prospective renters that aligns with workforce housing demand. Grocery access tests above national norms, and park access ranks in the top quartile nationally, both of which reinforce day-to-day livability for residents.
Neighborhood-level crime metrics are not provided in this release. Investors commonly benchmark public safety by comparing neighborhood trends to city and county data and reviewing multi-year directionality to understand whether conditions are improving or stable.
Given the suburban context and everyday-amenity mix described above, many operators evaluate safety as part of site selection, resident feedback, and local reporting to gauge how the area compares with broader Buffalo-Cheektowaga trends before setting leasing assumptions.
Nearby employers provide a diversified white-collar and logistics employment base that supports renter demand and commute convenience, including McKesson, M&T Bank Corp., FedEx Trade Networks, UnitedHealth Group, and Thermo Fisher Scientific.
- McKesson — healthcare distribution offices (1.5 miles)
- M&T Bank Corp. — banking & corporate functions (7.5 miles) — HQ
- FedEx Trade Networks — logistics & trade services (10.5 miles)
- UnitedHealth Group — healthcare services & administration (12.7 miles)
- Thermo Fisher Scientific — life sciences offices (17.3 miles)
770 Mill Rd offers a practical value-add path in a suburban Buffalo location where neighborhood occupancy trends are resilient and incomes test above national medians. Built in 1978, the property is newer than much of the surrounding housing stock, allowing targeted renovations and systems updates to differentiate against older comparables while pursuing operating efficiencies. According to CRE market data from WDSuite, neighborhood livability is supported by strong park and grocery access, while ownership remains relatively accessible—an environment where professional management, convenience, and refreshed finishes help sustain leasing velocity.
Within a 3-mile radius, steady population and growing households point to a larger tenant base over time, reinforcing demand for well-managed units. Proximity to diversified employers further supports retention, while the area’s amenity mix suggests durable day-to-day appeal for workforce renters. Key risks include competition from attainable ownership and limited niche amenities in the immediate blocks, both of which can be mitigated through thoughtful unit upgrades, curb appeal, and service quality.
- Stable neighborhood occupancy and solid incomes support cash flow durability
- 1978 vintage offers value-add and systems modernization potential versus older stock
- Household growth within 3 miles expands the renter pool and underpins leasing
- Employer proximity (healthcare, finance, logistics) supports retention and lease-up
- Risk: relatively attainable ownership and limited niche amenities require competitive positioning