| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Good |
| Demographics | 15th | Poor |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 840 Tonawanda St, Buffalo, NY, 14207, US |
| Region / Metro | Buffalo |
| Year of Construction | 1996 |
| Units | 29 |
| Transaction Date | 2022-12-14 |
| Transaction Price | $1,780,648 |
| Buyer | MAGNOLIA HOUSING DEVELOPMENT FUND CORP |
| Seller | AUSTIN MANOR HOUSING LP |
840 Tonawanda St, Buffalo NY — Boutique Multifamily with Durable Rentership
Neighborhood occupancy is strong at the area level, supporting leasing stability for a 29-unit asset, according to WDSuite’s CRE market data. The location serves a renter-heavy pocket of Buffalo, suggesting steady tenant demand rather than outsized rent growth.
The property sits in Buffalo’s Urban Core where neighborhood-level occupancy trends have been above the metro median, reinforcing a baseline of leasing stability for well-managed assets. Renter-occupied housing represents a slight majority of units locally, indicating a deep tenant base and dependable demand for multifamily units rather than heavy reliance on occasional lease-ups.
Livability signals are mixed but serviceable for workforce housing. Park access is a standout, ranking among the very best in the metro and in the top percentile nationally. Daily-needs access is competitive among Buffalo neighborhoods for pharmacies and groceries, and restaurant density is in the top quartile locally. By contrast, cafes and childcare options are sparse, which may matter for certain tenant profiles.
Housing stock in the surrounding neighborhood skews older on average, while this asset’s 1996 vintage is newer than much of the area. For investors, that relative age advantage can enhance competitiveness versus prewar buildings, though planning for modernization of common areas and aging systems remains prudent.
Within a 3-mile radius, demographics point to a larger renter pool over time: households have grown over the last five years and are projected to expand further through 2028, with incomes trending upward. These dynamics support occupancy stability and broaden the tenant base, even as rent levels in the immediate neighborhood remain relatively attainable compared with many U.S. markets.
Safety trends should be evaluated with care. The neighborhood’s crime rank sits in the less favorable half of the Buffalo-Cheektowaga metro (ranked 88 out of 301 neighborhoods), indicating higher relative exposure than many areas locally. Nationally, safety measures track below average.
Recent movement is mixed: estimated property offenses have edged down year over year, while estimated violent offenses have shown an uptick. For investors, this suggests the importance of standard security measures, strong on-site management, and resident screening to support retention and asset performance.
Nearby employers provide a diversified employment base that supports workforce renter demand and commute convenience for residents, including logistics, healthcare, finance, and life sciences offices noted below.
- FedEx Trade Networks — logistics & trade services (1.3 miles)
- UnitedHealth Group — healthcare services (3.8 miles)
- M&T Bank Corp. — banking & financial services (4.6 miles) — HQ
- Thermo Fisher Scientifc — life sciences offices (5.8 miles)
This 29-unit property built in 1996 offers a relative age advantage versus much of the surrounding housing stock, positioning it competitively among older Buffalo assets while still warranting capital planning for system updates and targeted modernization. Neighborhood-level occupancy remains healthy and renter concentration is solid, supporting day-to-day leasing stability and retention. Based on commercial real estate analysis from WDSuite, the submarket’s rent levels are generally attainable, which favors steady absorption over outsized near-term pricing power.
Household growth within a 3-mile radius and projections for continued expansion through 2028 point to a gradually enlarging tenant base and support for stable occupancy. Strong park access and convenient daily-needs retail further enhance livability, while sparse cafes/childcare and below-average safety metrics in the metro context are considerations for underwriting and on-site operations.
- Newer 1996 vintage versus older neighborhood stock supports competitive positioning with manageable value-add potential
- Above-metro-median neighborhood occupancy and majority renter-occupied housing base support stable leasing
- Attainable rent levels favor retention and consistent absorption over volatility
- 3-mile household and income growth trends underpin a broader tenant pool through 2028
- Risks: below-average safety metrics locally and limited cafes/childcare; plan for security, resident services, and targeted CapEx