| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Good |
| Demographics | 26th | Poor |
| Amenities | 57th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 865 Michigan Ave, Buffalo, NY, 14203, US |
| Region / Metro | Buffalo |
| Year of Construction | 1981 |
| Units | 108 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
865 Michigan Ave, Buffalo NY Multifamily Positioning
Workforce renter demand is supported by a high renter-occupied housing presence in the surrounding area, according to WDSuite’s CRE market data, while the asset’s location near Downtown services offers day-to-day convenience. Investors should underwrite for operational discipline given neighborhood occupancy readings.
Amenities are competitive among Buffalo-Cheektowaga neighborhoods, with cafe density in the top quartile nationally and grocery options above metro norms, while parks are limited; pharmacies are a local strength with access levels that rank among the better parts of the metro. These dynamics support daily convenience and leasing appeal without relying on destination retail.
The neighborhood’s renter-occupied share is high, indicating a deep tenant base for multifamily. However, the neighborhood occupancy level trends below the metro median, so lease-up and renewal strategies should emphasize retention and targeted marketing to stabilize cash flow.
Within a 3-mile radius, population and household counts have grown and are projected to expand further through 2028, pointing to a larger tenant base and incremental support for occupancy stability. Household sizes are edging smaller, which can sustain demand for studios and one-bedrooms as households form or downsize.
Ownership costs sit on the higher side relative to local incomes, which can reinforce reliance on rental housing and support pricing power for well-managed properties. At the same time, neighborhood-level rent-to-income readings suggest room for careful rent management focused on retention rather than aggressive increases.
The asset’s 1981 vintage is newer than much of the surrounding building stock, positioning it competitively versus prewar properties. Investors should still plan for modernization of systems and common areas to maintain an edge over older comparables and to capture value-add upside.
Safety indicators for the neighborhood are below national averages, with crime measures that place the area below the metro median for Buffalo-Cheektowaga. National percentiles suggest higher rates of both property and violent offenses than many U.S. neighborhoods. Investors often address this through lighting, access control, and partnership with professional security vendors where appropriate.
Recent year-over-year trends point to mixed movement in offense rates rather than a clear improvement. Underwriting should incorporate prudent assumptions for security spend and potential leasing impact, while comparing performance to similarly situated urban neighborhoods.
Nearby employment anchors span banking, logistics, healthcare, and pharmaceuticals, supporting commuter convenience and a steady renter pipeline. Notable employers include M&T Bank, FedEx Trade Networks, UnitedHealth Group, and McKesson.
- M&T Bank Corp. — banking HQ and corporate functions (0.7 miles) — HQ
- FedEx Trade Networks — logistics and brokerage (3.2 miles)
- FedEx Trade Networks — logistics and brokerage (6.6 miles)
- UnitedHealth Group — healthcare services (6.9 miles)
- McKesson — healthcare distribution (7.5 miles)
865 Michigan Ave is a 108-unit, 1981-vintage asset positioned near Downtown Buffalo conveniences and employment nodes. The property benefits from a high local renter-occupied share and growing 3-mile population and household counts that expand the tenant base. Based on CRE market data from WDSuite, neighborhood occupancy runs below the metro median, so performance will hinge on disciplined leasing, turn efficiency, and resident retention rather than outsized rent pushes.
Relative to older neighborhood stock, the 1981 vintage offers a competitive baseline with potential value-add via targeted interior updates and building systems modernization. Elevated ownership costs versus local incomes can sustain reliance on rentals, supporting demand for well-managed workforce housing, while safety conditions warrant conservative underwriting for security measures and potential leasing friction.
- Strong renter base nearby and projected renter pool expansion within 3 miles supports demand depth and occupancy stability.
- 1981 vintage is newer than much of the neighborhood stock, with clear value-add pathways through unit and systems upgrades.
- Proximity to Downtown services and major employers enhances commute convenience and leasing appeal.
- Ownership costs relative to incomes favor sustained rental demand and support for pricing power when paired with retention-focused management.
- Risks: below-metro occupancy and weaker safety metrics require conservative underwriting, security investments, and active lease management.