| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 77th | Best |
| Amenities | 31st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 939 Delaware Ave, Buffalo, NY, 14209, US |
| Region / Metro | Buffalo |
| Year of Construction | 1982 |
| Units | 21 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
939 Delaware Ave Buffalo Multifamily Investment Thesis
High renter concentration in the immediate neighborhood supports a deep tenant base and consistent leasing, according to WDSuite’s CRE market data.
Situated in Buffalo’s Urban Core, the property benefits from a neighborhood with strong renter demand drivers and a demographic profile that supports multifamily leasing. Within a 3-mile radius, population and household counts have risen in recent years and are projected to continue expanding, indicating a larger tenant base and supporting occupancy stability over time. The area’s renter-occupied share remains the majority locally, reinforcing depth of demand for apartments rather than ownership.
Amenity access is mixed. Dining density ranks in the higher tier nationally (restaurants count around the 90th percentile), while childcare availability also tests strong (about the 97th percentile). By contrast, grocery, parks, and pharmacies are relatively limited in the immediate neighborhood, which may shift some convenience needs to nearby districts. For investors, this mix can still support urban-core renter appeal, with restaurants and services anchoring evening and weekend activity.
Neighborhood-level operations trends point to steady, if not peak, performance. Occupancy in the neighborhood has improved over the past five years but tracks below the metro median, suggesting room for asset-level execution to outperform local baselines. NOI per unit is competitive among Buffalo-Cheektowaga neighborhoods (ranked within the top 5%–10% locally), indicating that well-positioned assets can capture solid yields relative to metro peers, based on CRE market data from WDSuite.
Housing and income signals point to sustained rental reliance. Median home values in the neighborhood are elevated versus many areas, and the value-to-income ratio sits higher than national midpoints. Combined with a neighborhood rent-to-income profile near national mid-range, this context supports rental demand depth and potential lease retention, as renters weigh ownership costs against multifamily options. The property’s 1982 vintage is newer than much of the surrounding building stock (average vintage in the area skews 1930s), which can enhance competitive positioning versus older assets while still warranting capital planning for aging systems and selective modernization.
Safety trends should be evaluated with care. Relative to neighborhoods nationwide, this area sits below average on safety measures (national percentiles for both property and violent offenses are on the lower end), and within the Buffalo-Cheektowaga metro it ranks among the higher-crime segments (rank 66 out of 301 indicates elevated incident rates compared with many local neighborhoods). At the same time, recent year-over-year estimates indicate a decline in violent offenses, signaling an improving trend that investors can monitor as part of ongoing risk management.
Proximity to major employers supports workforce housing demand and commute convenience, notably in financial services, logistics, and healthcare-related services. The following nearby employers underpin steady renter demand and can aid leasing stability.
- M&T Bank Corp. — banking HQ (1.5 miles) — HQ
- FedEx Trade Networks — logistics (2.2 miles)
- UnitedHealth Group — healthcare services (6.0 miles)
- McKesson — healthcare distribution (8.3 miles)
- Thermo Fisher Scientifc — life sciences offices (9.2 miles)
939 Delaware Ave is a 21-unit, 1982-vintage multifamily asset positioned in Buffalo’s Urban Core. The immediate neighborhood shows a high share of renter-occupied housing, and 3-mile demographics indicate growth in population and households with a projected expansion through 2028—both supportive of a larger tenant base and occupancy stability. Elevated neighborhood home values relative to incomes reinforce renter reliance on multifamily housing, which can aid retention and pricing power at well-operated assets.
Operationally, neighborhood occupancy has risen in recent years though remains below the metro median, implying upside for thoughtful renovations and leasing strategy. The asset’s vintage is newer than much of the surrounding stock, offering a competitive edge versus older buildings while still requiring standard capital planning for systems and unit modernization. According to CRE market data from WDSuite, local NOI per unit performance is competitive among metro peers, suggesting well-executed assets can capture durable cash flow.
- High renter concentration nearby supports durable multifamily demand and a deeper leasing pool.
- 1982 construction is newer than the neighborhood average, enabling competitive positioning with targeted upgrades.
- 3-mile population and household growth, with further expansion projected, underpin tenant base expansion and occupancy stability.
- Elevated home values relative to incomes reinforce reliance on rental housing, aiding lease retention and pricing discipline.
- Risks: neighborhood safety sits below national averages and occupancy trails metro median; investor returns depend on asset-level execution and ongoing risk management.