| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 70th | Best |
| Amenities | 27th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2460 Bowen Rd, Elma, NY, 14059, US |
| Region / Metro | Elma |
| Year of Construction | 2012 |
| Units | 61 |
| Transaction Date | 2012-06-11 |
| Transaction Price | $93,685 |
| Buyer | WKJ YOUNG GROUP INC |
| Seller | 2460 BOWEN ROAD LLC |
2460 Bowen Rd Elma Multifamily — 2012 Vintage, 61 Units
Positioned in a suburban pocket with strong incomes and solid school ratings, the asset benefits from stable neighborhood occupancy and a deep commuter base, according to WDSuite’s CRE market data. While renter concentration is modest, the combination of newer construction and balanced affordability supports retention and steady leasing.
The property sits in a suburban area of the Buffalo-Cheektowaga metro that is competitive among 301 metro neighborhoods (ranked 111th), with a B+ neighborhood rating and a profile oriented toward family households and commuters. School quality is a relative strength, landing in the top quartile nationally (average rating 4.0 out of 5), which can underpin long-term renter demand for larger units.
Construction in the surrounding neighborhood skews older (average 1980), so a 2012 vintage positions this asset as newer than much of the local stock—typically translating to lower near-term capital needs and stronger competitive positioning versus legacy properties, though investors should still plan for periodic system refresh and modernization over the hold.
Neighborhood occupancy trends are near the national midpoint (about the 51st percentile), suggesting steady but not overheated conditions. Renter-occupied housing is a smaller share locally (approximately mid-30s nationally by percentile), which points to a thinner multifamily base; however, the area’s high household incomes (upper-80s percentile nationally) and a low rent-to-income ratio support demand depth and lease retention for quality product.
Within a 3-mile radius, demographics show measured population growth over the last five years with households roughly flat, and forecasts indicate a slight population pullback by 2028 alongside an increase in household counts. For investors, that mix implies smaller household sizes and a gradual renter pool expansion that can support occupancy stability, even as absolute population moderates. Home values are elevated relative to many U.S. neighborhoods, which can reinforce reliance on multifamily rentals; at the same time, ownership remains accessible for some households, so pricing strategies should account for potential competition from for-sale options.
Amenities are limited nearby (few parks, pharmacies, and childcare options), consistent with a low-density suburban setting. That said, cafe density ranks above many peer areas nationally, and regional retail and employment nodes within driving distance provide everyday needs without requiring urban-level proximity.
Safety indicators compare favorably versus many U.S. neighborhoods: property offense rates benchmark in the top quartile nationally, and violent offense rates also sit well above the national median. This positioning aligns with investor expectations for suburban product focused on household stability.
Trend-wise, recent year estimates indicate an uptick in violent offenses relative to national peers. While levels remain comparatively favorable, underwriting should incorporate conservative assumptions and monitor local policing and community safety initiatives over the hold period.
Nearby employers provide a diversified white-collar base that supports commuter demand and lease stability, including McKesson, M&T Bank Corp., FedEx Trade Networks, UnitedHealth Group, and Thermo Fisher Scientific.
- McKesson — healthcare distribution offices (4.8 miles)
- M&T Bank Corp. — banking & financial services (12.5 miles) — HQ
- FedEx Trade Networks — logistics & trade services (14.9 miles)
- UnitedHealth Group — healthcare & insurance services (15.7 miles)
- Thermo Fisher Scientifc — life sciences offices (21.1 miles)
Built in 2012 with 61 units averaging roughly 780 square feet, the property offers a newer-vintage alternative to predominantly older neighborhood stock, supporting competitive leasing and reduced near-term capital exposure. The surrounding area exhibits steady occupancy around the national midpoint, strong school ratings, and high household incomes—factors that typically support retention and consistent tenant quality, based on commercial real estate analysis from WDSuite.
Renter concentration is modest locally, but elevated home values and growth in household counts within a 3-mile radius indicate a stable or expanding renter pool over the medium term. Affordability pressure appears manageable (low rent-to-income readings), which can sustain occupancy and pricing resilience; underwriting should still account for amenity-light surroundings and the potential for some households to opt for ownership.
- 2012 construction offers competitive positioning versus older local stock, with reduced near-term capex needs.
- Strong incomes and top-quartile school ratings support tenant quality and lease retention.
- Steady neighborhood occupancy and rising household counts within 3 miles reinforce demand stability.
- Low rent-to-income metrics suggest manageable affordability pressure and pricing flexibility.
- Risks: modest renter concentration and amenity-light setting; maintain conservative lease-up and renewal assumptions.