| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Fair |
| Demographics | 56th | Good |
| Amenities | 25th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2 Harvey Dr, Lancaster, NY, 14086, US |
| Region / Metro | Lancaster |
| Year of Construction | 2004 |
| Units | 22 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2 Harvey Dr, Lancaster NY — 22-Unit Multifamily
Newer 2004 vintage in an older inner-suburb context suggests competitive positioning and steady renter demand, according to WDSuite’s CRE market data. Neighborhood occupancy trends remain firm, supporting income stability while leaving room for selective value-add to enhance yield.
Located in Lancaster’s Inner Suburb setting of the Buffalo-Cheektowaga metro, the property benefits from a neighborhood occupancy level that sits in the top quartile nationally, indicating resilient leasing conditions relative to many U.S. areas. Renter-occupied share of housing units in the neighborhood is comparatively modest, which can translate to a more select but stable tenant base for professionally managed multifamily assets.
The surrounding amenity mix is mixed: restaurant density ranks competitively (74th percentile nationwide), while cafes, groceries, parks, and pharmacies are sparse within the immediate neighborhood (ranked near the bottom among 301 metro neighborhoods). For residents, this typically implies a car-oriented lifestyle, with dining options nearby but fewer daily-needs retailers within close range.
The average neighborhood construction year skews older (early 1900s), so a 2004-built asset stands out as relatively modern. For investors, that positioning can support leasing competitiveness versus older stock, while still planning for mid-life system updates or targeted modernization to meet today’s renter expectations.
Within a 3-mile radius, demographics show population and households have grown in recent years, with forecasts calling for continued household expansion. This points to a larger tenant base and supports occupancy stability. Income levels in the 3-mile area have risen, and median contract rents are increasing from a relatively accessible base, which can support measured rent growth without outsized affordability pressure. School ratings in the neighborhood are below the national average, which may temper family-driven demand but does not preclude workforce leasing performance.
Home values in the neighborhood are on the lower side relative to many U.S. markets, and rent-to-income metrics sit favorably for renters. For investors, that combination can aid retention and reduce turnover friction, though pricing power should be applied judiciously and aligned with unit quality and local comps.
Comparable safety context is important for underwriting, but neighborhood-level crime figures are not available in WDSuite for this location. Investors typically benchmark Lancaster against the broader Buffalo-Cheektowaga metro to assess trend direction and relative positioning rather than relying on block-level readings.
Given the lack of discrete statistics here, a practical approach is to reference metro and municipal trend reports and align leasing assumptions with observed occupancy performance and resident retention indicators, rather than drawing conclusions from absent crime data.
Proximity to a diversified employment base supports renter demand and commute convenience, including healthcare distribution, banking, logistics, health insurance, and life sciences employers listed below.
- McKesson — healthcare distribution (3.9 miles)
- M&T Bank Corp. — banking (9.6 miles) — HQ
- FedEx Trade Networks — logistics (11.4 miles)
- UnitedHealth Group — health insurance (11.5 miles)
- Thermo Fisher Scientific — life sciences (17.1 miles)
This 22-unit, 2004-built asset offers relative vintage advantages in a neighborhood dominated by older housing stock, helping it compete on finishes, systems, and deferred maintenance profile. Neighborhood occupancy trends sit in the top quartile nationally, and within a 3-mile radius, recent and projected household growth points to a larger tenant base that supports leasing stability. According to CRE market data from WDSuite, local home values and rent-to-income dynamics indicate manageable affordability pressure, suggesting retention can be supported with disciplined rent management.
Amenity access is mixed—restaurants are comparatively plentiful while daily-needs retail is thinner—so positioning should emphasize convenient commutes and on-site livability. With incomes rising in the 3-mile area and contract rents trending from a relatively accessible base, a light-to-moderate value-add program (kitchens, baths, common areas) can reasonably target rent premiums while keeping an eye on affordability to sustain occupancy.
- Newer 2004 vintage versus older neighborhood stock supports competitive positioning and moderated near-term capex.
- Neighborhood occupancy trends are strong (top quartile nationally), aiding income stability.
- 3-mile household growth and rising incomes expand the renter pool and underpin steady leasing.
- Mixed amenity depth suggests emphasizing on-site features and parking while leveraging proximity to employment nodes.
- Risks: thinner daily-needs retail in the immediate neighborhood and below-average school ratings may limit family-driven demand; underwriting should reflect measured rent growth.