| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Best |
| Demographics | 67th | Best |
| Amenities | 51st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6231 Tonawanda Creek Rd, Lockport, NY, 14094, US |
| Region / Metro | Lockport |
| Year of Construction | 2008 |
| Units | 51 |
| Transaction Date | 2007-12-20 |
| Transaction Price | $135,000 |
| Buyer | PINE HOUSING OF NY CORP |
| Seller | POLITO LOUIS |
6231 Tonawanda Creek Rd Lockport Multifamily Opportunity
Positioned in a steady suburban pocket of Lockport, the asset benefits from high neighborhood occupancy and a moderate renter base that supports leasing stability; according to WDSuite’s CRE market data, fundamentals locally have trended resilient with room for selective rent growth management.
The property sits in a suburban area of Lockport within the Buffalo-Cheektowaga metro that WDSuite rates A-. At the metro level, this neighborhood ranks 60 out of 301, placing it above the metro median and competitive among Buffalo-Cheektowaga neighborhoods. Nationally, amenity access is mixed, with restaurants around mid-pack while cafes and parks are limited, suggesting daily needs are met by nearby retail nodes but the location remains primarily auto-oriented.
Occupancy in the neighborhood is strong and has improved over the past five years, landing around the 80th percentile nationally and competitive within the metro. For investors, that points to durable renter demand and supports income stability through cycles, with pricing decisions best tuned to retention over aggressive turnover.
Tenure patterns indicate a moderate share of renter-occupied housing (roughly the high-20s to low-30s percent range across neighborhood and 3-mile readouts), creating a meaningful—though not dominant—multifamily tenant pool. This balance can favor steady absorption for well-maintained assets while limiting over-reliance on rent-driven turnover.
Within a 3-mile radius, demographics show recent increases in household counts even as average household size edged lower—an investor-relevant signal of more households forming and a broader tenant base for apartments. Forward-looking projections in WDSuite point to meaningful gains in population and households through 2028, which would expand the local renter pool and help support occupancy stability if delivered.
Ownership costs in the neighborhood are elevated relative to many secondary markets but not extreme by national standards. Combined with comparatively accessible effective rents and a favorable rent-to-income profile, this context tends to support lease retention and measured rent growth, while acknowledging some competition from for-sale options in a high-cost-ownership market.
Comparable neighborhood-level crime metrics are not available in WDSuite for this area, so investors should benchmark conditions against city and county trends and review official sources. A prudent approach is to underwrite using metro-appropriate assumptions, verify on-the-ground conditions, and align security or lighting upgrades with resident expectations typical for suburban assets.
Nearby employment nodes feature healthcare, logistics, life sciences, banking, and pharmaceutical distribution, supporting renter demand via diverse white- and blue-collar jobs. Key employers include UnitedHealth Group, FedEx Trade Networks, Thermo Fisher Scientifc, M&T Bank Corp., and McKesson.
- UnitedHealth Group — healthcare services (10.6 miles)
- FedEx Trade Networks — logistics (13.1 miles)
- Thermo Fisher Scientifc — life sciences (14.9 miles)
- M&T Bank Corp. — banking (16.6 miles) — HQ
- McKesson — pharmaceutical distribution (16.8 miles)
Built in 2008, this 51-unit asset is newer than the neighborhood’s average vintage, offering competitive positioning versus older suburban stock while leaving room for targeted updates to common areas and building systems as part of a light value-add plan. Neighborhood occupancy stands strong and has trended upward, and, according to CRE market data from WDSuite, the area’s rent-to-income profile and renter concentration support retention-focused leasing.
The surrounding 3-mile area shows recent growth in households and projections for further population and income gains, which can expand the tenant base and sustain demand. Ownership costs are relatively high compared with local rents, reinforcing reliance on rental options; however, more accessible for-sale choices in parts of the metro can still compete, so maintaining quality and service levels will be key to pricing power.
- 2008 vintage positions the property ahead of older comps with potential for targeted, high-ROI upgrades
- Strong neighborhood occupancy and stable renter base support income durability
- 3-mile household and income growth outlook expands the tenant pool and supports absorption
- Favorable rent-to-income dynamics aid retention and measured rent growth strategies
- Risks: auto-oriented location with limited nearby amenities; some competition from ownership; ongoing CapEx planning for a mid-2000s asset