| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 23rd | Poor |
| Demographics | 40th | Poor |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 77 Main St, Lockport, NY, 14094, US |
| Region / Metro | Lockport |
| Year of Construction | 1978 |
| Units | 84 |
| Transaction Date | 2006-07-19 |
| Transaction Price | $9,561,697 |
| Buyer | URBAN PARK II LP |
| Seller | APARTME URBAN PARK TOWERS |
77 Main St, Lockport NY Multifamily Investment
Renter concentration in the surrounding neighborhood supports depth of demand and leasing durability, according to WDSuite’s CRE market data. With comparatively modest rents in the area, the asset can compete on value while pursuing pragmatic upgrades.
Lockport’s inner-suburb setting offers everyday convenience that helps multifamily retention. Amenity access is a relative strength: the neighborhood ranks 38th out of 301 Buffalo–Cheektowaga neighborhoods for overall amenity access (top quartile nationally), with dense coverage of restaurants, cafes, groceries, and pharmacies compared with both metro and national benchmarks.
For investors, the local housing context points to a stable renter pool. The share of housing units that are renter-occupied is elevated for the metro (ranked 15th of 301), indicating deeper tenant demand and potential resilience through cycles. Median contract rents benchmark below national norms, which can aid lease-up and reduce pricing friction while still allowing structured revenue management.
Within a 3-mile radius, households have inched higher in recent years even as population held roughly flat, and WDSuite’s outlook indicates additional household growth through 2028. That trend typically expands the local renter pool and can support occupancy stability, particularly for well-managed properties positioned at attainable price points.
Vintage also shapes competitive dynamics. The property was built in 1978, whereas the surrounding housing stock skews much older. That makes the asset comparatively newer than much of its competitive set, which can reduce near-term functional obsolescence risk while still leaving room for selective modernization to enhance positioning.
Ownership costs in the neighborhood are lower than many U.S. markets. While this may introduce some competition from entry-level ownership, it also means multifamily can retain tenants by offering convenience, professional management, and move-in readiness—key advantages that support lease retention for well-run communities.
Safety signals are mixed and should be evaluated in context. Within the Buffalo–Cheektowaga metro, the neighborhood’s crime rank sits in the lower tier (30th of 301), indicating higher incident levels than many metro peers. Nationally, however, composite indicators align closer to the middle to somewhat better-than-average performance, with property and violent offense measures landing above the national median for safety.
Recent-year trends show some volatility by offense type. For underwriting, investors commonly account for this by emphasizing on-site management, lighting and access controls, and resident screening—tactics that can help maintain leasing performance relative to comparable locations.
Regional employment is diversified across healthcare, logistics, scientific manufacturing, and financial services, supporting a broad renter base and commutes within a manageable radius. Key nearby employers include UnitedHealth Group, FedEx Trade Networks, Thermo Fisher Scientific, M&T Bank Corp., and McKesson.
- UnitedHealth Group — healthcare services (14.8 miles)
- FedEx Trade Networks — logistics (16.9 miles)
- Thermo Fisher Scientifc — scientific manufacturing (17.6 miles)
- M&T Bank Corp. — financial services (21.5 miles) — HQ
- McKesson — healthcare distribution (22.4 miles)
77 Main St is an 84‑unit multifamily asset positioned in a renter-heavy neighborhood where attainable rents, dense daily amenities, and a diversified employment base underpin demand. Based on CRE market data from WDSuite, the area’s renter-occupied share is high for the metro and local rents benchmark below national levels—factors that can support occupancy stability and leasing velocity when paired with disciplined revenue management.
Constructed in 1978, the property is newer than much of the surrounding housing stock, offering relative competitiveness versus older alternatives. Targeted interior and building-system upgrades can capture value-add potential while maintaining an attainable price point. Underwriting should also weigh neighborhood safety variability and the region’s comparatively accessible ownership costs, which may create price-sensitive competition in some cohorts.
- Renter-heavy neighborhood supports a deeper tenant base and leasing durability.
- Attainable area rents aid lease-up and provide room for structured rent optimization.
- 1978 vintage is newer than much of the competitive stock; selective upgrades can drive value.
- Diverse nearby employers broaden demand across healthcare, logistics, manufacturing, and finance.
- Risks: safety variability and relatively accessible ownership options may pressure pricing for some renter segments.