| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Fair |
| Demographics | 45th | Fair |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2740 Service Rd, Niagara Falls, NY, 14304, US |
| Region / Metro | Niagara Falls |
| Year of Construction | 1972 |
| Units | 120 |
| Transaction Date | 2014-09-26 |
| Transaction Price | $2,300,000 |
| Buyer | Expressway MHP, LLC |
| Seller | --- |
2740 Service Rd Niagara Falls 120-Unit Multifamily
Neighborhood occupancy is strong and stable, supporting consistent leasing performance, according to WDSuite’s CRE market data. Investors can underwrite steady demand while planning for 1970s-vintage value-add and ongoing capital needs.
The property sits in a B- rated neighborhood within the Buffalo-Cheektowaga metro, positioned around the metro median (ranked 150 of 301 neighborhoods). Occupancy in the neighborhood is high at 97.5% and ranks 70 of 301, placing it above the metro median and in the top quartile nationally by percentile. For investors, that level of stability typically supports steadier collections and lower downtime between turns.
Within a 3-mile radius, demographics show a broad age mix and a renter-occupied share near 30%, indicating a meaningful tenant base for multifamily. While total population contracted modestly over the last five years, households edged higher and are projected to increase further, pointing to smaller household sizes and a gradual renter pool expansion that can help support occupancy stability over time.
The area offers everyday convenience more than destination amenities. Cafe and grocery density benchmark above national midpoints (with cafes especially competitive), while park and pharmacy access in the immediate neighborhood are limited. Median contract rents in the neighborhood have risen over the past five years, and the rent-to-income ratio sits near 0.18, which suggests relatively manageable affordability pressure and can support retention if unit quality and service levels are maintained.
Home values in the neighborhood are comparatively modest for New York State, which can create some competition from ownership options. For multifamily owners, that typically means focusing on value, maintenance responsiveness, and amenity-light efficiency to sustain pricing power and lease retention versus entry-level ownership.
Comparable crime statistics for this neighborhood are not available in the dataset provided. Investors should benchmark any on-site incident history and local reporting against broader Buffalo-Cheektowaga trends and similar suburban/rural submarkets to gauge relative safety and potential impacts on leasing and insurance.
Nearby employers provide a diversified employment base that supports renter demand through commute convenience and workforce stability, including life sciences, logistics, financial services, and healthcare administration.
- Thermo Fisher Scientific — life sciences manufacturing/offices (6.3 miles)
- FedEx Trade Networks — logistics & trade services (9.6 miles)
- UnitedHealth Group — healthcare administration (10.4 miles)
- M&T Bank Corp. — financial services (16.4 miles) — HQ
- McKesson — healthcare distribution (22.5 miles)
Built in 1972 and sized at 120 units, the asset offers scale for operational efficiency with clear value-add and capital planning considerations typical of 1970s construction. Neighborhood occupancy is strong and above the metro median, supporting underwriting for steady leasing; according to CRE market data from WDSuite, the neighborhood’s occupancy ranks favorably within the Buffalo-Cheektowaga area and sits in a high national percentile. The 3-mile radius shows a sizable renter base and projections for household growth with smaller average household sizes, which can translate into a larger tenant pool and support for long-run demand.
Rents have increased over the past five years while the rent-to-income ratio near 0.18 indicates moderate affordability pressure, aiding retention when paired with reliable operations. Ownership remains relatively accessible in this part of Niagara County, so competitive positioning versus entry-level ownership is an ongoing consideration; in practice, durable occupancy will depend on delivering clean, functional units and cost-effective amenities that resonate with workforce renters.
- Occupancy strength above the metro median supports stable leasing and collections
- 120 units provide operating scale and room for value-add execution on a 1972 vintage
- 3-mile demographics point to household growth and a deeper renter pool over the forecast period
- Rent-to-income levels suggest manageable affordability pressure that can aid retention
- Risk: Accessible ownership options in the area can compete with rentals, requiring careful pricing and resident service