Changing Tide in Buffalo Real Estate Market

Call it a snapshot of the local current multi-family investment landscape.

In other words, smaller apartment buildings are hot, more so than larger complexes—thanks to higher interest rates, tighter financial restrictions, and concerns about the economy.

And those factors can be found with a trio of North Buffalo doubles that were sold by one investment group to another.

In a deal that was recorded Sept. 9 in the Erie County Clerk's office, investors Autonomous Development LLC paid $1,350,522 for the three North Buffalo doubles, buying them from fellow local investors Elliot Rose Real Estate Holdings LLC.

The properties were:

• A circa 1910 double at 255 Saranac Avenue with two apartments, both of which have renters.
• A four-unit, also circa 1910 era, double at 450 Colvin Avenue, where all four apartments are leased.
• A four-unit double at 2500 Delaware Avenue that was built in 1925 and all four apartments are leased.

The deal works out to $135,052 per unit, or approximately 47% more than the regional average of $91,701 per apartment as tracked by CBRE Upstate NY.
“People are still buying and interested in smaller units,” said local broker Chris Greco. “Deals like this are exactly what I’m seeing out there."