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Multifamily

Glendean Arms Apartments

905 Glendean Ave Dayton, OH, Dayton, OH 45431

Listing Price: $624,000

Cap Rate
7.58%
Number of Units
12
GRM
6.81
Occupancy
95.0%
Price/Unit
$52,000
Price/Gross SF
$61.90
Gross SF
10,080

Investment Overview

Marcus and Millichap is pleased to present the GLENDEAN ARMS APARTMENTS in Dayton, Ohio. The 12-unit community is
advantageously located in East Dayton and is less than a 13-minute drive from Wright-Patterson Airforce Base, Downtown Dayton, Wright State
University, and University of Dayton. Constructed in 1971, Glendean Arms gives the investor an outstanding opportunity to acquire a well-maintained property at an attractive rate of return in a strong rental submarket.
The Opportunity
GLENDEAN ARMS is an excellent opportunity for an investor to add onto their current portfolio in the Dayton market and/or for an out-of-state
investor looking to start growing in this market. With a strong return day-one, the investor can acquire the property with a day one cash-on-cash
return of 12% and additional upside through increasing rents and further improving operations. Based on the rent comparables and the realistic
potential rent shown on pg. 15, there is a $30 gap in the current 2BD average and a $55 gap in the current 3BD average, respectively. The
investor can further increase rents to their market potential by lightly renovating interiors with hard surface flooring, fresh paint, and new
fixtures and hardware.
Capital Improvements
August 2020 10 of the 12 units sub-metered for water/sewer $5,000
August 2020 HVACs replaced $7,800
August 2020 Interior unit renovations $2,500
The Location
GLENDEAN ARMS is located in East Dayton which is extremely strong from a rental market standpoint considering 47% of Housing occupancy is
renter occupied vs. owner occupied. Average household income within a 3-mile radius is over $51,000, making this submarket a very strong
middle-class/work-force housing location. The propertys location allows quick and easy access to several attractions and employers in market,
including the Wright-Patterson Airforce Base which employs over 30,000 local employees and is the largest single site employer in the state of
OH.
In addition to the close proximity to employers and other desirable locations, the immediate neighborhood is comprised of five other apartment
complexes to account for the high demand of renters. Between the Glendean Arms Apartments and its other competitions, the average daily
vacancy rate is around 3.7% which considers the 692 units located in the neighborhood (Costar.) The locations high demand from renters and
strong employer base equate to low submarket vacancy and stable monthly income for landlords.

Investment Highlights

  • Individually Metered Utilities
  • Balconies
  • Common Area Laundry Facility On-Site
  • New HVAC

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Listing Price: $624,000

Cap Rate
7.58%
Number of Units
12
GRM
6.81
Occupancy
95.0%
Price/Unit
$52,000
Price/Gross SF
$61.90
Gross SF
10,080

Investment Highlights

  • Individually Metered Utilities
  • Balconies
  • Common Area Laundry Facility On-Site
  • New HVAC

Investment Overview

Marcus and Millichap is pleased to present the GLENDEAN ARMS APARTMENTS in Dayton, Ohio. The 12-unit community is
advantageously located in East Dayton and is less than a 13-minute drive from Wright-Patterson Airforce Base, Downtown Dayton, Wright State
University, and University of Dayton. Constructed in 1971, Glendean Arms gives the investor an outstanding opportunity to acquire a well-maintained property at an attractive rate of return in a strong rental submarket.
The Opportunity
GLENDEAN ARMS is an excellent opportunity for an investor to add onto their current portfolio in the Dayton market and/or for an out-of-state
investor looking to start growing in this market. With a strong return day-one, the investor can acquire the property with a day one cash-on-cash
return of 12% and additional upside through increasing rents and further improving operations. Based on the rent comparables and the realistic
potential rent shown on pg. 15, there is a $30 gap in the current 2BD average and a $55 gap in the current 3BD average, respectively. The
investor can further increase rents to their market potential by lightly renovating interiors with hard surface flooring, fresh paint, and new
fixtures and hardware.
Capital Improvements
August 2020 10 of the 12 units sub-metered for water/sewer $5,000
August 2020 HVACs replaced $7,800
August 2020 Interior unit renovations $2,500
The Location
GLENDEAN ARMS is located in East Dayton which is extremely strong from a rental market standpoint considering 47% of Housing occupancy is
renter occupied vs. owner occupied. Average household income within a 3-mile radius is over $51,000, making this submarket a very strong
middle-class/work-force housing location. The propertys location allows quick and easy access to several attractions and employers in market,
including the Wright-Patterson Airforce Base which employs over 30,000 local employees and is the largest single site employer in the state of
OH.
In addition to the close proximity to employers and other desirable locations, the immediate neighborhood is comprised of five other apartment
complexes to account for the high demand of renters. Between the Glendean Arms Apartments and its other competitions, the average daily
vacancy rate is around 3.7% which considers the 692 units located in the neighborhood (Costar.) The locations high demand from renters and
strong employer base equate to low submarket vacancy and stable monthly income for landlords.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

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