Furnished Six-Unit Apartment
For Sale
$407,500
3394 Lodge Avenue, Dayton, OH 45414
ResidentialIncome, Dayton, OH
Property Size3,267 SF
Lot Size0.20 Acres
Price / SF$124.73
Days on Market36
Property Features for 3394 Lodge Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 6, Bathroom 6, Bedroom 3, Bedroom 4, Bathroom 4, Bathroom 3, Bedroom 5, Bathroom 5
Parking features
Garage
Appliances
Microwave, Range, Refrigerator
Subdivision
Ensley
Elementary school district
Northridge
Middle school district
Northridge
High school district
Northridge
Standard status
Active
APN
E21-17303A0054
Size
3,267 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
14 PT J L ENSLEYS EXR VAC ST
Legal Description
14 PT J L ENSLEYS EXR VAC ST
Utilities
Heating system
Baseboard
Cooling system
Window Unit(s)
Building Details
Year built
1960
Floors in Building
1
Number of units
6
Building materials
Brick
Listing Agency:
Keller Williams Advisors Rlty · Keller Williams Realty
(937) 848-6255
Listed By:
Jill Jackson · License #2022001299
(937) 245-4302
Added: Jul 29
Changed: Aug 25
Last Checked: Sep 2 at 6:06PM
MLS# 965341
Copyright © 2026 Dayton Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This six-unit apartment property contains 3,267 square feet on a 0.2-acre lot, with each residence arranged as a one-bedroom, one-bath unit. The apartments are furnished with beds, TVs, couches, tables, and appliances, including microwaves, ranges, and refrigerators. Built in 1960 with brick construction, the building sits on a slab and includes garage parking.
Recent property work includes plumbing improvements, four new A/C units, updated furnishings, a new stove, and interior renovations in select units during 2024. The roof and electrical systems were updated in 2016. Units use radiant heat and window-unit cooling. Residents hold long-term leases, and the property is fully occupied. The owner pays water and trash, while tenants pay electric and gas.
The property is near downtown Dayton and provides access to I-75, restaurants, and shopping. Zoning is Commercial, and showings require 24 hours' notice.
Recent property work includes plumbing improvements, four new A/C units, updated furnishings, a new stove, and interior renovations in select units during 2024. The roof and electrical systems were updated in 2016. Units use radiant heat and window-unit cooling. Residents hold long-term leases, and the property is fully occupied. The owner pays water and trash, while tenants pay electric and gas.
The property is near downtown Dayton and provides access to I-75, restaurants, and shopping. Zoning is Commercial, and showings require 24 hours' notice.
Key Highlights
- Six‑unit apartment property with 3,267 square feet on a 0.2‑acre lot
- Six one‑bedroom, one‑bath apartments, fully furnished and fully occupied
- Long‑term leases in place; owner pays water and trash while tenants pay electric and gas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,092
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$641,840
$641.8K
Cap Rate 7%
$458,457
$458.5K
Cap Rate 9%
$356,578
$356.6K
Market Conditions
NOI Build-Up for 3,267 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$61.9K $18.96/SF
− Vacancy
−$3.6K −$1.10/SF
EGI
$58.3K $17.86/SF
− OpEx
−$26.3K −$8.04/SF
NOI
$32.1K $9.82/SF
Area
Dayton, OH
Vacancy
5.80%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$641,840
Cap Rate 7%
$458,457
Cap Rate 9%
$356,578
Alternative Uses
Best Use
Apartment 5plus
$458.5K
$401.2K – $534.9K
NOI $32,092 @ 7.0% cap · market cap 7.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$696.3K
$609.2K – $812.3K
NOI $48,738 @ 7.0% cap · market cap 11.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
298
Businesses Nearby
Explore this area
Business Placement
Demographics for 45414, OH
20,693
Population
10,283
Households
2
Avg Household Size
42
Median Age
26%
College-Educated
88%
High-School Grad
21.8 sq mi
ZIP Area
949
Density / Sq Mi
$53,824
Median Household Income
$40,629
Median Earnings
$867
Median Rent
$163,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied furnished apartments offer long-term leases, included appliances, and individual one-bedroom layouts.
Where is this apartment building located?
The property is located at 3394 Lodge Avenue Dayton, OH.
What is the asking price?
The asking price for this property is $407,500.
What are key features of this property?
This property features: Six‑unit apartment property with 3,267 square feet on a 0.2‑acre lot; Six one‑bedroom, one‑bath apartments, fully furnished and fully occupied; Long‑term leases in place; owner pays water and trash while tenants pay electric and gas
