Well-Maintained 74-Unit Apartment
For Sale
$6,000,000
207 West Funderburg Road, Fairborn, OH 45324
Fully occupied apartment community with recent capital improvements.
Property Size47,280 SF
Days on Market223
Property Features for 207 West Funderburg Road
General Information
Standard status
Active
Size
47,280 SF
Property subtype
Multifamily
Building Details
Building Size
47,280 SF
Listing Agency:
3CRE Columbus
Listed By:
Tryfon Christoforou · License #SAL.2014001869
(513) 490-6881
Source:
3cre
Added: Feb 25
Changed: Sep 23
Last Checked: Oct 5 at 4:48PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of 3CRE Columbus
Investment Insights
Based on property information with market context.
Cedar Village Apartments is a well-maintained, 74-unit apartment community. It offers a diverse mix of living options, including studios, loft-style apartments, and two distinct one-bedroom/one-bath layouts. The property currently has 29 subsidized units and is fully occupied at 96%, demonstrating strong tenant demand. Significant capital improvements enhance both the functionality and curb appeal of the property, including a new roof and gutters installed five years ago, parking lot resurfaced four years ago, new exterior lighting added two years ago, sidewalk replaced last year, new baseboard heaters installed last year, washers and dryers replaced six months ago, AC units replaced two months ago, and new appliances installed last month. All units benefit from surface parking, ensuring convenience for all residents.
Key Highlights
- 96% occupancy rate demonstrates strong tenant demand.
- 74‑unit apartment community with a diverse mix of studios, loft‑style apartments, and one‑bedroom/one‑bath layouts.
- Significant recent capital improvements including new roof, parking lot, exterior lighting, sidewalk, baseboard heaters, washers/dryers, AC units, and appliances.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$402,729
Cap Rate
6.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,054,580
$8.1M
Cap Rate 7%
$5,753,271
$5.8M
Cap Rate 9%
$4,474,767
$4.5M
Market Conditions
NOI Build-Up for 47,280 SF
Gross rent
$765.9K $16.20/SF
− Vacancy
−$33.7K −$0.71/SF
EGI
$732.2K $15.49/SF
− OpEx
−$329.5K −$6.97/SF
NOI
$402.7K $8.52/SF
Area
Greene County, OH
Vacancy
4.40%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,054,580
Cap Rate 7%
$5,753,271
Cap Rate 9%
$4,474,767
Alternative Uses
Best Use
Apartment 5plus
$5.75M
$5.03M – $6.71M
NOI $402,729 @ 7.0% cap · market cap 6.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$8.89M
$7.78M – $10.37M
NOI $622,293 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
229
Businesses Nearby
Explore this area
Business Placement
Demographics for 45324, OH
40,449
Population
19,729
Households
2.1
Avg Household Size
34
Median Age
30%
College-Educated
92%
High-School Grad
33.1 sq mi
ZIP Area
1,222
Density / Sq Mi
$59,861
Median Household Income
$37,348
Median Earnings
$989
Median Rent
$177,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied apartment community with recent capital improvements.
Where is this apartment building located?
The property is located at 207 West Funderburg Road Fairborn, OH.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 96% occupancy rate demonstrates strong tenant demand.; 74‑unit apartment community with a diverse mix of studios, loft‑style apartments, and one‑bedroom/one‑bath layouts.; Significant recent capital improvements including **new roof, parking lot, exterior lighting, sidewalk, baseboard heaters, washers/dryers, AC units, and appliances.**
