23-Unit Apartment
For Sale
$1,430,000
1515 Gummer Ave, Dayton, OH 45403
Multifamily asset with updated building systems and established rental operations across two Dayton addresses.
Property Size11,700 SF
Price / SF$122.22
Days on Market12
Property Features for 1515 Gummer Ave
General Information
Standard status
Active
Size
11,700 SF
Property subtype
Residential Income
Additional Details
Gross Income
$218,196
Multifamily Units
23
Listing Agency:
Outside The Box Real Estate
(513) 549-7890
Listed By:
Max Wechter
(513) 549-7890
Source:
Exprealty
Added: Aug 6
Changed: Aug 15
Last Checked: Aug 16 at 10:08AM
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 Outside The Box Real Estate
Investment Insights
Based on property information with market context.
This 23-unit apartment property comprises buildings at 1515 Gummer Ave. and 607 Claremont Ave. The asset includes 11,700 square feet and has newer furnaces and A/C units serving every unit. One building also has a newer roof. One unit at 607 Claremont Ave. is currently down, while the other 22 units are active online and represent the condition shown in the available photos.
The property has a consistent rental history and is situated in Dayton, Ohio. Its two-address configuration, unit-level mechanical updates, and established leasing activity provide a clear operating profile for review. The property is offered for sale as a multifamily asset.
The property has a consistent rental history and is situated in Dayton, Ohio. Its two-address configuration, unit-level mechanical updates, and established leasing activity provide a clear operating profile for review. The property is offered for sale as a multifamily asset.
Key Highlights
- 23‑unit apartment property across 1515 Gummer Ave. and 607 Claremont Ave.
- 11,700 square feet of apartment property
- Newer furnaces and A/C units in every unit
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
$114,931
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
8.04%
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%
$2,298,620
$2.3M
Cap Rate 7%
$1,641,871
$1.6M
Cap Rate 9%
$1,277,011
$1.3M
Market Conditions
NOI Build-Up for 11,700 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
$221.8K $18.96/SF
− Vacancy
−$12.9K −$1.10/SF
EGI
$209.0K $17.86/SF
− OpEx
−$94.0K −$8.04/SF
NOI
$114.9K $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%
$2,298,620
Cap Rate 7%
$1,641,871
Cap Rate 9%
$1,277,011
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.44M – $1.92M
NOI $114,931 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.49M
$2.18M – $2.91M
NOI $174,545 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23
Residential units
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
Explore this area
Business Placement
Demographics for 45403, OH
15,130
Population
7,429
Households
2
Avg Household Size
35
Median Age
11%
College-Educated
76%
High-School Grad
3.1 sq mi
ZIP Area
4,881
Density / Sq Mi
$36,250
Median Household Income
$33,438
Median Earnings
$742
Median Rent
$73,900
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 - Multifamily asset with updated building systems and established rental operations across two Dayton addresses.
Where is this apartment building located?
The property is located at 1515 Gummer Ave Dayton, OH.
What is the asking price?
The asking price for this property is $1,430,000.
What are key features of this property?
This property features: 23‑unit apartment property across 1515 Gummer Ave. and 607 Claremont Ave.; 11,700 square feet of apartment property; Newer furnaces and A/C units in every unit
