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    Kettering Quadplex with Rental Upside Title is generated by Realmo AI

    1554 Willamet Road, Dayton, OH 45429

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    For Sale
    Under Contract
    $399,900

    MULTI_FAMILY - Ranch - Dayton, OH

    Type:Single Family Residence
    Property size:
    2,432 SF
    Lot size:
    0.28 Acres
    Price / SF:
    $164/SF
    Added:
    Apr 1, 2026
    Days on Market:
    46
    Last Refresh:
    May 16 at 1:06 am

    Property Features for 1554 Willamet Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Single Family Residence
    Bedrooms
    4
    Bathrooms
    4
    Rooms
    Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bathroom 1, Bathroom 4, Bedroom 4
    Parking features
    Carport
    Interior features
    Ceiling Fan(s)
    Appliances
    Microwave, Range, Refrigerator
    Standard status
    Active Under Contract
    APN
    N64028110020
    Size
    2,432 SF
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Tax Year
    2025

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Wall Unit(s)

    Building Details

    Year built
    1964
    Floors in Building
    1
    Number of units
    4
    Building materials
    Brick
    Architectural style
    Ranch
    Additional Structures
    Storage

    We can help!

    Listing Contact
    M. Larry Lemonds

    Listing agent M. Larry Lemonds License #232854

    Listing office RE/MAX Victory + Affiliates 24 N Market Street, Troy, OH

    Listing date Apr 1, 2026

    MLS# 1044651 Listing URL

    Copyright © 2026 West Metro Board of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Significant potential to increase gross revenue by 40% through 'market to market' strategy with minor cosmetic updates.
    • Located in a high‑demand, supply‑constrained rental market (Zip Code 45429) near Wright‑Patterson Air Force Base, ensuring a stable tenant pool.
    • Property yields steady income with long‑term tenants who desire to stay.
    • Recent improvements include upgraded carport drainage, motion sensor lights, new gutters (2025), and several new appliances across units.
    • Well‑maintained property with general repairs completed, including new toilet, bathtub plumbing, kitchen faucets, front steps, and rebuilt handrails.
    • Radon systems installed in two units (1554 and 1560).

    Overview

    Located in Kettering, this stabilized brick quadplex presents a value-add opportunity. The property is currently yielding steady income with long-term tenants and is primed for a 'market to market' strategy that could increase gross revenue by 40% with minor cosmetic updates. The location is approximately 15 minutes from Wright-Patterson Air Force Base. The property is less than 2 miles from the Greene Shopping & dining area. The property is located in zip code 45429, which is one of the most supply-constrained rental pockets in the Dayton MSA. Upgraded carport drainage was installed in 2024 to prevent water pooling and freezing, mitigating fall hazards, and motion sensor lights were added to improve nighttime visibility and safety. Two units have new water heaters, two AC wall units, one with a new range, two units have new microwaves, and one new furnace. One unit has a building owner washer/dryer and is partially furnished. High-quality monolithic gutters are planned for installation in 2025. General repairs include a new toilet, replaced bathtub plumbing, two replaced kitchen faucets, and a concrete landing installed on the front steps in 2024, along with rebuilt handrails. Fluorescent lighting has been installed, and the furnaces are cleaned and serviced annually, with lawn care provided annually. Units 1554 and 1560 each have a Radon System installed. The property has been well-maintained, and the long-term tenants take great care of their units and would like to stay.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $289.5K
    NOI $26,059 @ 9.00% cap · cautious / downside scenario
    Moderate
    $372.3K
    NOI $26,059 @ 7.00% cap · market / base-case scenario
    Aggressive
    $521.2K
    NOI $26,059 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $39.4k $16.20
    − Vacancy −$2.2k −$0.89
    EGI $37.2k $15.31
    − OpEx −$11.2k −$4.59
    NOI $26.1k $10.72
    2,432 SF · lease $16.20/SF/yr · vacancy 5.51% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $372.3K
    $325.7K – $434.3K (±1% cap)
    NOI $26,059 @ 7.0% cap · market cap 6.52%
    Second Best
    Apartment 5plus
    $341.3K
    $298.6K – $398.2K (±1% cap)
    NOI $23,890 @ 7.0% cap · market cap 5.97%
    Theoretical Best
    Office A
    $518.3K
    $453.5K – $604.7K (±1% cap)
    NOI $36,282 @ 7.0% cap · market cap 9.07%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Dayton
    County
    Greene
    State
    Ohio
    Longitude
    -84.139474
    Latitude
    39.694664

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    FAQs

    What type of property is this?
    Quadplex - Stabilized Kettering quadplex with significant rent increase potential.
    Where is this quadplex located?
    The property is located at 1554 Willamet Road Dayton, OH.
    What is the asking price?
    The asking price for this property is $399,900.
    What are key features of this property?
    This property features: Significant potential to increase gross revenue by 40% through 'market to market' strategy with minor cosmetic updates.; Located in a high‑demand, supply‑constrained rental market (Zip Code 45429) near Wright‑Patterson Air Force Base, ensuring a stable tenant pool.; Property yields steady income with long‑term tenants who desire to stay.
    (937) 524-0080
    We can help!
    Listing Contact
    M. Larry Lemonds
    Real Estate License ID: 232854
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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