Brick Quadplex with Carport
For Sale
Under Contract
$399,900
1554 Willamet Road, Dayton, OH 45429
MULTI_FAMILY - Ranch - Dayton, OH
Property Size2,432 SF
Lot Size0.28 Acres
Price / SF$164.43
Days on Market139
Property Features for 1554 Willamet Road
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
Multiple
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 3, Bedroom 1, Bathroom 4, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 3
Parking features
Carport
Interior features
Ceiling Fan(s)
Appliances
Microwave, Range, Refrigerator
Subdivision
Tudor Park
Lot features
Residential Lot
Elementary school district
5705 Kettering CSD
Middle school district
5705 Kettering CSD
High school district
5705 Kettering CSD
Directions
Going south on Wilmington Pike turn left onto Willamet Road to 1554-1556-1558-1560. Property will be on the left.
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
Listing Agency:
RE/MAX Victory + Affiliates
(937) 524-0080
Listed By:
M. Larry Lemonds · License #232854
(937) 524-0080
Added: Apr 1
Changed: Aug 5
Last Checked: Aug 17 at 10:06PM
MLS# 1044651
Copyright © 2026 Western Regional Information System & Technology, Inc. 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 brick ranch quadplex (built in 1964) is offered on a 0.28-acre lot with 2,432 square feet of space. The property includes carport parking and forced-air heating with natural gas, along with wall-unit cooling. The unit interiors include ceiling fans, and appliances mentioned include microwave, range, and refrigerator.
Updates and maintenance include an upgraded carport drainage system installed in 2024 to address water pooling and freezing. Additional site work includes new gutters in 2025 described as monolithic gutters. Front steps and a concrete landing were installed in 2024, with rebuilt handrails for safety. The property also notes motion sensor lighting, fluorescent lighting, and ongoing service such as annual furnace cleaning and servicing.
Specific unit improvements include radon systems installed in units 1554 and 1560. The property is connected to public sewer and is described as having long-term tenants that take care of their units and intend to stay.
Updates and maintenance include an upgraded carport drainage system installed in 2024 to address water pooling and freezing. Additional site work includes new gutters in 2025 described as monolithic gutters. Front steps and a concrete landing were installed in 2024, with rebuilt handrails for safety. The property also notes motion sensor lighting, fluorescent lighting, and ongoing service such as annual furnace cleaning and servicing.
Specific unit improvements include radon systems installed in units 1554 and 1560. The property is connected to public sewer and is described as having long-term tenants that take care of their units and intend to stay.
Key Highlights
- 0.28‑acre lot with 2,432 SF in a brick ranch quadplex built in 1964
- Forced‑air natural gas heating with wall‑unit cooling and ceiling fans
- Carport drainage system upgraded in 2024 to mitigate water pooling and freezing
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
$26,059
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
6.52%
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%
$521,180
$521.2K
Cap Rate 7%
$372,271
$372.3K
Cap Rate 9%
$289,544
$289.5K
Market Conditions
NOI Build-Up for 2,432 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
$39.4K $16.20/SF
− Vacancy
−$2.2K −$0.89/SF
EGI
$37.2K $15.31/SF
− OpEx
−$11.2K −$4.59/SF
NOI
$26.1K $10.72/SF
Area
Dayton, OH
Vacancy
5.51%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$521,180
Cap Rate 7%
$372,271
Cap Rate 9%
$289,544
Alternative Uses
Best Use
Multifamily LT 5
$372.3K
$325.7K – $434.3K
NOI $26,059 @ 7.0% cap · market cap 6.52%
Second Best
Apartment 5plus
$341.3K
$298.6K – $398.2K
NOI $23,890 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$518.3K
$453.5K – $604.7K
NOI $36,282 @ 7.0% cap · market cap 9.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
Explore this area
Business Placement
Demographics for 45429, OH
26,514
Population
12,806
Households
2.1
Avg Household Size
45
Median Age
48%
College-Educated
97%
High-School Grad
9.9 sq mi
ZIP Area
2,678
Density / Sq Mi
$77,291
Median Household Income
$44,920
Median Earnings
$1,007
Median Rent
$221,200
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?
Quadplex - Brick quadplex featuring carport parking, forced-air natural gas heat, and wall-unit cooling for each unit.
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: 0.28‑acre lot with 2,432 SF in a brick ranch quadplex built in 1964; Forced‑air natural gas heating with wall‑unit cooling and ceiling fans; Carport drainage system upgraded in 2024 to mitigate water pooling and freezing
