Multifamily Investment Opportunity in
For Sale
Contact for pricing
Pending
200 Central Ave, Dayton, OH 45406
42-unit multifamily property with value-add potential in Dayton, Ohio.
Property Size17,472 SF
Lot Size0.46 Acres
Days on Market180
Property Features for 200 Central Ave
General Information
Standard status
Pending
Size
17,472 SF
Lot size
0.46 Acres
Property subtype
Multifamily
Occupancy
88%
Investment Type
Value Add
Net Operating Income
$121,460
Building Details
Year Built
1963
Year Renovated
2022
Buildings
2
Stories
3
Units
42
Listing Agency:
Marcus & Millichap - Cincinnati
Listed By:
Austin Hall · License #SAL.2022005913
Source:
Crexi
Added: Feb 13
Changed: Aug 8
Last Checked: Aug 8 at 2:49PM
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 Marcus & Millichap - Cincinnati
Investment Insights
Based on property information with market context.
Central Superior presents a multifamily investment opportunity, featuring 42 units located at 200 Central Avenue and 333 Superior Avenue in Dayton, Ohio. The property comprises two adjacent brick apartment buildings, totaling approximately 17,472 rentable square feet, situated on a 0.46-acre site within the Grafton Hill submarket. The property has in-place income and value-add opportunities through vacancy reduction, garage income, and implementation of bulk internet programs.
Key Highlights
- 42‑unit multifamily investment opportunity.
- Located in the growing Grafton Hill submarket of Dayton, Ohio.
- Extensive recent capital expenditures (capex).
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
$171,631
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
9.03%
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%
$3,432,620
$3.4M
Cap Rate 7%
$2,451,871
$2.5M
Cap Rate 9%
$1,907,011
$1.9M
Market Conditions
NOI Build-Up for 17,472 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
$331.3K $18.96/SF
− Vacancy
−$19.2K −$1.10/SF
EGI
$312.1K $17.86/SF
− OpEx
−$140.4K −$8.04/SF
NOI
$171.6K $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%
$3,432,620
Cap Rate 7%
$2,451,871
Cap Rate 9%
$1,907,011
Alternative Uses
Best Use
Apartment 5plus
$2.45M
$2.15M – $2.86M
NOI $171,631 @ 7.0% cap · market cap 9.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.72M
$3.26M – $4.34M
NOI $260,654 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,094
Businesses Nearby
Explore this area
Business Placement
Demographics for 45406, OH
20,622
Population
10,695
Households
1.9
Avg Household Size
39
Median Age
21%
College-Educated
88%
High-School Grad
5.0 sq mi
ZIP Area
4,124
Density / Sq Mi
$43,241
Median Household Income
$35,344
Median Earnings
$879
Median Rent
$82,300
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 - 42-unit multifamily property with value-add potential in Dayton, Ohio.
Where is this apartment building located?
The property is located at 200 Central Ave Dayton, OH.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 42‑unit multifamily investment opportunity.; Located in the growing Grafton Hill submarket of Dayton, Ohio.; Extensive recent capital expenditures (capex).
