21-Unit Apartment
2648 Parklawn Drive, Kettering, OH 45440
For Sale
$1,949,000
Two residential buildings include shared coin-operated laundry and updates to most apartments.
Property Size14,894 SF
Price / SF$130.86
Days on Market23
Property Features for 2648 Parklawn Drive
General Information
Standard status
Size
Property subtype
Additional Details
Highway Access
Multifamily Units
Amenities
community laundry room
Building Details
Year Built
Buildings
Listing Agency:
Irongate Inc.
(937) 433-3300
Listed By:
Kevin Hogan
(937) 681-1798
Source:
Johnsonwebbrealty
Added: Oct 16
Changed: Nov 6
Last Checked: Nov 6 at 2:54PM
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 Irongate Inc.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property comprises two apartment buildings with 21 units and a community laundry room equipped with coin-operated washers and dryers. Most apartments have received updates to flooring, paint, doors, and countertops in recent years. The buildings date to 1963.
An elementary school is directly across the street. A grocery store is 1 mile away, I-675 is 2 miles away, and Walmart and Miami Valley South are 2 1/2 miles away. The property is also within a 30-minute drive of most of the Greater Dayton market.
An elementary school is directly across the street. A grocery store is 1 mile away, I-675 is 2 miles away, and Walmart and Miami Valley South are 2 1/2 miles away. The property is also within a 30-minute drive of most of the Greater Dayton market.
Key Highlights
- Two buildings with 21 apartment units
- Most units have updated flooring, paint, doors, and countertops
- Community laundry room with coin‑operated washers and dryers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$126,866
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,537,320
$2.5M
Cap Rate 7%
$1,812,371
$1.8M
Cap Rate 9%
$1,409,622
$1.4M
Market Conditions
NOI Build-Up for 14,894 SF
Gross rent
$241.3K $16.20/SF
− Vacancy
−$10.6K −$0.71/SF
EGI
$230.7K $15.49/SF
− OpEx
−$103.8K −$6.97/SF
NOI
$126.9K $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%
$2,537,320
Cap Rate 7%
$1,812,371
Cap Rate 9%
$1,409,622
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.59M – $2.11M
NOI $126,866 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office B
$2.80M
$2.45M – $3.27M
NOI $196,033 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
21
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Explore this area
Business Placement
Demographics for 45440, OH
22,676
Population
10,055
Households
2.3
Avg Household Size
40
Median Age
46%
College-Educated
97%
High-School Grad
9.2 sq mi
ZIP Area
2,465
Density / Sq Mi
$83,378
Median Household Income
$50,438
Median Earnings
$1,122
Median Rent
$248,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Two residential buildings include shared coin-operated laundry and updates to most apartments.
Where is this apartment building located?
The property is located at 2648 Parklawn Drive Kettering, OH.
What is the asking price?
The asking price for this property is $1,949,000.
What are key features of this property?
This property features: Two buildings with 21 apartment units; Most units have updated flooring, paint, doors, and countertops; Community laundry room with coin‑operated washers and dryers
