Two-Building Apartment
2648 Parklawn Drive, Kettering, OH 45440
For Sale
$1,949,000
Pending
ResidentialIncome, Kettering, OH
Property Size14,894 SF
Lot Size1.09 Acres
Days on Market526
Property Features for 2648 Parklawn Drive
General Information
Property type
Property subtype
Zoning
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Patio and Porch features
Interior features
Exterior features
Fencing
Appliances
Subdivision
Elementary school district
Middle school district
High school district
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Legal Description
Utilities
Heating system
Cooling system
Water source
Amenities
community laundry room
Building Details
Year built
Floors in Building
Number of units
Building materials
Additional Structures
Buildings
Listing Agency:
Irongate Inc.
(937) 433-3300
Listed By:
Kevin Hogan
(937) 681-1798
Added: Jun 3, 2025
Changed: Nov 10
Last Checked: Nov 10 at 5:06PM
MLS# 935772
Copyright © 2026 Dayton Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 21-unit apartment property consists of two buildings totaling 14,894 square feet on 1.09 acres. The improvements date to 1963 and include a mix of brick and vinyl siding, public water, natural-gas forced-air heat, central air, and wall-unit cooling. Most apartments have received updates including flooring, paint, doors, and countertops. Residents have access to a shared laundry room with coin-operated equipment, along with patios, porches, storage, fencing, and parking that includes a lot, garages, and street spaces.
The property is located at 2648 Parklawn Drive in Kettering, directly across from an elementary school. A grocery store is 1 mile away, I-675 is 2 miles away, and Walmart and Miami Valley South are 2 1/2 miles from the property. The location is also less than 30 minutes from the majority of the Greater Dayton market.
The property is located at 2648 Parklawn Drive in Kettering, directly across from an elementary school. A grocery store is 1 mile away, I-675 is 2 miles away, and Walmart and Miami Valley South are 2 1/2 miles from the property. The location is also less than 30 minutes from the majority of the Greater Dayton market.
Key Highlights
- 21‑unit apartment property across two buildings
- 14,894 square feet on 1.09 acres
- Most units refreshed with new flooring, paint, doors, and countertops
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.
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Lease Details
21
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
100
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
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily asset with refreshed interiors, community laundry, parking options, and a fenced setting near an elementary school.
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: 21‑unit apartment property across two buildings; 14,894 square feet on 1.09 acres; Most units refreshed with new flooring, paint, doors, and countertops
