Two-Building Apartment
For Sale
$1,949,000
Pending
2648 Parklawn Drive, Kettering, OH 45440
ResidentialIncome, Kettering, OH
Property Size14,894 SF
Lot Size1.09 Acres
Days on Market503
Property Features for 2648 Parklawn Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multiple
Zoning description
Multiple
Bedrooms
24
Bathrooms
22
Full bathrooms
22
Rooms
Bedroom 23, Bathroom 3, Bathroom 5, Bedroom 17, Bedroom 12, Bathroom 1, Bedroom 9, Bathroom 9, Bathroom 19, Bathroom 20, Bedroom 16, Bathroom 8, Bedroom 13, Bathroom 17, Bedroom 3, Bedroom 7, Bathroom 11, Bedroom 5, Bathroom 13, Bathroom 22, Bathroom 21, Bedroom 18, Bedroom 20, Bathroom 18, Bathroom 12, Bedroom 8, Bedroom 14, Bedroom 2, Bedroom 10, Bedroom 15, Bedroom 22, Bedroom 21, Bedroom 1, Bathroom 2, Bathroom 4, Bedroom 4, Bathroom 10, Bedroom 24, Bedroom 11, Bathroom 6, Bathroom 16, Bedroom 6, Bathroom 7, Bedroom 19, Bathroom 14, Bathroom 15
Parking features
On Street, Garage, Parking Lot
Patio and Porch features
Porch, Patio
Interior features
CeilingFans, HighSpeedInternet, LaminateCounters, Pantry, Remodeled
Exterior features
Fence, Porch, Patio, Storage
Fencing
Fenced
Appliances
Disposal, Range, Refrigerator, GasWaterHeater
Subdivision
Wilmington Heights
Elementary school district
Kettering
Middle school district
Kettering
High school district
Kettering
Standard status
Pending
APN
N64-02611-0002
Size
14,894 SF
Lot size
1.09 Acres
Taxes and HOA fees
Tax Description
135 WILMINGTON HTS 8
Legal Description
135 WILMINGTON HTS 8
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Wall Unit(s), Central Air
Water source
Public
Amenities
laundry room
Building Details
Year built
1963
Floors in Building
2
Number of units
21
Building materials
Brick, VinylSiding
Additional Structures
Shed(s), Storage
Listing Agency:
Irongate Inc.
(937) 433-3300
Listed By:
Kevin Hogan
(937) 681-1798
Added: Jun 3, 2025
Changed: Oct 13
Last Checked: Oct 18 at 8:06PM
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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Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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
