Five-Unit Apartment
New
For Sale
$385,000
338 Hickory St, Dayton, OH 45410
Five one-bedroom apartments feature gas heat, central air conditioning, and off-street parking.
Property Size2,940 SF
Price / SF$130.95
Days on Market4
Property Features for 338 Hickory St
General Information
Standard status
Active
Size
2,940 SF
Property subtype
Multi-Family
Units
Unit Mix
5 x 1BR
Multifamily Units
5
Amenities
gas heat
central air conditioning
off-street parking
Building Details
Year Built
1963
Construction
ranch-style
Listing Agency:
Eb Real Estate
(937) 548-4663
Listed By:
Streetlight Realty
(937) 626-4181
Source:
Streetlightrealtors
Added: Sep 5
Changed: Sep 7
Last Checked: Sep 7 at 7:19AM
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 Eb Real Estate
Investment Insights
Based on property information with market context.
Built in 1963, this 2,940-square-foot apartment property contains five one-bedroom units in a ranch-style layout. The all-brick building is equipped with gas heat and central air conditioning, while off-street parking serves the residents. The property is being sold AS IS.
Located at 338 Hickory St in Dayton, Ohio’s South Park neighborhood, the building offers a compact multifamily configuration with consistent unit layouts and established physical improvements.
Located at 338 Hickory St in Dayton, Ohio’s South Park neighborhood, the building offers a compact multifamily configuration with consistent unit layouts and established physical improvements.
Key Highlights
- Five one‑bedroom apartment units
- 2,940 square feet in a ranch‑style building
- All‑brick construction completed in 1963
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
$28,880
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
7.50%
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%
$577,600
$577.6K
Cap Rate 7%
$412,571
$412.6K
Cap Rate 9%
$320,889
$320.9K
Market Conditions
NOI Build-Up for 2,940 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
$55.7K $18.96/SF
− Vacancy
−$3.2K −$1.10/SF
EGI
$52.5K $17.86/SF
− OpEx
−$23.6K −$8.04/SF
NOI
$28.9K $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%
$577,600
Cap Rate 7%
$412,571
Cap Rate 9%
$320,889
Alternative Uses
Best Use
Apartment 5plus
$412.6K
$361.0K – $481.3K
NOI $28,880 @ 7.0% cap · market cap 7.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$626.6K
$548.3K – $731.0K
NOI $43,860 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,510
Businesses Nearby
Explore this area
Business Placement
Demographics for 45410, OH
15,758
Population
8,028
Households
2
Avg Household Size
35
Median Age
21%
College-Educated
87%
High-School Grad
2.4 sq mi
ZIP Area
6,566
Density / Sq Mi
$46,766
Median Household Income
$36,552
Median Earnings
$950
Median Rent
$97,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five one-bedroom apartments feature gas heat, central air conditioning, and off-street parking.
Where is this apartment building located?
The property is located at 338 Hickory St Dayton, OH.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Five one‑bedroom apartment units; 2,940 square feet in a ranch‑style building; All‑brick construction completed in 1963
