Furnished 6-Unit Apartment
For Sale
$407,500
3394 Lodge Ave Unit 3384, Dayton, OH 45414
Fully occupied apartment property with furnished one-bedroom units, long-term leases, and updated building systems.
Property Size3,267 SF
Price / SF$124.73
Days on Market42
Property Features for 3394 Lodge Ave Unit 3384
General Information
Standard status
Active
Size
3,267 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Furnished
Yes
Gross Income
$63,780
Building Details
Year Built
1960
Tenancy
Multi
Listing Agency:
Keller Williams Advisors Rlty
(937) 848-6255
Listed By:
Jill Jackson (937) 245-4302 · License #2022001299
Source:
Daytonhomesearcher
Added: Jul 23
Changed: Sep 2
Last Checked: Sep 1 at 7:53PM
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 Keller Williams Advisors Rlty
Investment Insights
Based on property information with market context.
This 6-unit apartment property was built in 1960 and offers a consistent one-bedroom, one-bath layout across units on a slab foundation. Each apartment is furnished with beds, TVs, appliances, couches, and tables. Radiant heat and window air-conditioning units support a straightforward maintenance profile, while long-term leases are in place across the building.
Property improvements include updated roof and electrical systems completed in 2016, along with plumbing work, four new A/C units, and refreshed furnishings completed in 2024. Recent unit-specific work includes flooring, paint, and drywall in Unit 3392, new drywall in Unit 3390, and new paint in Unit 3388. The property is near downtown Dayton and directly off I-75, with access to restaurants and shopping. Tenants pay electric and gas; ownership pays water and trash.
Property improvements include updated roof and electrical systems completed in 2016, along with plumbing work, four new A/C units, and refreshed furnishings completed in 2024. Recent unit-specific work includes flooring, paint, and drywall in Unit 3392, new drywall in Unit 3390, and new paint in Unit 3388. The property is near downtown Dayton and directly off I-75, with access to restaurants and shopping. Tenants pay electric and gas; ownership pays water and trash.
Key Highlights
- 6‑unit apartment property with one‑bedroom, one‑bath units
- Fully furnished apartments include beds, TVs, appliances, couches, and tables
- Fully occupied with long‑term leases in place
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
$32,092
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
7.88%
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%
$641,840
$641.8K
Cap Rate 7%
$458,457
$458.5K
Cap Rate 9%
$356,578
$356.6K
Market Conditions
NOI Build-Up for 3,267 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
$61.9K $18.96/SF
− Vacancy
−$3.6K −$1.10/SF
EGI
$58.3K $17.86/SF
− OpEx
−$26.3K −$8.04/SF
NOI
$32.1K $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%
$641,840
Cap Rate 7%
$458,457
Cap Rate 9%
$356,578
Alternative Uses
Best Use
Apartment 5plus
$458.5K
$401.2K – $534.9K
NOI $32,092 @ 7.0% cap · market cap 7.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$696.3K
$609.2K – $812.3K
NOI $48,738 @ 7.0% cap · market cap 11.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
298
Businesses Nearby
Explore this area
Business Placement
Demographics for 45414, OH
20,693
Population
10,283
Households
2
Avg Household Size
42
Median Age
26%
College-Educated
88%
High-School Grad
21.8 sq mi
ZIP Area
949
Density / Sq Mi
$53,824
Median Household Income
$40,629
Median Earnings
$867
Median Rent
$163,200
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 - Fully occupied apartment property with furnished one-bedroom units, long-term leases, and updated building systems.
Where is this apartment building located?
The property is located at 3394 Lodge Ave Unit 3384 Dayton, OH.
What is the asking price?
The asking price for this property is $407,500.
What are key features of this property?
This property features: 6‑unit apartment property with one‑bedroom, one‑bath units; Fully furnished apartments include beds, TVs, appliances, couches, and tables; Fully occupied with long‑term leases in place
