Building Details

Year Built 1960

Tenancy Multi

Listing Agency: Keller Williams Advisors Rlty

Listed By: Jill Jackson (937) 245-4302 · License #2022001299 Show Phone

Source: Daytonhomesearcher

Added: Jul 29 Changed: Oct 7 Last Checked: Oct 16 at 9:19AM

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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.

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 / Yr

$32,092

Cap Rate

8.23%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$641,840 $641.8K

Cap Rate 7%

$458,457 $458.5K

Cap Rate 9%

$356,578 $356.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,267 SF

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 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 (±1% cap)

NOI $32,092 @ 7.0% cap · market cap 8.23%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$696.3K

$609.2K – $812.3K (±1% cap)

NOI $48,738 @ 7.0% cap · market cap 12.50%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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 $389,900.

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