24-Unit Apartment
For Sale
$1,479,900
410 N Cherrywood Ave, Dayton, OH 45403
Two buildings share a courtyard, parking area, on-site laundry, and security features.
Property Size8,316 SF
Price / SF$177.96
Days on Market191
Property Features for 410 N Cherrywood Ave
General Information
Standard status
Active
Size
8,316 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
24
Amenities
on-site laundry
security features
Building Details
Year Built
1968
Buildings
2
Listing Agency:
Agora Realty Group
(937) 520-9200
Listed By:
Craig D Kellogg (937) 901-8500
Source:
Daytonhomesearcher
Added: Feb 22
Changed: Aug 31
Last Checked: Aug 31 at 5:30PM
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 Agora Realty Group
Investment Insights
Based on property information with market context.
This 24-unit multifamily property consists of two buildings identified as 410 and 420 Cherrywood Ave. The buildings are arranged around a shared courtyard and include a spacious parking area, on-site laundry, and added security features. Constructed in 1968, the property offers a multi-building apartment configuration in Dayton, Ohio.
The location provides access to major highways, shopping, dining, and downtown Dayton. The asset combines residential units with shared outdoor space and practical resident amenities across both buildings.
The location provides access to major highways, shopping, dining, and downtown Dayton. The asset combines residential units with shared outdoor space and practical resident amenities across both buildings.
Key Highlights
- 24‑unit multifamily property comprising two buildings
- Two‑building layout at 410 and 420 Cherrywood Ave
- Shared courtyard between the buildings
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
$81,690
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
5.52%
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%
$1,633,800
$1.6M
Cap Rate 7%
$1,167,000
$1.2M
Cap Rate 9%
$907,667
$907.7K
Market Conditions
NOI Build-Up for 8,316 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
$157.7K $18.96/SF
− Vacancy
−$9.1K −$1.10/SF
EGI
$148.5K $17.86/SF
− OpEx
−$66.8K −$8.04/SF
NOI
$81.7K $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%
$1,633,800
Cap Rate 7%
$1,167,000
Cap Rate 9%
$907,667
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,690 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.07M
NOI $124,061 @ 7.0% cap · market cap 8.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 45403, OH
15,130
Population
7,429
Households
2
Avg Household Size
35
Median Age
11%
College-Educated
76%
High-School Grad
3.1 sq mi
ZIP Area
4,881
Density / Sq Mi
$36,250
Median Household Income
$33,438
Median Earnings
$742
Median Rent
$73,900
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 - Two buildings share a courtyard, parking area, on-site laundry, and security features.
Where is this apartment building located?
The property is located at 410 N Cherrywood Ave Dayton, OH.
What is the asking price?
The asking price for this property is $1,479,900.
What are key features of this property?
This property features: 24‑unit multifamily property comprising two buildings; Two‑building layout at 410 and 420 Cherrywood Ave; Shared courtyard between the buildings
