Renovated 40-Unit Apartment
For Sale
$3,100,000
5900 Erica Ct, Dayton, OH 45414
Two-story garden-style community with updated interiors, surface parking, and convenient access to Interstate 75.
Property Size28,000 SF
Days on Market11
Property Features for 5900 Erica Ct
General Information
Standard status
Active
Size
28,000 SF
Property subtype
Multifamily
Occupancy
95%
Units
Unit Mix
20 x 1BR, 20 x 2BR
Multifamily Units
40
Additional Details
Cap Rate
8.04%
Highway Access
Yes
Amenities
Strong operating performance with 38 of 40 units occupied and both remaining apartments pre-leased, demonstrating strong renter demand and a clear path to full occupancy
Fully renovated interiors, with all 40 apartments renovated within the past three years, including kitchens and bathrooms
Desirable 1989 construction with a balanced unit mix of 20 one-bedroom and 20 two-bedroom apartments averaging approximately 700 square feet
Building Details
Building Size
28,000 SF
Year Built
1989
Stories
2
Units
40
Construction
garden-style
Listing Agency:
Cincinnati Office
(513) 878-7735
Listed By:
Jordan Dickman · License #License(s): OH: SAL.2014001272
(513) 878-7735
Source:
Marcusmillichap
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 30 at 1:20PM
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 Cincinnati Office
Investment Insights
Based on property information with market context.
Erica Court is a 40-unit, two-story garden-style apartment property built in 1989 at 5900 Erica Court in Dayton, Ohio. The unit mix includes 20 one-bedroom and 20 two-bedroom apartments, averaging approximately 700 square feet. All 40 residences have undergone renovation within the past three years, including kitchen and bathroom improvements. Apartments use electric baseboard heat and through-wall air conditioning, with residents paying their own electric costs. Surface parking is available on site.
The property is located in north Dayton’s Northridge corridor, approximately two miles from Interstate 75. Access is also available to downtown Dayton, Dayton International Airport, and Wright-Patterson Air Force Base. Occupancy stands at 38 of 40 units, with the two remaining apartments pre-leased. An established utility charge-back program is in place, and the property recorded an 8.04% cap rate.
The property is located in north Dayton’s Northridge corridor, approximately two miles from Interstate 75. Access is also available to downtown Dayton, Dayton International Airport, and Wright-Patterson Air Force Base. Occupancy stands at 38 of 40 units, with the two remaining apartments pre-leased. An established utility charge-back program is in place, and the property recorded an 8.04% cap rate.
Key Highlights
- 40‑unit apartment property built in 1989
- 20 one‑bedroom and 20 two‑bedroom apartments, averaging approximately 700 square feet
- All 40 apartments renovated within the past three years
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
$275,049
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
8.87%
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%
$5,500,980
$5.5M
Cap Rate 7%
$3,929,271
$3.9M
Cap Rate 9%
$3,056,100
$3.1M
Market Conditions
NOI Build-Up for 28,000 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
$530.9K $18.96/SF
− Vacancy
−$30.8K −$1.10/SF
EGI
$500.1K $17.86/SF
− OpEx
−$225.0K −$8.04/SF
NOI
$275.0K $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%
$5,500,980
Cap Rate 7%
$3,929,271
Cap Rate 9%
$3,056,100
Alternative Uses
Best Use
Apartment 5plus
$3.93M
$3.44M – $4.58M
NOI $275,049 @ 7.0% cap · market cap 8.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.97M
$5.22M – $6.96M
NOI $417,715 @ 7.0% cap · market cap 13.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
40
Residential units
95%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
362
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 - Two-story garden-style community with updated interiors, surface parking, and convenient access to Interstate 75.
Where is this apartment building located?
The property is located at 5900 Erica Ct Dayton, OH.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 40‑unit apartment property built in 1989; 20 one‑bedroom and 20 two‑bedroom apartments, averaging approximately 700 square feet; All 40 apartments renovated within the past three years
