10 Commons Dr Milford, OH 45150

This exceptional 234-unit apartment building, located at 10 Commons Dr, Milford, OH 45150, presents a compelling investment opportunity. The property, built in 1967 and extensively renovated between 2018 and 2024, comprises sixteen three-story buildings totaling 211,800 square feet. Significant capital expenditures exceeding $2.9 million since 2020 have resulted in excellent physical condition, allowing a new owner to immediately focus on interior unit improvements. Currently, 104 units have undergone partial renovations, while another 104 remain unrenovated, offering substantial upside potential through further upgrades. The Milford submarket boasts a high barrier to entry, with limited new supply and strong rental growth—a 42.4% increase since 2020, and a further 4.5% increase in the last three months. This limited competition, coupled with the property's strategic location near Interstate 275 and Route 28, ensures consistent demand. Additional revenue streams can be explored through implementing exclusive cable/internet contracts and monetizing the 286 existing surface parking spaces. Furthermore, a condo conversion is feasible, potentially lowering the effective tax rate from 3.09% to 2.02%. The property also includes amenities such as a fitness center, pickleball court, pool, dog park, and clubhouse. The permitted zoning is 403 Commercial. This is a privately owned property with significant potential for increased profitability.