1384 Monroe Dr Xenia, OH 45385-1653

This exceptional redevelopment opportunity presents a 60-unit apartment building situated on a generous 3.75-acre lot at 1384 N Monroe Dr., Xenia, OH 45385. Currently vacant, the 31,177 square foot building, built in 1968 and renovated in 1998, offers significant potential. The property is zoned for multifamily use and boasts a pro-forma NOI of $354,936. The asking price is $400,000, representing a price per unit of $33,333. This represents a 50% interest in a Tenants-In-Common (TIC) ownership structure. The seller requires a 1031 exchange and is not offering seller financing. The property features ample parking and extensive grounds, ideal for creating park-like amenities. It is conveniently located near the new $4.4 billion Honda/LG Battery plant, creating approximately 2,200 new jobs. A 1994 tax abatement is in place, offering substantial tax savings for twelve years. While the building requires updates to HVAC, electrical, plumbing, and windows (roof is newer, circa 2015), a construction estimate of $2 million is available. The property is ADA compliant and currently configured with 42 rooms with private restrooms and 74 beds. Additional features include laundry facilities, a commercial kitchen, dining and living rooms, reception area, administrative offices, and four wings with separate common areas. Pro forma details are available to qualified prospects with proof of funds and a signed non-disclosure agreement. This property is ideally suited for management companies in the Cincinnati, Dayton, or Columbus areas. Local lenders with CRA requirements and HUD conduit capabilities can facilitate construction-permanent financing.