Alpine Apartments
3424 N Marshall Road, Dayton Ohio
YEAR BUILT
1968
Marcus and Millichap is pleased present The Alpine, 47-units of apartment living in one of the most sought after submarkets in the Dayton area, Kettering. There is an extremely favorable unit mix with all but three units being two-bed one and a half bathrooms at 1,050 SF. Each unit has multiple through wall P-tac units giving the resident full control of their thermoset and granting the operator easy affordable maintenance.
PROVEN-OUT RENOVATION UPSIDE
Current ownership has spent over $550k renovating the common areas as well as unit interiors. There are 17 classic units remaining, offering the incoming investor the opportunity to continue the proven out business model and further increase the asset value. Average effective rent for classic units is $775/month compared to the renovated unit market rate of $1,099/month. In addition, there are two units that received a more premium renovation to be more in line with neighboring comps (SS appliances and new tub & surrounds) and each of the two premium units are leased at $1,299.
LOCATED MINUTES FROM DAYTON’S PREMIER RETAIL DEMAND DRIVERS
Within 8 minutes (3 miles) of The Greene in Beaver Creek, a mixed-use asset featuring offices, apartments and retail destinations including Apple, Forever 21, Lululemon and Nordstroms Rack. Within 17 minutes (7 miles) to The Dayton Mall with retailers including Macey’s, Dick’s Sporting Goods, H&M, and JC Penny. Within 20 minutes (11 miles) to the Fairfield Mall.
LEADING SUBMARKET FUNDAMENTALS
Kettering boasts an average HHI of $83,949 in 2022 with the median HHI at $65,054. The median sale price of homes in Kettering is $260,000 as of February 2023, and the Kettering Fairmont school district is ranked in the top 20 percentile of Dayton Metro Public Schools. These strong submarket fundamentals are reflected in the rental and occupancy growth too. The average rent in Kettering has increased by 10.2% over the last year and 4% over the 5 year average while maintaining an average occupancy of 96.6%. The average rent/sf is $1.19 compared to the proforma rents at the Alpine equaling $1.06.
WELL MAINTAINED COMMUNITY
In addition to unit upgrades, the current owners have spent over $200k on deferred maintenance items addressing vital components of the community that don’t directly enable a rental increase, but are necessary.
RENTABLE SQFT
48,284
OCCUPANCY
98%