100 Aster Court, Germantown, OH 45327
Aster Court has had two studios and twelve one-bedrooms renovated to push rents. The average effective rent for the unrenovated studios is $505 compared to $600 for the renovated studios. The average effective rent for unrenovated one-bedrooms is $505 compared to $690 for the renovated units. New renovated one-bedroom leases have been at or above $725. The current owners have spent around $8,000 per unit on the renovations. The twenty-two remaining unrenovated units provide an exciting value-add opportunity for an incoming investor.
Germantown is a fundamentally strong Dayton submarket for investors. The average household income in the two-mile radius around Aster Court is $84,167 and the median household income is $71,832. The population within a 10-mile radius of Aster Court is 202,434. The median home value within a two-mile radius is $163,689. The median household income and median home value are very similar to Kettering – one of the top submarkets in Dayton ($71,232 and $167,713, respectively).
Current ownership has invested around $250,000 into the property since 2021. The improvements include:
New metal roofs, gutters, and soffits
Resurfaced parking lot
New Heating/Air units in 15 units
New hot water heaters in 14 units
36 new outdoor lights
New dumpster concrete pad and dumpster
24 new front doors
New windows in 14 units
New waterproof vinyl flooring throughout 14 units
New stoves and refrigerators in 13 units
100 privacy trees planted