150 Bellaire Avenue, Dayton Ohio | 817 Patterson Road, Dayton Ohio
Marcus & Millichap is pleased to present Lakeshore Place and Patterson House apartments, 124 units of apartment living (57 and 67 Units respectively) located in eastern Dayton only minutes from Downtown. Located in the submarket of Oakwood, this property provides the investor two top tier investments in one of Dayton’s most highly sought-after submarkets.
Downtown Dayton, the region’s entertainment hub, is located within 5 minutes of the asset and offers professional sports, farmers markets, museums, nightlife, and concert venues. Dayton’s four largest medical employers, Premier Health Partners, Kettering Health Network, Children’s Hospital and CareSource, are all within 15 minutes of the property and total 25,085 employees.
Current in place assumable debt provides an interest rate over 200 basis points under current market debt. Debt Assumption allows an incoming investor to realize the benefits of in place interest rate at 3.79% with 8 years left while the current ten year treasury hovers around 4%.
Apartment rental growth on the Eastern side of Dayton has clocked in at 11.3% in the trailing 12 months, up from 5.5% in 2021. Explosive rental growth has been coupled with extremely tight occupancies ringing in just North of 98% in the submarket. Much of the success in the market has come from a chokehold on new supply as well as older apartment communities undergoing recent upgrades helping to drive demand in the market for a higher end product.
Current ownership has already implemented a strategic renovation plan across unit interiors. Just north of 20 units have already been completed at a cost of $8,000/unit commanding an additional $150/month in market rent.
Within 15 minutes (10 miles) of The Mall at Fairfield with retailers include Macy’s, Dick’s Sporting Goods, H&M and JCPenney. Within 10 minutes (4 miles) of The Greene, a mixed-use asset featuring offices, apartments and retail destinations including Apple, Forever 21, Lululemon and Nordstrom Rack. Wright State University is located 15 minutes from the subject, with 12,000 students and 276-degree programs. Wright Patterson Air Force Base is located within 20 minutes (15miles) of the subject, with 20,000+ civilian employees and 7,000+ military personnel.
Lakeshore – 1963
Patterson – 1966
Lakeshore Patterson – 88%