Description
Marcus and Millichap is pleased to present the following Ground Up Multifamily Development Opportunity. Five Point Shopping Center is approved for 140 Apartment units with a full amenity package of your choosing. The Site also includes a former Chase Bank building that is prime for a clubhouse and leasing office Conversion. Five Point Center has three other parcels outside of the Multifamily site that are being redeveloped. One of the Parcels a former Big Box Store is currently being converted to 220+ Class “A” Self-storage units. Another parcel is a proposed Strip center. The fourth parcel is being looked at to be developed for a restaurant.
Five Point is located at the corner of Beaver Valley Road and Dayton-Yellow Spring Road in Fairborn, a Submarket of Dayton Ohio and Greene County. The Multifamily Site is a total of 6.89 +/- acreages which include the former Chase bank. The current site plan for 5-Point Apartment complex is currently approved for 140 units to be broken out into (36) 1×1, (92) 2×2, and (12) 3×2 apartment homes. The 140 units will be spread out between Three, Three-story apartment buildings as followed, (1) 56-unit building, (2) 48-unit buildings, and (3) 36-unit buildings. The Multifamily Site currently shows around a 2/1 ratio of parking spaces to number of units. The site will have an amenity green space which could play host to many different amenity options but not limited to, a grilling area, playground, dog park, Pavilion or future Pool for the residents.
New apartment completions in Dayton were modest, as 737 units delivered in the year- ending 3rd quarter 2023. Completions over the past year expanded the local inventory base 1.3%. Dayton currently has 57,218 apartment doors. Occupancy in the Dayton apartment market has ranged from 95.4% to 98.0% over the past five years, averaging 96.6% during that period. Over the past year, occupancy lost 1.1 points, with the 3rd quarter 2023 rate landing at 95.5%. That occupancy rate ranked #15 among the 29 key Midwest region markets and #50 among the top 150 markets nationally. Looking at product classes in Dayton, 3rd quarter 2023 occupancy registered at 94.4% in Class A units, 96.1% in Class B units and 95.8% in Class C units. Over the past five years, annual change in effective asking rents in Dayton ranged from 2.2% to 10.3%. In 3rd quarter 2023, same-store effective asking rents for new leases were up 3.6% year-over-year. That annual rent performance was below the market’s five-year average of 5.3%. Dayton’s recent annual rent change performance ranked #9 in the Midwest region and #29 nationally. Looking at product classes in Dayton, Class A led for rent performance over the past five years. In 3rd quarter 2023, annual effective rent change registered at 2.3% in Class A units, 4.1% in Class B units and 4.4% in Class C units. As of 3rd quarter 2023, effective asking rental rates in Dayton averaged $1,115 per month, or $1.221 per square foot
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | Beaver Valley Road & Dayton-Yellow Spring Road |
| City: | Dayton |
| State: | Ohio |