Marcus & Millichap is pleased to present 905 Neal Apartments, a 30-unit apartment complex located in the Five Oaks submarket of Dayton, OH. The community consists of nine one-bedroom, one-bathroom apartments, eighteen two-bedroom, one-bathroom apartments and three three-bedroom, one-bathroom apartments. The asset is currently 90% occupied and has 26,100 rentable sqft. on a total of 0.64 acres. 905 Neal offers incoming investors an opportunity to assume attractive existing debt, continue the renovation value add plan, and capitalize on the positive characteristics of the property.
905 Neal has had fifteen units renovated at an average cost of $7,000/unit over the past year. This includes new LVP flooring, paint and hardware. The renovated units are getting a $143 premium on one-bedroom units, $69 premium on two-bedrooms and a $56 premium on three-bedroom units. An incoming investor can continue this renovation value add business plan to increase the NOI of the property.
905 Neal has a majority of two-bedroom and three-bedroom units compared to one-bedrooms, which many investors prefer. These bring in higher rent, especially from Section 8 tenants, and can attract longer-term tenants as well. Additionally, 905 Neal has large unit sizes, which help attract tenants and push to top-of-market rents.
905 Neal has a Freddie Mac assumable loan with an interest rate (4.67%) over 125 basis points below current interest rates. The loan has a $1,227,000 balance and is due in September 2032. The loan is interest only until September 2025.
|Address:||905 Neal Ave|