Description
Marcus & Millichap is pleased to present Laurel Springs, a 128-unit apartment complex located in Fairborn, OH. The community consists of sixty-four one-bedroom, one-bathroom and sixty-four three-bedroom, two-bathroom apartment units. The asset is currently 98% occupied and has 101,810 rentable sqft. on a total of 6.14 acres. Laurel Springs offers incoming investors the opportunity to capitalize on a renovation value add plan, benefit from the desirable property characteristics and recent capital expenditures in the desirable Fairborn submarket.
Renovation Value Add Plan
Many of Laurels Springs’ immediate competitors have renovated their one- and three-bedroom units to push rents. Four immediate competitors have three-bedroom rents $300 higher than Laurel Springs’ average effective rent of $925. Laurel Springs has renovated one three-bedroom unit with new cabinets, stainless-steel appliances, laminated wood flooring, upgraded fans and lights, and new paint. This achieved $1,300 in rent.
Positive Property Characteristics
Laurel Springs has an almost even split of one- and three-bedroom units. There are only four other apartment communities in the 2-mile radius that have three-bedrooms units, totaling around 135 units. This high concentration of market-rate, three-bedroom units provides Laurel Springs a strategic advantage to lead the market and capture the demand for these. The three-bedroom units also have washer/dryer hookups, which are attractive to tenants and support the renovation value add plan.
Recent Capital Improvements
Laurel Springs has had over $1,000,000 in capital improvements made over the past two years. These include replacing seven of the eight roofs, new siding and facia on all buildings, painting all exteriors including decks, and replacing the cabinets in over sixty units.
Desirable Submarket
Fairborn is one of the more desirable submarkets in Dayton. The average occupancy in the 3-mile radius is 97%, which is 1.5% higher than the Dayton metro occupancy rate. The median household income in the 5-mile radius around Laurel Springs is $66,836 and the average household income is $87,982, both of which help support the higher rents with the renovation value add.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 20 Old Yellow Springs Rd |
| City: | Fairborn |
| State: | Ohio |
| Year Built: | 1963 |