Description
Marcus & Millichap is pleased to present the Medford Apartments, a 19-unit apartment complex located in the Walnut Hills submarket of Dayton. The asset consists of 19 two-bedroom, one-bathroom apartments, and one single family home located two lots over. The asset has undergone minor renovations such as new LVP flooring, New Roof, and New Furnaces in 2020. It is currently 97% occupied and has 13,420 rentable square feet.
Proximity to University of Dayton: The Medford apartments sit less than 1-mile away from the University of Dayton’s main campus. This makes Medford a convenient choice for students looking for affordable housing options near campus.
Favorable Unit Composition and Layout: With all 20 of the units being 2 bedroom-one-bathroom layouts, the rental upside compared to renovation dollars is very attractive. The incoming investor can implement a strategic renovation plan and increase the overall NOI of the property.
Lack of Affordable Student Housing: Current competitors in the student housing marketplace charge $1,200+ for housing. Medford’s rents are $400 below these competitors, so there is opportunity for an incoming investor to push rents to increase collections. Medford will still be well below the market average and an affordable choice for students looking for off-campus housing.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 275 Medford Street |
| City: | Dayton |
| State: | ohio |
| Year Built: | 1964 |