Description
Marcus & Millichap is pleased to present Shiloh Court Apartments, a 48-unit apartment complex located in the Northwest submarket of Trotwood, OH. The community consists of forty-eight two-bedroom, one-bathroom apartments. The asset is currently 85% occupied and has 45,600 rentable sqft. on a total of 11.56 acres. Shiloh Court Apartments offers incoming investors the opportunity to continue to implement a utility billback program, complete a renovation value add plan, and capitalize on the positive characteristics of the property.
Utility Billback Opportunity – Only three current tenants are paying a utility RUB. It is common in Trotwood to have a $50 RUB for two-bedroom units for water/sewer and trash. Implementing this with all residences would result in an added $27,360 income each year after factoring in a 5% vacancy.
Renovation Value Add Plan – Many of Shiloh Court Apartments’ immediate competitors have renovated their two-bedroom units to push rents. This includes Garden Woods ($1,200), Bloomfield ($1,174), and Greenglen ($992). The renovations have typically included LVP flooring, updated appliances, granite countertops, new cabinets and tile bathrooms.
Positive Property Characteristics – Shiloh Court Apartments benefits from having forty-eight identical two-bedroom, one-bathroom units. The two-bedroom units continue to be the most desirable units in the area for renters. Additionally, each unit has a washer/dryer hookup, which helps to attract tenants.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 1570 Shiloh Springs Rd |
| City: | Dayton |
| State: | Ohio |
| Year Built: | 1972 |