The Van Lake Apartments

  • Price: $Market Bid
  • Address:

    120 E Van Lake Drive
    Vandalia, Ohio

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Marcus & Millichap is pleased to present the East Van Lake Apartments, a 24-unit apartment complex located in the Vandalia submarket of Dayton. The asset consists of 6 one-bedroom, one-bathroom apartments, 18 two-bedroom, one-bathroom apartments. The asset has recently undergone a strategic renovation to one of the buildings (8 units) and is currently 66% occupied and consists of 19,500 rentable square feet.

Active Investment into the Asset: The current operator has recently executed a strategic renovation plan to 8 units in 1/3 of the buildings. The renovation consisted of new LVP flooring, Stainless steel appliances, Faux granite counters, New Kitchens, and new bathrooms. An incoming investor can continue thus renovation value add business plan to increase the NOI of the property.

Strong Submarket Fundamentals: Vandalia is a strong performing submarket located North of Downtown Dayton. The Median Household Income within a 3-mile radius of the asset is $70,267, this suggests the maximum rent for the submarket to remain affordable is $1,951. Vandalia’s occupancy has remained strong, outperforming Dayton’s average and is hovering around 97%. (Yardi) These statistics strengthen the incoming investor’s ability to push to and achieve pro-forma rents.

Favorable Unit Composition and Layout: With 18 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 similar strategic renovation plan and increase the overall NOI of the property.

New Local Demand Diver: In 2023 Joby aviation announced its partnership with the Dayton International Airport to build its first air taxi manufacturing plant. The 500-million-dollar investment will bring up to 2,000 jobs to Dayton’s economy. The Van Lake Apartments are located 10 minutes (4.3 miles) from the Dayton airport, making the asset a prime location for those newly employed by the manufacturing plant.

Listing Details

Price:$Market Bid
Address:120 E Van Lake Drive
Year Built:1973

Location Map

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