Marcus and Millichap is pleased to present Union Hill, a 100 unit apartment complex located in South West Dayton. This early 1990’s constructed property is in the West Carrollton submarket and is a 10 minute drive from downtown Dayton.
Union Hill rents are on average $200+ below the market average of the main competitors in the immediate market. The top 3 main competitors 2-Bed market average rent is $1449. While Union Hill average effective rents are $880 with their market rents being around $1,050. We are projecting that a new operator can come in, renovate the 65 unrenovated units, and push rents to $1350 or more.
Close proximity to Dayton universities and large employers like Wright Patterson AFB, Kettering Health Network, and Premier Health.
Wright-Patterson Air Force Base – 35,000 Employees
Kettering Health Network – 10,000 Employees
Premier Health – 12,425 Employees
RECENT CAP EX:
Since 2020, the operator has been executing on strategic upgrades ranging from $1,200-4,000 per unit, creating an average base rent increase of $100-150. Upgrades include:
– LVP Flooring in kitchen and bathrooms
– New paint
– Some new carpet
– New light fixtures
– Some new appliances
As of January 2022, A new unit type was established and $5,000-6,000 was spent to bump deluxe rents up to $1,200.
– Stainless steel appliances
– Painted cabinets with new hardware
– Refinished countertops
The clubhouse has also been renovated.
|Address:||1735 Mars Hill Drive|