The Gem at Dayton Apartments is now available for the right investor to add to their portfolio. This complex consists of 102 units with 72 two-bedroom units and 30 three-bedroom units. The current owners have decided to change direction and focus, which has created this rare opportunity for investors. The current owners have this complex identified as Phase 1 which is 1620-1712 James H McGee and Phase II which is 1804-1928 James H McGee. Phase 1 has 42 total units with 6 three-bedrooms and 36 two-bedroom units. Phase II consists of 24 two bedroom and 36 three-bedroom units. Current owners have completed extensive rehab on Phase 1 and this offering is based on Phase 1 being completed and rent ready for buyer. Phase 1 has received all new electrical service, water meter pits, backflow systems, HVAC, exterior lighting and complete interior renovations. Phase II has not been started yet, but owners have estimated the rehab at $1.3-1.5. and the current contractor is prepared to stay on board with the new owners if desired. After factoring in "All-In" numbers with purchase and rehab the expected cap rate for the new buyer at operational state is approximately 11%. Owners have ARV estimated around $8,000,000. This is the perfect value add complex for an investor looking to jump start their portfolio or add to their current portfolio. This will be an absolute cash cow. Owners would entertain offers without Phase 1 being completed and the property taken as-in with the current rehab status approximately 85% completed. Owners will also entertain offers for Phase 1 and Phase 2 to be separated as they are on separate parcels. Please note that this property does have a deed restriction with several years left requiring the property to be rented to Low-Income and it is not eligible to get it's HAP contract status back. However, you can still accept Section 8 vouchers and other subsidies per unit at this property. Parcels included are R72121160001 & R72121160002, 8 total buildings
Dayton City SD
Brick, Frame, Vinyl
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