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1804-1928 James H Mcgee BLVD DAYTON OH 45417
Listing Information
Price $4,200,000
Listing Number 889703

Driving Directions
35 to James H McGee

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Agent Remarks
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

General Information
Property TypeMulti-Family
Style5+ Units
Zip Code45417
School DistrictDayton City SD
Listing Number889703
Property Features
HeatingForced Air
Multi-Family Information

Additional Information
ConstructionBrick, Frame, Vinyl
Lot Dimensions400x600
OccupancyAt Closing
Semi-Annual Taxes$16,500.00
Additional Features

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This listing courtesy of eXp Realty. All Information is believed accurate, but is NOT guaranteed.
The data relating to the real estate for sale on this web site comes in part from the Broker Reciprocity program of the Dayton Area Board of Realtors®. Real estate listings held by brokerage firms other than WebMLS are marked with the Broker Reciprocity logo or Broker Reciprocity house icon. The properties displayed may not be all the properties available through Broker Reciprocity.
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