CONTINENTAL COURT
Our Commitment Is To Help Our Clients Create And Preserve Wealth By Providing Them With The Best Real Estate Investment Sales, Financing, Research And Advisory Services Available
Vandalia, Ohio
LEAD AGENTS
Austin Hall Associate
Cincinnati Office
D. 513.878.7712
austin.hall@marcusmillichap.com
Jordan Dickman
First Vice President Investments
Cincinnati Office
D. 513.878.7735
jordan.dickman@marcusmillichap.com
Nick Andrews
First Vice President Investments
Cincinnati Office
D. 513.878.7741
nicholas.andrews@marcusmillichap.com
Austin Sum
First Vice President Investments
Cincinnati Office
D. 513.878.7747
austin.sum@marcusmillichap.com
Legacy of Success, Built for the Future
$43.6B $10.1B 7,546 1,076
For more than 50 years, Marcus & Millichap has worked tirelessly to help our clients create and preserve wealth through commercial real estate investment sales as well as debt and equity advisory. Since our founding in 1971, we have grown to more than 80 offices throughout the United States and Canada, including twelve offices here in the Midwest. We also assembled the industry’s largest and most qualified team of specialists to help provide real estate solutions that match your unique investment needs. Connect with an advisor today. We have the industry’s largest, most diverse collection of exclusive commercial real estate listings. Start receiving custom property alerts today.
YOUR TEAM CORPORATE SUPPORT
Jordan Dickman
First Vice Presidents Director, Nmhg
Nick Andrews
First Vice Presidents Director, Nmhg
Austin Sum
First Vice Presidents Director
Austin Hall
Investment Associate
Alden Simms
Investment Associate
Jack Stava
Investment Associate
Chuck Combs
Investment Associate
Liz Popp Midwest Operations Manager
Josh Caruana Vice President Regional Manager
Indianapolis | Cincinnati | Louisville | St Louis | Kansas City
Peter Stanley National Director
National Multi Housing Group
Michael Glass
Senior Vice President Midwest Division Manager National Director, Manufactured Home Communities Group
BROKER SUPPORT OUR LOCATION
Sam Petrosino
Valuation & Research
Brett Martin
Internal Accountant
Alex Papa
Marketing Coordinator
2,000
PROPERTY DATA
Property Name: Continental Court Apartments
Property Addresses: 829-833, 830-834, 841-845, 852-856 Continental Court
City, State, Zip: Vandalia, OH 45377
Submarket: Outer Northeast
County: Montgomery
Years Built: 1968-1970
Property Type: Market
Number Of Units: 32
Avg Unit Size: 650
Rentable Sqft: 20800
Number of Parcels: 4
# of Buildings: 4
# of Stories: 2
Laundry: Community laundry in each building
Roof Type/Age: Three buildings pitched shingle; one building flat rubber
HVAC Cooling Through wall AC
HVAC Heating Three buildings electric baseboard; one building boiler (gas)
Hot Water Common hot water (gas) for each building
LOCAL COMPARABLES 02
RENT MATRIX | ONE BEDROOM
NOTEWORTHY COMPETITORS - 314 KENBROOK
THE FINANCIALS 03
UNIT MIX BREAKDOWN
UNIT DISTRIBUTION
UNIT RENTS OCCUPANCY
INCOME & EXPENSES
CASH FLOW
OTHER INCOME BREAKDOWN
Bank Bridge
70-75% LTC
3-5 year term
1-2 years IO
SOFR + 2.75 – 3.00% = 7.25 – 7.50% rate
(could be higher)
Full Recourse
513.985.2263
614.323.0076
njuran@northmarq.com
RATES & SPREADS AS OF FEB 26TH
Freddie Mae - Conventional
“* Rate buy downs available on deal by deal basis. Rates are general in nature and are for informational use only. Rates are subject to change at any time and the information provided is not a commitment to lend. For specific quotes based on your property, contact a local Northmarq office.
Commercial Real Estate
Debt + Equity Investment Sales Loan Servicing Fund Management”
5-Year
5-Year
Freddie Mac - Conventional
LOCAL MARKET 04
LOCAL MARKET:
$1.300
95.1%
Completed in last 4 quarters- 830
Supply Growth- 1.4% Units under construction- 593 Projected Supply growth- 1.01%
Job Change- 600
QUARTER 3
supply occupancy
1| New apartment completions in Dayton were modest recently, as 830 units delivered in the year- ending 3rd quarter 2024. 2| Completions over the past year expanded the local inventory base 1.4%. In the past year, supply was greatest in Central Dayton/Kettering. 3| Annual new supply averaged 667 units, and annual inventory growth averaged 1.2% over the past five years. 4| During that period, new supply was concentrated in Central Dayton/Kettering, which received 39% of the market’s total completions.
5| At the end of 3rd quarter 2024, there were 593 units under construction with 289 of those units scheduled to complete in the next four quarters. 6| Scheduled deliveries in the coming year are expected to remain concentrated in Central Dayton/Kettering.
rent
1| Over the past five years, annual change in effective asking rents in Dayton ranged from 2.2% to 10.2%. 2| In 3rd quarter 2024, effective asking rents for new leases were up 4.8% year-over-year. 3| That annual rent performance was below the market’s five-year average of 5.7%. 4| Looking at product classes in Dayton, Class A led for rent performance over the past five years. In 3rd quarter 2024, annual effective rent change registered at 4.2% in Class A units, 6.8% in Class B units and 3.8% in Class C units. 5| Among submarkets, the strongest annual rent change performances over the past year were in South Montgomery County (6.0%) and Greene County (5.2%). The weakest performances were in North Dayton/Miami County (2.2%) and Central Dayton/Kettering (3.9%). 6| Over the past five years, rent growth was strongest in South Montgomery County. 7| In the coming year, effective asking rent change in Dayton is expected to slow from the current level.
1| Occupancy in the Dayton apartment market has ranged from 95.1% to 98.0% over the past five years, averaging 96.3% during that period. Over the past year, occupancy lost 0.4 points, with the 3rd quarter 2024 rate landing at 95.1%. 2| Product classes in Dayton, 3rd quarter 2024 occupancy registered at 93.7% in Class A units, 96.1% in Class B units and 95.6% in Class C units. 3| Occupancy in Class C product was generally tightest over the past five years. 4| Among submarkets, 3rd quarter 2024 occupancy was strongest in Greene County (97.0%). The weakest readings were seen in Northwest Dayton (92.2%) and North Dayton/Miami County (92.7%). 5| Over the past five years, Greene County generally led for occupancy. 6| During the coming year, occupancy in Dayton is expected to register around 95.5%.
the
economy
1| Prior to the pandemic, Dayton’s real gross metropolitan product grew at an average annual rate of 1.4% from 2015 to 2019. During that same five-year period, job growth averaged 1.0% annually, with roughly 3,700 jobs added on average each year. 2| In 2020, COVID-19 mitigation measures and limited business activity caused the local economy to contract as much as 9.2% year-over-year in 2nd quarter. 3| In the year-ending 3rd quarter 2024, the metro’s inflation-adjusted economic output expanded 1.4%. At the same time, the metro recorded a net gain of 600 jobs, expanding the employment base 0.2%. 4| Dayton’s unemployment rate in August 2024 rose 0.6 points year-over-year to 4.4%, matching the national average of 4.4%. 5| During the past year, job gains in Dayton were most pronounced in the Education/ Health Services sector followed by Mining/Logging/Construction. 6| Despite job losses stemming from the pandemic, Dayton’s current employment base now sits roughly 1,500 jobs above the pre-pandemic level in February 2020.
DAYTON Caresource Headquarters
A Beavercreek company will provide design work for one of the largest projects in downtown Dayton. The $38.9 million CareSource building, which is one of the most substantial projects underway in the city’s downtown, will house 800 employees when it opens next year.
The 205,000 square-foot, six-story tower is at the site of the former Patterson Co-op High School. The building recently hit its “topping out” milestone, which signifies when the steel frame of a building reaches its maximum height.
In addition to office and collaborative work spaces, the facility will provide employee amenities, including a cafeteria, a fitness center, locker rooms and training rooms. CareSource, a nonprofit health care company headquartered in Dayton, provides coverage to more than 1.8 million customers across five states. It has a workforce of more than 3,100 at multiple sites, including 2,200 local employees. It posted $7.2 billion in revenue last year, making it the second-largest company in the Dayton area.
Woolpert is both the largest engineering company and the largest architectural firm in Dayton by billings, according to DBJ research. The company’s revenue was $133.8 million in 2016, up more than 13 percent from 2015 when it posted $118 million. Woolpert has more than 200 employees locally and about 690 employees overall. Investment
$38.9M Sqft
Mendelsons Redevelopment Project
A massive redevelopment project that could exceed $100 million is planned for one of downtown Dayton’s most recognizable buildings.
Columbus-area developer Crawford Hoying purchased the Mendelsons building at 340 E. First St. for $7.3 million, setting the stage for future development. While the project is in its early stages (the sale was recorded Tuesday), Crawford Hoying Principal Brent Crawford revealed some preliminary plans for the massive, 545,000-square-foot building.
In addition to the main building, another adjacent building and parking lot — owned by Mendelsons at 418 E. First St. — was sold for $400,000 to Crawford Hoying in a separate transaction. Crawford said this property will be included in the project, and may be redeveloped before the main facility. The Mendelsons project is the latest in a string of developments Crawford Hoying has been involved with in downtown Dayton. Along with Delco, Centerfield and Water Street Apartments, the developer helped construct a nearby office building and Fairfield Inn & Suites by Marriott hotel.
Crawford sees the latest effort as a continuation of the work they’ve been doing downtown since their first project in 2015. Crawford cautioned the project is complex and will likely take multiple years to complete. He estimated work will begin in late spring 2020, and build out will take two to three years.
$100M
Investment
545,000
Sqft Building
Delco Lofts
A $25M extension of Water Street District at 329 E. 1st St. Developers envision 129 market-rate apartments and ground-floor restaurant space which will house a new Lock 27 Brewing Co.
Crawford Hoying set out to reinvigorate the project by converting the building into high-end apartments with parking and ground floor restaurant space. The team worked hard to maintain the industrial character of the building throughout the restoration. Particular attention was given to the large industrial-scale windows which were replaced to match the original windows, and to retaining the mushroom columns and high ceilings found throughout. The historic sixth floor office space said to be associated with Delco founder, Charles Kettering, was also preserved and made into a stunning amenity space for residents to enjoy. The first floor and basement serve as parking spaces for the building’s tenants, which was a compatible use for this building made possible by existing vehicular use and the introduction of ramps in an altered location below an existing light court.
$25M Extension 129 Apartments
Ground Floor Restaurant
Studios
1-Bedrooms 2-Bedrooms
Short-Term Leases Available
24hr. Fitness Center
On-Site Maintenance
Community Room
Private Underground Parking
River or Day Air Ballpark Views*
Exclusive Resident Perks Program
24 Hour Emergency Maintenance
Military Discounts*
Pet-Friendly*
Key Fob Access Only
Smoke-Free Community
Centerfield Flats
The demand for downtown Dayton housing shows no signs of slowing down. Developers have shed light on their latest project, a new apartment building in the Water Street District near Fifth Third Field. The apartment building — called Centerfield Flats — will be located at 507 E. First St., the former Dayton Supply & Tool site. The project will draw even more residents to the city core, which is in the midst of a renaissance.
The five-story, 120,000-square-foot building will house 112 units, as well as feature first-floor restaurant space. The units will range from 532-square-foot studios to three-bedroom units with more than 1,700 square feet. Water Street, developed by Dayton-based Woodard Development and Columbus-based Crawford Hoying, has been a more than $100 million project on Dayton’s riverfront. The first phase resulted in a 50,000-square-foot professional office building now 100 percent leased, a 500-space parking garage and 215 residential apartments and town homes — which are now totally occupied.
Phase two saw the $25 million renovation of the Delco Lofts, which brought 133 more residential units and a new Lock 27 Brewing location. Those units also are fully occupied. The third phase of the project — even more residential units, another office building and a nearly 100-room Fairfield Inn & Suites — represents around $30 million in investment.
to 3
50,000
100
Sqft Professional Office Building
Room Fairfield Inn & Suites
Fire Blocks District
A boutique hotel, several restaurants and additional parking are on the wish list for a developer working to transform the Fire Blocks District in downtown Dayton.
Located in the heart of downtown, the Fire Blocks District is a section of buildings being revitalized by The Windsor Companies, a Columbus developer that took over the project this past summer. Windsor is transforming the mostly vacant city block into a mix of commercial, housing and office space.
Along with The Elks, the $50 million first phase of the Fire Blocks project includes redevelopment of The 124 Office Building and The Huffman Lofts. Windsor will transform the three buildings into 150,000 square feet of commercial space; 200,000 square feet of residential space including loft apartments; and 100,000 square feet of unconventional office space. The apartments are expected to be move-in ready by fall 2019.
Phase 1 Investment
$50M Sqft Of Commercial Space
150,000 Sqft Of Residential Space
200,000 Unconventional Office Space
100,000
Grant-Deneau Tower
A historic downtown Dayton building is being eyed for a $30 million mixeduse redevelopment project that includes a hotel, luxury apartments and office space.
Grant-Deneau Tower, a vacant building located at 40 W. Fourth St., is a 22-story structure that served as Dayton’s first modern skyscraper — setting the benchmark for the office experience during the city’s mid-century revival. It was built by acclaimed architect Paul Deneau in the 1960s. Six months later, Windsor has announced a detailed plan for the building that includes six floors of apartments, 10 floors of office space and six floors dedicated to a hotel.
The 220,000 square-foot building would include: 90,000 square feet of office space. 60,000 square feet of luxury apartments. 50,000 square feet of hotel space. 10,000 square feet of first-floor retail space. Floors 11 through 16 will offer 60 apartment units that include modern appliances, views of the city and other amenities. The luxury apartments will consist of 48 one-bedroom, one-bathroom units, and 12 two-bedroom, two-bathroom units. Prices will range from $1,250 to $2,000 a month. On floors two through 10, Grant-Deneau will feature open floor plans to provide the opportunity for customization
Luxury Apartments
21st Century Class A Office
Restaurant And Coffee Shop
Boutique Hotel
On Site Fitness Facility
Dayton Arcade
Members of a team that is rehabbing the Dayton Arcade have been awarded nearly $14 million in tax credits from the state’s Transformational Mixed-Use Development Program.
Dayton Arcade Partners LLC says this funding will help convert the long-vacant Centre City building at 40 S. Main St. into 200 apartments, and will help complete work on the Dayton Arcade.
The Dayton Arcade is a collection of nine buildings in the heart of downtown, between Third and Fourth streets, and between Main and Ludlow. The Centre City building is a vacant, 21-story office tower at the northeast corner of Fourth and Main, across the street from the Arcade complex.
The total project costs are expected to be nearly $140 million.
“This award is a unique funding opportunity that is geared towards large transformational projects in Ohio. Since its inception, it has only ever been awarded to projects in Columbus, Cincinnati, and Cleveland,” said Taylor Vogt, developer with Arcade District partner Model Group. This tax credit “was a critical component of the capital stack needed to push these next phases forward and to sustain the needed momentum to realize the broad vision of redevelopment in the Arcade District and continue to catalyze sustainable revitalization of downtown Dayton.”
200
APARTMENTS
$145M 9
PROJECT COST
BUILDINGS IN THE HEART OF DOWNTOWN
