INVESTMENT HIGHLIGHTS

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.

THE OPPORTUNITY:

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.

THE MARKET:

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

- Backsplashes

- Refinished countertops

The clubhouse has also been renovated.