This Multifamily Property is Off-Market.

455 Stonyridge Place
Troy, OH 45373 ·

116 Units · Multifamily For Sale

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Stonyridge Place Apartments

Price N/A Cap Rate 9.60%
No. Units 116 Occupancy 93%
Building Size 49,350 SF No. Stories 1
Property Type Multifamily Year Built 1980
Property Sub-type Garden/Low-Rise Lot Size 6.22 AC
Property Use Type Investment
Listing ID: 17201904 Date Created: 06/14/2011 Last Updated: 02/29/2012

Description

Marcus and Millichap is pleased to offer Stonyridge Place Apartments located in Troy, Ohio. Stonyridge is a Cardinal style complex comprised of 56 total units with 14 efficiencies, 35 one-bedroom units and seven two-bedroom units. The property also includes sixty 10 by 20 storage units that currently rent for $65.00 per month.

Each unit comes with wall to wall carpet, fully equipped kitchens, electric heat and air provided by a wall unit, ample off street parking and private patios. The owner pays water and trash, while the tenants pay their own heat and air. The property is ideally located just a minute drive from downtown Troy and Troy High School. The property provides tremendous cash flow along with upside through lowering the existing loss to lease estimated at $20,000 per year.

Troy, Ohio, is located just 25 minutes north of Dayton, Ohio, and is home to the well known Troy Strawberry Festival. The city of Troy has a reputation for being a family friendly, vibrant and financially stable community. As of 2010 the population of Troy was 25,058 and continuing to grow.

Highlights

  • Property includes 60 20X10 storage garages
  • Rental upside
  • Good condition inside and out
  • Owner willing to carry secondary financing for qualified buyer
  • 1/2 mile from Troy High School

Research

455 Stonyridge Place, Troy, OH 45373 (Miami County)

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