Highlights

• 81% two/three bedroom units
• Only 72 units currently billed back for water
• Very desirable Kettering submarket

• All brick exteriors/low maintenance
• Good assumable debt in slumping credit market

Description

$620K PRICE REDUCTION

OWNER WILL LOOK AT ALL OFFERS

Marcus & Millichap is pleased to offer Chapel Hill Apartments. Located in the Kettering submarket of Dayton, the property sits in a very desirable community approximately 10 miles from downtown. The community is comprised of 10 buildings total, with an outstanding unit mix of (24) one bedroom units, (73) two bedroom/one bath units, and (23) three bedroom/ one and one-half bath units. The property was constructed in 1968 and is sprawled on park-like grounds covering several acres of natural wooded surroundings. Chapel Hill is situated at the corner of Wilmington Pike and East David Road . Amenities include paid water/sewer, central HVAC, swimming pool, on-site laundry, walk-in closets, ample parking, and on-site management. The owner recently started billing back for water and has close to 50 percent of the units paying. The property has tremendous upside with getting the additional units billed back for water and lowering the approximated $40,000 loss to lease. Chapel Hill Apartments is a solid opportunity for an investor to acquire 120 rental units with a great unit mix in a very desirable Kettering submarket.

Subject property is located in Kettering, Ohio-submarket located south of Dayton, Ohio.