10 N Ludlow St
Dayton, OH 45402
Courthouse Plaza SW · Office Property For Sale

Courthouse Plaza is a ground-leased, multi-tenant, office building located at 10 N Ludlow Street within the downtown CBD of Dayton, OH. The Property presents an opportunity to acquire a ±35.5% occupied prime office asset with significant value-add through lease up of the available office space at long term market rates. Situated on the southwest corner of Courthouse Square, this property is located at the heart of downtown. The property is located on a rectangular shaped corner parcel with approximately ±0.33 acres and consists of one twelve-story, office building with a total of ±181,220 SF (±145,509 GLA). The improvements were constructed in 1976, improved in 2002 and building amenities include professional management, conference room, break room and two fitness facilities in the lower level space. The fountain and landscaping of the courthouse square provide an inviting breath of fresh air in the cityscape, and make the property unmistakable when giving directions. The Property features a below grade loading dock accessed via N. Ludlow Street with one parking space and pedestrian access available via Courthouse Square from the east, and N. Ludlow Street from the west. Courthouse Plaza is ±36% occupied with tenants in 14 of the 27 total units. The largest tenants at the Property are GSA, Miami Valley Regional Planning, Catapult Creative, and US Bank. The other in-place tenants include professional office users and two fitness users most of which have long-term operating history at the Property with staggered lease expirations. This opportunity presents huge value-add through lease-up of the available ±93,864 SF of GLA at market rates. Courthouse Plaza is one of the prominent buildings in downtown Dayton, and benefits from fantastic visibility and easy accessibility for its customers and tenants. Located within Montgomery County in the Dayton CBD is located approximately 48 miles northeast of the Cincinnati CBD, 65 miles west of the Columbus CBD, and 104 miles east of the Indianapolis CBD. The Dayton CBD core is located along Third Street, between Jefferson and Wilkinson, and this is the primary area for office uses. Courthouse Plaza is zoned CBD and is positioned on the northeast corner of North Ludlow Street and West Third Street, two primary arteries through downtown Dayton. The property is ideally located for attracting and retaining potential tenants as its location is in close proximity to the epicenter of the Dayton CBD. The site is proximate to all downtown Dayton destinations, has excellent walkability, and offers convenient access to local highways. Land uses in the area include virtually all forms of residential and commercial development, with the immediate vicinity predominantly office type uses. Notable office users include Fifth Third Bank, KeyBank, and CareSource. Dayton's premier attractions such as the Schuster Performance Center, Fifth Third Field (home of the Dayton Dragons), Dayton City Hall, Montgomery County Courthouse, the Federal Building, Sinclair Community College, The Dayton Convention and Visitors Bureau, Sinclair Community College, and RiverScape are all within walking distance. The area has limited availability for new development in the immediate vicinity and in 2018 has approximately ±222,566 individuals residing within a five-mile radius of the property and an average household income of ±$49,224. In 2018, the total specified consumer spending within a 5-mile radius of the Property accounts for ±$1,737,607,000 and there are ±10,688 businesses and ±149,172 employees. This Property offers excellent upside potential for investors and is a great opportunity to acquire a ground-leased office building in the Dayton CBD well below replacement cost