737 Wilmington Ave
Dayton, OH 45420
Parliment House · Multifamily Property For Sale · 22 Units

Marcus and Millichap is pleased to present the PARLIAMENT HOUSE Apartments in Dayton, Ohio. The 22-unit community is strategically located on the South side of Dayton just 2 miles from the University of Dayton and less than 4 miles from downtown. Built in 1967, Parliament House gives the investor an outstanding opportunity to obtain a well-maintained property in an excellent location with value-add potential. Comparatively, the current rents in place are more than $200 below market average for both unit types. The Opportunity: PARLIAMENT HOUSE provides an opportunity for the investor to substantially increase rents with current rents under market by and average of $235 for 2-bedrooms and $210 for 1-bedroom units. Both unit types offer spacious interiors, compared to neighboring properties in the submarket. The average rents/square foot among comparative properties is about $0.88/SF compared to the subject property which has current rents at $0.59/SF. Several capital improvements have been completed in the last 2 years (see list of Capex below). The property provides strong curb appeal due to its easy access location, community courtyard, covered parking spaces, and manicured landscaping. The building is currently 100% occupied and, according to the current ownership group, there is a constant wait list for new tenants. Capital Improvements since 2017: Exterior & Entry Doors - All Windows in 6/22 units replaced Courtyard Landscaping & Walkways Parking Lot Sealed & Patched HVAC in 6/22 units replaced furnace or A/C Common Area Stairwells – Refaced all steps Exterior Awnings Replaced – All Exterior Lighting Replaced – All Rehabbed Units – 13/22 units rehabbed with new carpet, lighting, and updated plumbing