28 Unit - Dayton Ohio

[Jake Didion]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Dayton.

Purchase price: $975,000
Cash invested: $975,000

28 Units. Rent from $550 - $650

What made you interested in investing in this type of deal?

Purchase price compares to NOI was very high. $34k/unit

How did you find this deal and how did you negotiate it?

I found this deal on loopnet. I hired a local broker in the Dayton market to help negotiate the deal. The sellers bought the property at the beginning of January 2020 and the company wanted to divest to get into mobile home park investing. We were able to negotiate $125K down or their break even.

How did you finance this deal?

Cash deal

How did you add value to the deal?

We just bought it. We plan to get rents stabilized and put a new roof on before we refinance in 6-12 months.

What was the outcome?

In progress

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Insurance - Drew Batt at QuickInsured 614.221.8199

[Paul Shannon]

Congrats!  Looking for a similar asset currently.  About two hours away from Dayton in Indianapolis.  May have to start looking at Dayton and other tertiary midwest markets....