Hepburn Apartments

Investment Overview

Introducing a prime investment opportunity at 2271 Hepburn Ave, Dayton, OH. This 7,440 SF multifamily property boasts 16 units and was sturdily constructed in 1960. Zoned EMF, this strategically positioned asset offers a compelling proposition for high-rise investors seeking potential in the thriving Dayton area. With a proven track record of performance and a formidable footprint, this property presents a solid foundation for your investment portfolio. Unlock the potential of this well-maintained building and capitalize on the opportunities in this sought-after location.

Investment Highlights

• 16 units across two buildings — efficient, 100% one-bed / one-bath mix
• 9.0% stabilized cap rate at the offering price
• Value-add lease-up: 44% occupied today with a clear path to ~95% stabilization
• Five units renovated in 2025 — reduced near-term capex, ready to lease
• Subsidy-backed income (Section 8, Miami Valley Housing, Eastway) at $740–$765/unit
• Proven earning power — approximately $36,800 NOI in 2024, verified to owner statements
• Substantial NOI upside — from $3,242 to a projected $55,352 stabilized
• Attractive ~$38,438/door basis, below replacement cost
• $75,600 in unrealized annual gross income across the nine vacant units
• Dayton, OH — one of the Midwest's most affordable, landlord-friendly cash-flow markets