1933-1945 N Main St, Dayton, OH 45405
Rare Investment opportunity:
Huge Potential: Mixed commercial building near Downtown Dayton—13,900 Sq ft Gross Income potential over $90,000/ year
Built 1930
Magnificent 13,900 sq ft brown brick building with many attractive decorative architectural features in a great location, near Downtown Dayton on 16,900 sq ft lot.
6 retail units on a main street with offices above.
First Floor: 8,000 sq ft
Second Floor: 5,900 sq ft
Plus a large basement.
The property features a large parking area at the back.
Description
The property is a two-story brown brick building with 6 retail units fronting N Main street, a main street leading to Downtown Dayton which is only about 1.5 miles away. The retails units cover the whole of the first floor of the building and have store windows at the front facing the Main Street and access to the parking lot at the back for goods delivery and parking.
The brick building is situated on a main street and has several architectural features which include attractive decorative brickwork, arched doors and windows, beautiful decorative stonework and pretty brick gables at the front linked with stone balustrades.
Internally the building has high ceilings on both floors and large windows and the rooms and units are light and airy.
The property also has a large basement.
The building has a total of about 13,900 square feet, the upper floor has about 5,900 sq ft and is currently laid out as offices.
Potential for conversion of the whole upper floor into residential apartments (subject to zoning) to generate a higher income.
Major Tax credits are available for residential projects in this Dayton area.
http://www.bizjournals.com/dayton/news/2016/06/16/daytonarea-residential-projects-get-45-million-in.html
Property condition
The property needs a rehab to get ready for renting out or occupation. Except for below, the roof is leaking in some places and will first need attending to before the winter. The property needs a full rehab. A few new windows are needed while other windows just need painting and some repairs. The roof over one unit needs fixing urgently, see attached picture of the hole in the roof and the wall right next to it that fell. The leak has caused extensive damage to the floor underneath. The city sent the attached notice but the building may be saved if the work is done urgently. Note the hole in the roof mainly affects one unit, the property is 6 units in total. A new owner will need to deal with this urgently and rehab the property without delay (see attached notice under the Due Diligence section).
1921-1931 N Main St Dayton, OH: This is the adjacent red brick building, it is also offered for sale, see the link below for details and how to bid for that property:
Location:
Dayton Ohio, which is about 45 minutes North of Cincinnati, is the birthplace of Aviation, and was once home to powered flight Inventors Wilbur and Orville Wright.
Today the city offers many great attractions and historical sites, fantastic arts venues, a thriving Downtown, beautiful parks, a variety of sporting sites and fabulous shopping and dining.
The property is very close to the center of Dayton and all amenities; it has a long frontage on Main St, one of the mains gateways into Downtown Dayton which is only about 1.5 miles away from the property, making this location very convenient to anyone who works in Downtown Dayton.
The property will benefit from the Greater Downtown Dayton plan. Greater Downtown remains a major employment centers for the Dayton region with 42,000 employees, 20,000 residents and 40,000 students. It has 7 million annual visitors to its major destinations and an annual economic impact of $5 billion.
The property has easy access from Interstate 75, Salem Avenue and from Downtown through Main Street.
Downtown Dayton : 1.5 miles
Grand View Medical Center: 1.1 miles
Boonshoft Museum 1.3 miles
Miami Valley Golf Club: 2.4 miles
University of Dayton 3.9 miles
Miami Valley Hospital: 3.9 miles
National Museum of the US Air Force: 6.8 miles
Dayton International Airport: 13.2 miles
The property is also close to a large number of excellent schools and comprehensive local facilities and amenities.
Demographics:
1 mile 5 miles
Total population 17,743 190,444
% Household change (2010-15) +0.51% +0.80%
Average Household Income $41,061 $44,700
Great Investment opportunity:
Unique opportunity for the savvy business owner, developer or investor to own a high income property for a discounted price.
Dayton Retail asking price / sq ft $74.33 (Loopnet)
Currently for Sale on N Main St:
817 N. Main Street Dayton, OH 45405 – 0.75 acres lot- $250,000
1130 North Main Street Dayton, OH 45405 – 9500 sq ft - $559,000
Currently or recently for Sale within 3 miles:
700 E. First Street Dayton, OH 45402 - 17,000 sq ft- $1,600,000
507 E. 1st Street Dayton, OH 45402 – 34,000 sq ft- $1,500,000
10 S. Patterson Boulevard Dayton, OH 45402- 20,349 sq ft- $1,400,000
824 E Fifth Street Dayton, OH 45402 – 12,000 sq ft- $1,200,000
29-37 S Ludlow St Dayton OH 45402- 18,000 sq ft - $1,100,000
1158 W Third Street Dayton, OH 45402 – 7,591 sq ft- $975,000
37 S Ludlow Dayton, OH 45402- 18,000 sq ft- $950,000
35 E. 1st Street Dayton, OH 45402 - 8,976 sq t - $750,000
201 Riverside Drive and 320 Linwood St Dayton, OH 45405 – 23,000 sq ft - $699,000
322 S Patterson Blvd Dayton OH 45402- 15,078 sq ft- $540,000
529 E 2nd St , Dayton, OH 45402- 14,600 sq ft- $450,000
401 Kiser St Dayton, OH 45404 – 22,674 sq ft- $495,000
1401 Keowee Street Dayton, OH 45404 – 1,695 sq ft - $350,000
44 N Jefferson St Dayton, OH 45402 – 12,954 sq ft on 0.09 acres - $300,000
1669 Webster Street Dayton, OH 45404 – 2,400 sq ft - $275,000
1669 Webster Street Dayton, OH 45404- 6,700 sq ft- $200,000
Great income potential
Gross Income potential once fully rehabbed and rented is $182,000/ year
6 stores: Average $650 per store
Gross total rent from the retail units: $3,900/ month ($46,800/ year)
5,900 sq ft of offices at $7.5/sq ft/ year to make it attractive $3,687/month ($44,250/ year)
gross rental of
Total gross potential income: $7,587/ month ( $91,050/ year)
Higher income may be achieved if the second floor is converted into apartments.
Real Estate Taxes:
Montgomery County, OH parcel ID:
1933- 1945 N Main St » Parcel 1: R72 07101 0005 (0005/ 0006/0007)
R72 07101 0005/6/7: $5846 / year
Back Taxes: Parcel R72 07101 0005, 0006 and 0007 - Total due $16,658.
PROPERTY IS SOLD AS IS, WHERE IS-
Sold on a Quit Claim Deed with buyer assuming real estate taxes, liens and encumbrances .
Title search shows there are no liens or amounts due other than the back taxes.
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
Buyer will also be responsible for $500 deed prep and doc fee as well as 8 % premium (minimum $250).
10% non-refundable deposit (minimum $1,000), auction premium and $500 deed preparation and doc fee are due within 48 hours of auction close.
Final Payment to be made within 1 week the Auction close.
All bidders to do their due diligence. Property is sold on a Quit Claim deed. Buyer assumes real estate taxes, liens, bills and encumbrances. Buyer is responsible for directly checking up on any amounts due and on zoning and building code requirements and notices and for dealing with and complying with such notices or requirements . No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Buyers are bound by the Purchase Agreement and details which are attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
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