1929-1945 N Main St, Dayton, OH 45405
Rare Investment opportunity:
Sold on Warranty Deed with title insurance.
Huge Potential: Mixed commercial building near Downtown Dayton—24,500 Sq ft Gross Income potential over $182,000/ year
Magnificent 24,500 sq ft brick building in a great location, near Downtown Dayton on 0.78 acres.
11 retail units on a main street with offices/ apartments above.
The property features a large parking area at the back.
Description
The property is a two story building with 11 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 corner lot and has several architectural features which include attractive decorative brickwork, arched doors and windows, decorative stone work, beautiful brick gables at the front linked with stone balustrades and the building features an attractive round curved façade at the corner of N Main St and Victor Avenue.
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 24,500 square feet, the upper floor has about 12,250 sq ft and is currently laid out as offices and one apartment.
Potential for conversion of the upper floor into residential:
The offices can be converted into 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. Except for below, the roof is leaking in some places and will first need attending to before the winter. Some units need little work mostly cleaning and painting and some repairs, while others need more work, with drywall and ceiling repairs . The plumbing and electrics are working in most units and the water and electrics are connected. A few new windows are needed while other windows just need painting and some repairs.
Some store fronts , on the other side of the property, need little work to rent out and as each store is separate, the rehab may be planned so work can concentrate on the units that need least work to start getting a cash flow from renting them out.
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%
2015 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 – leased 9500 sq ft - $559,000
Currently 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
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
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
11 stores: Average $700 per store with smaller stores to be rented for $600 and large stores to be rented for $800
Total rent from the retail units: $7,700/ month ($92,400/ year)
1 apartment: $700/ month ( $8,400/ year)
11,600 sq ft of offices at $7.0/sq ft/ year to make it attractive $6,767/month ($81,200 / year)
Total gross potential income: $15,167/ month ( $182,000/ year)
Higher income may be achieved if the second floor is converted into apartments.
Real Estate Taxes:
Montgomery County, OH parcel ID:
1929- 1931 N Main St » Parcel 1: R72 07101 0005, R72 07101 0006, R72 07101 0007
1933- 1945 N Main St » Parcel 2: R72 07101 0008, R72 07101 0009, R72 07101 0010
R72 07101 0005/6/7: $5846 / year
R72 07101 0008/9/10: $5283 / year
Seller is responsible for all billed real estate taxes and buyer for unbilled real estate taxes.
PROPERTY IS SOLD AS IS, WHERE IS- Warranty deed with title insurance
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
There is no document preparation fee or auction premium for this auction.
Buyer will also be responsible for 8 % auction premium.
10% non-refundable deposit, auction premium and $500 deed preparation and doc fee are due within 48 hours of auction close to be transferred tot he escrow account of the title company who will be handling the title insurance and closing.
Final Payment to be made within 3 weeks of the Auction close.
All bidders to do their due diligence. Property sold on a Warranty deed with title insurance. Seller is responsible for all billed real estate taxes and buyer for unbilled real estate taxes. Buyer is responsible for checking directly the requirements of the building code department . No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Buyers are buying subject to and responsible for dealing with any condemnation and/ or building code violations. Buyers are bound by the Purchase Agreement which is 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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