1921-1931 N Main St, Dayton, OH 45405
Rare Investment opportunity:
Huge Potential: Mixed commercial building near Downtown Dayton—12,850 Sq ft Gross Income potential over $90,000/ year
Built 1930
Magnificent 12,850 sq ft red brick building with many attractive decorative architectural features in a great location, near Downtown Dayton on 14,150 sq ft lot.
5 retail units on a main street with offices/ apartments above.
First Floor: 6,600 sq ft
Second Floor: 6,250 sq ft
Plus there is a large basement.
The property features a large parking area at the back.
Description
The property is a two-story red brick building with 5 retail units fronting N Main street, and corner with N Victor Ave. N Main Street is 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 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, beautiful decorative stone work 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 12,850 square feet, the upper floor has about 6,250 sq ft and is currently laid out as offices and one apartment.
Potential for conversion of the whole 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. 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 were recently connected to some units. A few new windows are needed while other windows just need painting and some repairs.
Some store fronts 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.
1933-1945 N Main Street:
The adjacent property is also offered for sale. It is the adjacent brown brick building of 13900 sq ft.
See the link below for the details, a copy of the city notice on the adjacent property and also bidding detail should you wish to bid for the adjacent 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 or recently 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 $192,700/ year
5 stores: Average $650 per store for 4 stores and a large stores to be rented for $800/ month
Gross total rent from the retail units: $3,400/ month ($40,800/ year)
1 apartment: $700/ month ( $8,400/ year)
5,500 sq ft of offices at gross rental of $7.5/sq ft/ year to make it attractive $3,437/month ($41,250 / year)
Total gross potential income: $ / 7,537 month ( $90,444/ year)
Higher income may be achieved if the second floor is converted into apartments.
Real Estate Taxes:
Montgomery County, OH parcel ID:
1921- 1931 N Main St » Parcel #: R72 07101 0008 (0008/ 0009/0010)
R72 07101 0008/9/10: $5283 / year
Parcel R72 07101 0008, 0009 and 0010 .Total of back taxes due $14,846.
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 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.
OVER 190 AUCTIONS ALREADY SOLD ON BID4ASSETS, CHECK OUT OUR PROPERTY PAGE FOR CURRENT AUCTIONS:
http://www.bid4assets.com/v5/search/#t=s|s=507829|sc=bidclosetime|so=ASC
