I’m looking to sell my 18 unit apartment complex in Vandalia, Ohio just outside of Dayton. Property has performed very well, but I’m looking to pull all of my cash out to use on additional properties. Over $85k has been spent renovating units. Six of the 18 units have been fully renovated. Average unit renovation is roughly $12,000, and the average increase in rent per unit post renovation is roughly $175. That’s a 17.5% return on your renovation investment with a value equity add of $30,000 per unit. 

Monthly Rent:                                $9,100

Taxes:                                              $958

Insurance:                                       $325

Property Management (12%):     $1,092

Vacancy (5%):                                 $455

Repairs (5%):                                  $455

Water:                                              $540

Trash:                                               $125

Lawn/Snow:                                     $250

NOI: $4,900

Cap Rate:                                           7%

Sales Price:                                       $840,000

Please feel free to reach out to me with any questions. My number is 419-283-9368.

Thanks,

Mike