125 East 2nd Street
Turnkey 15,663 SF Downtown Dayton Office Building | Fully Renovated 2023 | Vacant — Immediate Posses
Marketing description
Rarely does a building this size come to market in downtown Dayton in truly turnkey condition — 125 E 2nd Street is the exception.
Originally built in 1887 and most recently home to the Carousel Beauty College, this 15,663 SF two-story office building was comprehensively renovated in 2023, including all-new mechanical systems and a new roof. The result is a building that carries the character and location of historic downtown Dayton real estate without the deferred-maintenance risk that makes most investors walk away from buildings of this era.
The property is currently vacant, which is a genuine advantage for the right buyer. There are no legacy leases to inherit, no existing tenant relationships to navigate, and no delays between closing and occupancy or lease-up. A buyer can walk in on day one and configure the space to their own strategy — whether that's owner-occupying the full building, leasing it to one or multiple tenants, or running a hybrid where they occupy one floor and lease the other.
The floor plan is well-suited for professional office, medical office, or service-business use: 12 private offices, 3 waiting rooms, 2 kitchenettes, 4 bathrooms, and 3 reception areas across two floors, each with a separate entrance. The separate entrances make multi-tenant or mixed-use configurations straightforward without significant buildout.
On the investment side, current downtown Dayton office lease rates support a market rent of $12–$18/SF — at Base Case assumptions, the building's income potential supports an NOI of approximately $132,000, implying a cap rate of 8.3%–8.5% at the asking price of $1,600,000. A full Income Pro Forma is available upon request.
Located in Dayton's primary downtown office submarket, the building sits within walking distance of the 2nd Street Market, the Schuster Center, and Victoria Theatre — one of the most active and amenity-rich corridors in the metro. Structured and surface parking are readily accessible nearby.
Contact Austin Fisher or Kent Dailey at RE/MAX Victory + Affiliates to schedule a showing or request the Offering Memorandum and Pro Forma.
Investment highlights
- Zero deferred maintenance — 2023 renovation included all-new mechanical systems and roof, the two largest capital risks in pre-1900 downtown buildings
- Immediate possession — vacant and ready for occupancy or lease-up on day one, no inherited leases or tenant coordination
- Flexible configuration — separate entrances on each floor support single-tenant HQ, multi-tenant office, or owner-user/investor hybrid
- Strong income potential — Base Case lease-up at market rents supports $132K+ NOI; see accompanying Pro Forma for full assumptions
- Below replacement cost — asking price reflects a meaningful discount to new construction for comparable downtown office space
- Prime downtown Dayton location — walkable to 2nd Street Market, Schuster Center, and the city's central business district
- Divisible layout — 12 private offices, 3 waiting rooms, 2 kitchenettes, 4 bathrooms, 3 reception areas across two floors
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