2271-2275 Hepburn Ave, Dayton, OH 45406 For Sale

Coldwell Banker Commercial | Heritage is pleased to present Hepburn Apartments, a 16-unit, two-building multifamily investment offering substantial value-add upside in the Dayton MSA. Located at 2271 & 2275 Hepburn Avenue, the property features an efficient, 100% one-bedroom unit mix that serves the market's deepest and most durable pool of rental demand.

Currently 44% occupied, Hepburn hands an incoming investor a clear, executable path to stabilization. Five units were fully renovated in 2025, reducing near-term capital needs and positioning the vacant inventory for immediate lease-up. Income is anchored by government-backed rental subsidies — Section 8, Miami Valley Housing, and Eastway — with subsidized units achieving $740–$765 per month, delivering reliable, recession-resistant cash flow as occupancy is restored.

The upside here is underwritten by performance, not projection: under stable management in 2024, the asset generated approximately $36,800 in net operating income. Restored to a stabilized ~95% occupancy at a conservative blended rent of $700, Hepburn is projected to produce a stabilized NOI of $55,352 — a 9.0% cap rate at the offering price, with net operating income climbing from $3,242 today to more than $55,000. At approximately $38,438 per door, the basis sits well below replacement cost for a two-building, all-brick asset, and every vacant unit leased adds $8,400 of gross annual income.