Marcus & Millichap is pleased to present Erica Court Apartments, a 40-unit multifamily investment opportunity located at 5900 Erica Court in Dayton, Ohio, within Montgomery County. Constructed in 1989, the two-story garden-style property is positioned in the Northridge corridor of north Dayton, approximately two miles from Interstate 75. The asset features a balanced unit mix of 20 one-bedroom and 20 two-bedroom apartments averaging approximately 700 square feet, along with off-street surface parking. Each apartment is equipped with electric baseboard heat and through-wall air conditioning, with residents responsible for their own electric costs, including heating and cooling. Erica Court is performing well, with 38 of 40 units occupied and both remaining apartments pre-leased, reflecting strong renter demand and effectively bringing the property to fully leased. Ownership has renovated all 40 apartments within the past three years, including kitchens and bathrooms. Despite the improved condition and strong occupancy, average in-place rents remain approximately $180 below surveyed comparable properties. Target rents of $900 for one-bedroom units and $1,000 for two-bedroom units provide approximately $28,300 in annual loss-to-lease opportunity. The property also benefits from an established utility charge-back program, while the Northridge submarket has recorded no apartment completions from 2021 through the 2027 projection and currently has no market-rate units under construction. With convenient access to Interstate 75, downtown Dayton, Dayton International Airport, and Wright-Patterson Air Force Base, Erica Court is well positioned for continued occupancy and income growth. Deal vault link with OM, rent roll and T12: https://www.marcusmillichap.com/properties/308559/erica-court