Sweetbriar Lane Apartments

Description:

Offered at $3,795,000 — 8.70% cap on stabilized inplace NOI of $330,007 ($67,768/unit) Delivered 100% leased at closing - a stabilized asset, not a lease-up play
Brand-new exterior: seller-funded re-siding of all 56 units (~$200,000), completed before closing — zero deferred envelope capital to the buyer
Below-market rents with recent leases signing $850– $950 and clear mark-to-market upside approaching a 9% yield on cost
Efficient, uniform asset — 55 of 56 units are two-bed / one-bath, simplifying turns and management Tenant utility reimbursement in place, supporting a healthy operating margin

Coldwell Banker Commercial | Heritage is pleased to present Sweetbriar Lane, a 56-unit garden-style apartment community in Springfield, Ohio, delivered 100% leased at closing, offered at $3,795,000 — an 8.70% capitalization rate on stabilized in-place income.


This is a fully repositioned, turnkey asset. Over current ownership, all 56 units have been renovated with new flooring, paint, and cabinetry as needed; per ownership, approximately 90% of HVAC systems are less than five years old and roughly 75% of the roofs have been replaced within the last five years, with the balance carrying useful life remaining. The seller is now re-siding the entire property — an approximately $200,000 capital project completed at the seller's cost — giving a buyer a brand-new building envelope on top of already-modernized interiors and systems. The result is a community with minimal deferred maintenance and no near-term capital wall. Fifty-five of the fifty-six units share a spacious two-bedroom, one-bath floor plan, keeping operations simple.


The income is real and growing. Scheduled rents annualize to $561,648, and vacated units are re-leasing at $900 — the mark-to-market rate the upside is built on is being achieved today, not projected. With legacy units still priced below that level, a buyer acquires a stabilized 8.70% going-in yield and a demonstrated path toward a 9%-plus yield on cost as rents continue to turn.


Sweetbriar Lane also sits at the center of one of Ohio's most compelling growth stories. In July 2026, Electra selected Springfield for an $850 million advanced-aircraft manufacturing facility expected to create nearly 2,000 jobs — a direct, durable driver of workforce-housing demand in a county of roughly 135,000, anchored along the I-70 corridor between Dayton and Columbus.

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Listing ID: 86a16887-d6e5-4b12-a5e6-2119e842d16b