new reno multifamily listing for sale - 8 plex $559,000

6TH STREET 8-PLEX FOR SALE 1555 W. 6TH St, Reno, NV 89503

DicksonCG.com

INVESTMENT SUMMARY

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Table Of Contents

section 1section 2section 3section 4section 5

Trevor Richardson, Commercial AgentMultifamily Specialist

EMAIL [email protected] 775.850.3031CELL 775.233.0754

Natalie Richardson, RealtorResidential Specialist

EMAIL [email protected] 775.850.3031CELL 775.233.0754

OFFERING SUMMARY

FINANCIAL ANALYSIS

PROPERTY PHOTOS

LOCATION

MARKET INFO

6TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503

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Property Description - Offering section 1

OFFERING SUMMARYConveniently located 8-plex near the University and downtown Reno. Consisting of four 1 bed, 1 bath units and four2 bed, one bath units, there's plenty of space both inside and out. Each unit comes with its own assigned parking space, plus there's plenty of street parking near by. Take the property as-is or invest a little more into each unit to turnit into an amazing investment opportunity!

PARKING VIEW

● Listing Price $559,000

● Parking and Storage for Each Unit

● Located Near I-80, Downtown Reno,

University of Nevada, Ample Employment

● On-Site Laundry

● Current Rents Under Market Rents

PROPERTY HIGHLIGHTS

● Can be Acquired as Portfolio That

Includes an Adjacent Duplex

● Duplex Listing Price - $189,000

● Currently Managed by Mgt. Company


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section 1Offering Summary


Property Unit MixAsking Price $559,000 Unit Type Product Type Building # # Units SF Current Rent Market Rent

$/SF $92 Apartment 2/1 A 1 887 $465 $749

$/UNIT $69,875 Apartment 2/1 A 1 887 $575 $749

Address 1555 W. 6th St Apartment 2/1 A 1 887 $655 $749

City Reno Apartment 2/1 A 1 887 $525 $749

State NV Apartment 1/1 A 1 625 $475 $625

Zip 89503 Apartment 1/1 A 1 625 $590 $625

Property Name 8-Plex On 6th St Apartment 1/1 A 1 625 $575 $625

Property Type Multifamily Apartment 1/1 A 1 625 $475 $625

Zoning MF30

Assessor's Parcel # 006-161-07

# Units 8

# Buildings 2

Rentable SF 6,048

Lot Size (AC) 0.184

Status On Market

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section 2Financial Analysis - Cash Flow Summary


Acquisition Assumptions Actual Income & Exp. (See Page 6)

Market Rent Analysis (See Page 6)

Asking Price $559,000 Income $ % /Mo Income $ % /Mo

GRI $52,020 $4,335 GRI $65,952 $5,496

Vacancy (1,560.60) -3% (130) Vacancy (1,978.56) -3% (165)

Other Income $1,380 $115 Other Income $0 $0

Net Income $51,839 $4,320 Net Income $63,973 $5,331

Expenses Expenses

Total (18,032.00) -34.66% (1,503) Total (18,032.00) -27.34% (1,503)

Net Operating Income Net Operating Income

Total $33,807 $2,817 Total $45,941 $3,828

CAP RATE @ ASKING PRICE MARKET RENT CAP RATE @ ASKING PRICE

6.05% 8.22%

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Financial Analysis - Cash Flow section 2


Annual Expenses 2015 Unit MixCost % GI Unit Type Product Type Building # # Units SF Current Rent

Taxes $2,418 4.65% Apartment 2/1 A 1 887 $465

Insurance $4,518 8.69% Apartment 2/1 A 1 887 $575

Utilities $7,096 13.64% Apartment 2/1 A 1 887 $655

Maintenance* $4,000 7.69% Apartment 2/1 A 1 $887 $525

Apartment 1/1 A 1 $625 $475

Apartment 1/1 A 1 $625 $590

Apartment 1/1 A 1 $625 $575

Apartment 1/1 A 1 $625 $475

0.00%

0.00%

0.00%

0.00%

Total (18,032.00) -34.66% Gross Rental Income (GRI) $52,020 Other Income

Vacancy 3.0% (1,560.60) Laundry $138

Net Operating Income (NOI) Net Rental Income $51,839 Deposit Forfeit $1,242

$33,807

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Financial Analysis - Market Rent Analysis section 2


Annual Expenses Unit MixCost % GI Unit Type Product Type Building # # Units SF Market Rent

Taxes $2,418 3.67% Apartment 2/1 A 1 887 $749

Insurance $4,518 6.85% Apartment 2/1 A 1 887 $749

Utilities $7,096 10.76% Apartment 2/1 A 1 887 $749

Maintenance* $4,000 6.07% Apartment 2/1 A 1 $887 $749

Apartment 1/1 A 1 $625 $625

Apartment 1/1 A 1 $625 $625

Apartment 1/1 A 1 $625 $625

Apartment 1/1 A 1 $625 $625

0.00%

0.00%

0.00%

0.00%

Total (18,032.00) -27.34% Gross Rental Income (GRI) $65,952 Other Income

Vacancy 3.0% (1,978.56) Laundry $0

Net Operating Income (NOI) Net Rental Income $63,973 Deposit Forfeit $0

$45,941

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APR16 - Reno Apartment Rental Rates*

STUDIO$1.54

/SF

Mar16

Apr16

Feb16

1 BEDROOM$1.10

/SF

2 BEDROOM$1.00

/SF

3 BEDROOM$0.85

/SF

$1.50

$1.48

$1.05

$1.02

$0.99

$0.98

$0.86

$0.78

The following rental data consists of weighted averages for market rents of 27,050 Reno/Sparks apartments, 5+ unit complexes only.

+2.7% +4.8% +1% -1%MoM

% C

hang

e

April 2016 Reno Multifamily Market Report

* Source: Costar, Dickson Commercial Group does not guarantee the accuracy of the data provided

section 2

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section 3

PARKING VIEW LAUNDRY/STORAGE - BASEMENT

NEIGHBORHOOD VIEWLAUNDRY/STORAGE - BASEMENT

Property Photos - Exterior / Common Area


1/1 - LIVING 1/1 - KITCHEN

1/1 - BATHROOM1/1 - BEDROOM

Property Photos - Interior section 3


section 4Location - Assessor Map


Location - Regional Map

SOMERSETT GOLF COMMUNITY

UNIVERSITY OF NEVADA, RENO

LAKE TAHOE

TAHOE RENO INDUSTRIAL CENTER (TRIC)

TESLA MOTORS GIGAFACTORY

SWITCH SUPERNAP

APPLE DATA CENTER

DOWNTOWN RENO

RENO TAHOE INTERNATIONAL AIRPORT

CALI

FORN

IA

NEVADA

NW RENO

TRUCKEE, CA

SPARKS

MIDTOWN RENO

WINGFIELD SPRINGSNORTH VALLEYS

SOUTH RENO

INTERSTATE 80

INTERSTATE 580

SE CONNECTOR (UNDER CONST.)

section 4

SUBJECT


Location - Neighborhood Info Map

ACES BALLPARK

DOWNTOWN RENO

TRUCKEE RIVER

UNIVERSITY OF NEVADA

PROPOSED $1.2 BILLION DEVELOPMENT

KEYSTONE AVE.

SUBJECT

RETAIL/SHOPPING

RETAIL/SHOPPING

section 4

I-80

7TH

STRE

ET


Market Info - Reno/Sparks section 5

RENO, NEVADAThe Greater Reno/Sparks area is starting to see and feel the unprecedented growth in the area thanks to many key factors. Near the end of 2014, Tesla Motors named Nevada the official site for the Tesla Gigafactory, a massive factory to produce batteries for it’s electric vehicles. According to the Governor’s Office of Economic Development, over 22,715 jobs could be created in Northern Nevada thanks to Tesla, as well as a substantial increase in construction and housing activity. Governor Sandoval, in his State of the State speech in January 2015, stated “Nevada’s job growth is third strongest in the country, we have cut our unemployment rate in half, and we have the second fastest growing population in the nation.”

The Economic Development Authority, or EDAWN, is projecting an increase of more than 51,000 primary and secondary jobs from 2015 to 2019 for the region. In 2014, EDAWN assisted 34 companies in moving or expanding into Nevada, which included 13 headquarters. Prior to that, the record for head-quarters was six. The 34 companies accounted for 4,179 new jobs for the area as well. EDAWN kicked off 2015 with 10 prospects visiting in just January alone. EDAWN credited high profile projects such as the Apple data center, Tesla Motors’ gigafactory and the Switch SUPERNAP data center for increasing interest in the region from outside companies and expects to see nearly 100 other announcements before end of 2015.

DOWNTOWN RENO


Market Info - Major Regional Developments

TESLA GIGAFACTORYCosting $5 billion and projected to employ 6,500 people once up and running, Tesla Motors' Gigafactory at the Tahoe Reno Industrial Center is considered one of the biggest wins in economic development history. The gigafactory is the linchpin in Tesla's plans for expansion, manufacturing an estimated 500,000 battery packs for the company's electric cars each year when operational. It will also allow the company to eventually scale up its Tesla Energy line of storage batteries for homes and businesses. Just as important as its raw numbers, however, is its impact on Reno's reputation as a place to do business for companies looking to expand. - rgj.com

Tesla’s mission is to accelerate the world’s transition to sustainable transportation. To achieve that goal, we must produce electric vehicles in sufficient volume to force change in the automobile industry. With a planned production rate of 500,000 cars per year in the latter half of this decade, Tesla alone will require today’s entire worldwide production of lithium ion batteries. The Tesla Gigafactory was born of necessity and will supply enough batteries to support our projected vehicle demand. Tesla broke ground on the Gigafactory in June 2014 outside Sparks, Nevada, and we expect to begin cell production in 2017. By 2020, the Gigafactory will reach full capacity and produce more lithium ion batteries annually than were produced worldwide in 2013. - teslamotors.com/gigafactory

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new reno multifamily listing for sale - 8 plex $559,000

Real Estate