2 Parcels - 2710 Menlo Drive & 1549 North Lompa - Carson City, NV OFFERING SUMMARY Sale Price: $5,400,000 Price / SF: $113.77 Number Of Units: 66 PROPERTY OVERVIEW Two Multifamily Apartment Complexes totaling 66 units, 47,466 SF on 2.43 acres. 2710 Menlo Drive (APN 008-321-07) is a 44 Unit Apartment Building that has 9 One Bedroom/One Bath and 35 Two Bedroom/One Bath Units. 2710 Menlo is 33,402 SF and was built in 1974. 1549 North Lompa Lane (008-312-16) is a 22 Unit Apartment that has all One Bedroom/One Bath Units. It is 14,064 SF and was built in 1993. Lot Size: Building Size: Zoning: 2.43 Acres 47,466 SF MFA & GC There are 2 additional lots available for sale separate from the apartments. (APN 008-312-17 and 008-312-18) total 1.31 Acres of build-able land, ready for building another Apartment Complex. LOCATION OVERVIEW Located near the intersection of Highway 50 and I-580 in the heart of Carson City with easy freeway access to both! Market: Carson City
PROFORMA Income & Expenses INCOME SUMMARY PER UNIT Two Bedroom - $750 x 35 Units $315,000 $4,772 One Bedroom - $650 x 29 Units $226,200 $3,427 Studios - 2 currently used as Mgr. Offices $0 $0 GROSS INCOME $541,200 $8,200 EXPENSE SUMMARY PER UNIT Real Estate Taxes $22,000 $333 Property Insurance $13,000 $196 8% Management $42,669 $646 Administrative/Marketing Expense $3,000 $45 Utilities (water, sewer) $36,000 $545 Gas/Electricity $2,500 $37 Trash Disposal $5,100 $77 Legal $2,200 $33 Supplies $1,500 $22 Repairs and Maintenance $20,000 $303 Capital Improvement Maintenance Reserve ($200/unit) $12,800 $193 GROSS EXPENSES $160,769 $2,435 NET OPERATING INCOME $372,343 $5,641
PROFORMA Financial Summary INVESTMENT OVERVIEW Price $5,400,000 Price per Unit $81,818 GRM 10.0 CAP Rate 6.9% Cash-on-Cash Return (yr 1) 6.9 % Total Return (yr 1) $372,343 Debt Coverage Ratio - OPERATING DATA Gross Scheduled Income $541,200 Other Income $8,400 Total Scheduled Income $549,600 Vacancy Cost $16,488 Gross Income $533,112 Operating Expenses $160,769 Net Operating Income $372,343 Pre-Tax Cash Flow $372,343 FINANCING DATA Down Payment $5,400,000 Loan Amount - Debt Service - Debt Service Monthly - Principal Reduction (yr 1) -
Additional Photos
Location Maps
Demographics Map POPULATION 1 MILE 3 MILES 5 MILES TOTAL POPULATION 8,731 49,175 64,978 MEDIAN AGE 44.4 40.6 41.2 MEDIAN AGE (MALE) 41.6 38.8 39.8 MEDIAN AGE (FEMALE) 46.5 41.8 42.1 HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES TOTAL HOUSEHOLDS 4,019 19,296 25,244 # OF PERSONS PER HH 2.2 2.5 2.6 AVERAGE HH INCOME $62,884 $60,327 $63,285 AVERAGE HOUSE VALUE $324,100 $277,876 $307,441 * Demographic data derived from 2010 US Census
About Northern Nevada NEVADA TAX INCENTIVES No Income Tax No Transfer Tax No Franchise Tax No Inventory Tax BRIEF AREA OVERVIEW Reno/Sparks is seeing tremendous growth and low unemployment Carson City is a short 25-minute drive from Reno Northern Nevada is becoming a hub for some of the top tech companies in the world due to the great business culture and quality of life Tesla is boasting the largest factory in the US Panasonic battery factory has gone online and continues to grow Apple and Switch have made large data center investments No Unitary Tax No Inheritance Tax Google is acquiring 1,300 acres Reno/Sparks offers one-day freight to most of the West Coast No Estate Tax