Maine Street Apartments 13 Units 310 Maine Street, Reno, NV $1,400,000
310 Maine Street Reno, NV 13-Unit Multifamily Investment Property Listing Agent: Dimitri Hallerbach dimitri@oliverlux.com 775.240.1824 Oliver Luxury Real Estate 65 Foothill Road, Suite 2 Reno, Nevada 89511 o 775 236 1500
Offering Summary HIGHLIGHTS Asking Price.. $1,400,000 Location Central Reno/Renown Units 13 Building Size..... 9,360 Sq. Ft. Property Photo Lot.. 14,070 Sq. Ft. Year Built.. 1972 Parking... 12 Assigned Spaces Zoning. Mixed Use (MUWM) Rent Roll (January 2018) Unit Move-In Lease Exp. Deposit Current Rent Market Rent Bd/Ba 1 01/21/14 $250.00 2 07/01/11 $200.00 $700.00 3 02/01/12 $300.00 4 06/01/17 06/30/18 $500.00 5 06/01/16 05/31/18 $700.00 6 02/01/14 $250.00 $700.00 7 04/02/09 $0.00 $700.00 8 08/09/17 08/31/18 $1,590.00 $795.00 9 09/01/15 $500.00 10 10/15/14 $400.00 11 04/27 04/30/18 $500.00 12 05/17 02/28/18 $695.00 $695.00 14 05/01/16 $500.00 $595.00 $675.00 Studio
Financial Summary Income 2017 $111,120 --$102,887 Pro Forma $136,980 2017 gross rents based on current (1/2017) rent roll 3.00% ($4,109) $132,871 Management Fees Bank Service Charges Postage and Delivery Copy and Print Business Lic. Expense Commission Expense Eviction Fees Labor (Electrical) Electric Expense Rubbish Removal Rubbish Removal (Labor) Signs Roof Repairs Janitorial Expense Locks and Keys Expense Plumbing Repairs Appliance Repairs Maintenance and Repairs Unit Clean HVAC Repairs/Maintenance Pest Control Carpet Installation Landscape Maintenance Snow Removal & Materials Maintenance Grounds Insurance Premiums Property Taxes Electric Utility Exp. Gas Utility Exp. Water Utility Exp. Sewer Utility Expense $6,000 $217 $313 $167 $102 $1,574 $521 $19 $140 $3,941 $285 $38 $38 $2,845 $590 $2,556 $1,997 $3,826 $21,558 $376 $411 $570 $836 $1,703 $3,149 $2,978 $5,940 $1,640 $3,200 $1,954 $5,648 $6,000 $220 $310 $150 $102 $1,600 $500 $50 $100 $1,500 $285 $50 $50 $1,500 $590 $1,500 $1,500 $2,500 $4,000 $400 $400 $570 $1,000 $900 $1,500 $3,000 $6,000 $1,650 $3,200 $2,000 $5,700 Total Expense $75,134 73.03% $48,827 36.7% NOI $27,753 $84,043.46 Cap Rate 1.98% 6.00% Gross Potential Income Vacancy Vacancy Allowance Actual Gross/EGI Expenses Est. Est. Est. Est. Line item believed to include CAPEX in 2017 Believed to include CAPEX & unusual expenses in 2017 2017 was an unusually severe snow year Common area Gas includes boilers for hot water and radiant heating Owner pays all water Owner Pays all sewer
Why invest in Reno? There are many factors that play into why the Reno-Sparks-Tahoe area is becoming a popular business hub with continuous growth. For starters, the tax incentives which include; no corporate, personal income, franchise, inventory, estate or unitary tax, has attracted many new and established business owners from all over the country. There is also the centralized location between the 11 western states and over 72 million square feet of available industrial space that appeals to many. This, coupled with the beauty of all four seasons and strong sense of community, has made this emerging area the perfect package for businesses and for families.
University of Nevada, Reno Located just north of downtown Reno, the University of Nevada Reno, has been ranked a Tier 1 university by the US News and World Report. Founded in 1874, UNR offers over 145 undergraduate and 124 graduate programs, and is known for its School of Medicine and College of Business. Students currently pay 80% less than the average Tier 1 institution making UNR one of the most affordable yet high-quality universities in the region. On top of the affordability and top tier education, the university plays a significant role in the economic development of Northern Nevada. Currently, there are 6 planned construction projects with an anticipated total of $167 million in projects costs. These projects, and future projects, will have a major economic impact on the community and will create hundreds of new construction jobs. In 2015, the university also opened the InNevation Center, to serve as a catalyst between local technology developers, entrepreneurs and researchers. This collaborative space allows for the creation and evolution of startups companies and empowers Nevada s newest generation of economic leaders.
MIDTOWN The midtown district in the heart of Reno is a unique combination of diverse businesses. Many of the establishments reuse historic homes and buildings, updated with new, modern construction, that blend well into the neighborhoods. This commercial-centric corridor in the center of town is booming with many innovative, locally-owned eateries, clothing stores, art shops, and nightlife. Midtown has the highest density of small businesses out of any Reno neighborhood. Driven entrepreneurs continue to breathe new energy and life into the area which is not slowing down anytime soon!
A Growing Region With the new Tahoe-Reno Industrial Center in full swing, Reno is on a path of substantial growth and expansion. The TRIC is a massive 107,000-acre park that encompasses a developable 30,000 acre industrial complex with pre-approved industrial and manufacturing uses. The unique qualities of the park and the county in which it is located allows companies to expedite their building process to meet aggressive deadlines. With tax incentives and fast building permits, companies such as Apple, Tesla and Switch have made a permanent home in Reno. According to the Governor s office of Economic Development, around 22,715 could be produced from Tesla alone. Governor Sandoval s speech in January of 2016, Nevada s job growth is the third strongest in the country, we have cut our unemployment rate in half, and we have the second fastest growing population in the nation.
Dimitri Hallerbach, Real Estate Broker Salesperson Dimitri provides a broad range of real estate services to his clients, consistent with his varied educational and professional background. In addition to faithfully and skillfully serving his residential clients in the purchase, sale and marketing of their homes, Dimitri helps business owners and investors buy, sell and lease commercial real estate of all types. He brings extensive analytical skills and a wealth of business experience to Oliver Luxury Real Estate. Dimitri received Bachelor s and Master s degrees in Civil Engineering from Stanford University and an MBA from Harvard Business School. His experience includes working as an engineer for Bechtel National, Inc., and as a Sr. Product Manager for Intuit. He has also owned 2 real estate brokerages in Reno, the most recent of which became Oliver Luxury Real Estate's Reno office in 2016. With the transition came the Office - 775 236 1500 opportunity to refocus his attention solely on the fun and satisfaction of 775 240 1824 cell phone dimitri@oliverlux.com serving his real estate clients. In his free time, Dimitri volunteers as coach and board member with 65 Foothill Rd #2, Reno, NV 89511 Reno NV, 89511 Sierra Nevada Water Polo, a local non-profit dedicated to growing the sport in the Reno/Tahoe region. He enjoys spending time with his two daughters, skiing, cycling, golfing, surfing and playing water polo.