Post on 09-Jul-2020
GENTRY WEST APARTMENTS
140 BRINKBY AVE, RENO 89509
OFFERED FOR SALE
$2,675,000
• BRAND NEW 2019 CONSTRUCTION
• ESTIMATED DELIVERY OCTOBER 2019
• APPROXIMATELY 9,660 TOTAL SQ FT
• APPROXIMATELY 805 SQUARE FT UNITS
• LOT SIZE .422 ACRE ZONED MUSV
• CITY SERVICES W/S/G/E APN# 019-360-26
• LUXURY LIVING IN THE CITY’S CENTER
• CLOSE TO JOBS, SHOPS AND SCHOOLS
• WALKABLE W/PUBLIC TRANSPORTATION
• PRIVATE PARKING, PORCHES AND PATIOS
• CENTRAL HEAT AND AIR CONDITIONING
• MASTERFULLY CONSTRUCTED BY FMI
• COMPLETE 1 YEAR BUILDER WARRANTY
• RENTS OF $1,450 PER MONTH PER UNIT
• CAP RATE 5.4 OPPERATING COSTS @ 30%
GENTRY WEST APARTMENTS B
12 X 2-BEDROOM 1-BATH URBAN HOMES
EXCLUSIVELY OFFERED BY
PIETER KRISTIAN
COMMERCIAL SALES BROKER
775-350-4498
Invest@SierraVest.com
www.SierraVest.com
NARRATIVE SUMMARY
A rare opportunity to own a new 12 Unit apartment building in the heart of
Reno. This is one of two twin buildings offered in this portfolio sale. Across
the street from each other in the ever popular and scenic Virginia Lake
corridor and in the shadow of the Peppermill Resort Casino. Only 2 blocks
from the new Park Lane City Center. Most apartment complexes offered for
sale in Reno are older, functionally obsolete with probable high maintenance
costs. This brand-new complex will come with a full 1-year builder warranty.
This will provide you peace of mind, limit your expenses, expand your cash
flow, impress your new tenants and improve future value.
The complex will consist of 12 2-bedroom 1-bath urban apartment homes
approximately 805 square foot each. These homes will offer tenants central
air conditioning, a front porch, private patios, washer and dryer hookups,
open great room and easy access to employment, shopping, schools, parks,
lakes, golf, tennis, fitness center, public transportation & more.
Whereas the primary draw to this outstanding opportunity is an urban life-
style with excellent walkability and public transportation. Driving is also
easily accessible with designated parking space for each unit. Less than 2
miles is Reno’s major highway I-580 North & South bound. Only 4.1 miles is I
-80 East & West bound. The Reno Tahoe International Airport only 3 miles .
“A good tenant has a good job.” Employment opportunities have never been
better in Northern Nevada. True to its reputation as a gambling destination,
Reno’s primary industry is hospitality and gaming. The hotel and casinos,
such as the Peppermill, Atlantis, Silver Legacy and Grand Sierra, are some of
the largest employers in the metro area. Careers in the education and health
care sectors are also available with employers like Washoe County School
district, the University of Nevada Reno and Renown Regional Medical Center.
Reno continues to diversify its economic focus, concentrating on high-tech,
entrepreneurial startups, clean energy, and research & development. It’s
home to outposts for Apple, International Gaming Technology and Microsoft,
among others. With its business-friendly tax base, the Greater Reno area al-
so has many distribution centers including Amazon, Walmart, Petco and
many more. The Tahoe Reno Industrial Center “TRIC” “the nation’s largest”,
host’s manufacturer’s like Panasonic & Tesla Motor’s Gigafactory.
The vacancy factor for Reno rental housing is at a historic low with less than
3% it’s basically a move in move out number. With many property managers
having an abundance of applicants and long tenant waiting lists. Owning mul-
ti-family housing is not only a great investment, it’ you’re chance to help pro-
vide needed housing to an appreciative and hardworking tenant base.
THE PLANS
PLATT & AERIAL
RENT PROJECTIONS
APARTMENT #
A. $1,450 PER MONTH
B. $1,450 PER MONTH
C. $1,450 PER MONTH
D. $1,450 PER MONTH
E. $1,450 PER MONTH
F. $1,450 PER MONTH
G. $1,450 PER MONTH
H. $1,450 PER MONTH
I. $1,450 PER MONTH
J. $1,450 PER MONTH
K. $1,450 PER MONTH
L. $1,450 PER MONTH
———————————————————
SUB TOTAL: $17,400 PER MONTH X 12 MONTHS
$208,800
ANNUAL GROSS POSSIBLE RENTS
PROFORMA
COMPARABLE RENTALS
NAME ADDRESS UNT TYPE RENT
EDGEWATER
AT VIRGINIA
LAKE
#1
2490
EASTSHORE
RENO NV
89509
2 BEDROOM 1
BATH 1057
SQ FT
$1564
PER
MONTH
BERRUM
APART-
MENTS
#2
1235 #5
BERRUM LN
RENO NV
89509
2 BEDROOM
1 BATH
1,100 SQ FT
$1,700.
PER
MONTH
SUNDANCE
WEST
APART-
MENTS
#3
3285 CLOVER
RENO NV
89509
2 BEDROOM
1 BATH 850
$1,128 -
$1,153
PER
MONTH
3200
LAKESIDE DR
RENO NV
89509
REGENCY
PARK
LAKESIDE
#4
2 BEDROOM
2 BATH
1064 SQ FT
$1,230. -
$1,255.
PER
MONTH
___________________________________________________________________________
COMPARABLE RENTALS CONTINUED
2 bedroom 1 bath $1564 PER MONTH
____________________________________________________________________________
COMPARABLE RENTALS CONTINUED
COMPARABLE SALES WEIGHTED
BY NEW CONSTRUCTION ELEMENT
2490 EASTLAKE DR RENO NV 89509
NEW CONSTRUCTION SOLD ON
04/18/2018 FOR $57,300,000.
TOTAL 288 UNITS 300,000. SQ FT
PRICE PER UNIT $198,958
303 W 3RD STREET RENO NV 89503
REDELVELOPMENT TO THE STUDS LIKE
NEW CONSTRUCTION SOLD 01/2017
10,000. SQ FT RETAIL SPACE PLUS
94 UNITS @ $197,872 PER UNIT
604 ANDERSON CARSON CITY NV 89701
NEW CONSTRUCTION SOLD ON
02/02/2018 FOR $2,120,000.
11,536 SQ FT TOTAL 7 UNITS SOLD
FOR $302,857. PER UNIT
425-427 CRAMPTON RENO NV 89502
NEW CONSTRUCTION SOLD ON
06/06/2018 FOR $696,500.
1,830 SQ FT TOTAL 2 UNITS SOLD
FOR $348,250. PER UNIT
AVERAGE PAST SELLING PRICE PER UNIT $261,984.
MAKIES THIS A GREAT OPPORTUNIT AT $218,750. PER UNIT!
VACANCY
GENTRY WEST, RENO NEVADA 89509
OFFERED EXCLUSIVELY
FOR SALE BY
PIETER KRISTIAN
COMMERCIAL SALES BROKER
(775) 350-4498 CELL
WWW.SIERRVEST.COM
INVEST@SIERRAVEST.COM