1400 Como St 12 Plex, Carson city - Offering Summary

CARSON CITY 12 UNIT MULTIFAMILY COMPLEX FOR SALE 1400,1404,1408 COMO ST, CARSON CITY, NV 89701

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Trevor Richardson, Commercial AgentMultifamily SpecialistEMAIL [email protected] 775.850.3031CELL 775.233.0754

OFFERING SUMMARY

FINANCIAL ANALYSIS / MARKET RENT RATES

PROPERTY PHOTOS

TABLE OF CONTENTS

1CARSON CITY 12 UNIT MULTIFAMILY COMPLEX FOR SALE 1400,1404,1408 COMO ST, CARSON CITY, NV 89701

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LOCATION

REGIONAL INFO / DEMOGRAPHICS

Property Description Offering

Asking Price $1,100,000

Rentable SF 13,932

Parking On Site ParkingBR/BA ALL 3 BR / 2 BACurrent Rents Under Market

Location Carson City

OFFERING HIGHLIGHTS

Units 12 Units

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Cap Rate/Proforma Cap Rate 5.8% / 7.2%

1400,1404,1408 COMO ST Located minutes from the heart of Carson City and Sparks High School this 12-unit apartment complex features large 3BR, 2BA, 1,161 SF living spaces. The central location provides tenants easy and quick access to all areas of the city. Each unit features a designated parking space per unit and also comes with an outside storage unit, which is always an added bonus. Each unit has individually metered power and gas, and comes with washer and dryer units. Tenants will enjoy wall mounted A/C units and forced air heating.

All 12 units underwent major renovations within the last few years totaling approximately $650,000 in costs. The Carson City market is experiencing a high demand for rental units in recent years, leading to the possible opportunity to increase current rental rates and the yearly income for the new owner over the coming years.

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Lease Terms 6 mo./M-T-M

OVERHEAD VIEW


*Dickson Commercial Group and Trevor Richardson do not guarantee any proforma or possible rental rate projections

Property Renovations

RENOVATIONS HIGHLIGHTS

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● NEW CABINETS

● REPLACED SUBFLOOR/FLOORING

● ELECTRICAL FIXTURES

● DOOR MOLDING INSTALLED

● ALL WINDOWS REPLACED

● DISHWASHERS INSTALLED

● ALL NEW BATHROOMS/FIXTURES/HARDWARE

● MOST FURNACE UNITS REPLACED

● STORAGE UNITS ADDED


● CARPET/PAINT/CEILINGS REPLACED

● ALL NEW FRONT DOORS AND HARDWARE REPLACED

● METAL SECURITY DOORS INSTALLED ON ALL UNITS

● ROOF IS 10 YEARS OLD

● ALL PORCHES AND STAIRS RENOVATED

● LANDSCAPING AND CONCRETE RECREATION AREAS

INSTALLED AND FENCED

● ALL FENCING REPLACED AROUND THE PERIMETER

Offering Summary

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PAGE 1 1400,1404,1408 Como St

Property Unit MixOffering Price $1,100,000 Unit Type Product Type Building # # Units SF Rent Current Rent Proforma

$/SF $79 Apartment 3/2 A 1 1,161 $760 $850

$/UNIT $91,667 Apartment 3/2 A 1 1,161 $685 $850

Address 1400,1404,1408 Como St Apartment 3/2 A 1 1,161 $760 $850

City Carson City Apartment 3/2 A 1 1,161 $750 $850

State NV Apartment 3/2 B 1 1,161 $695 $850

Zip 89701 Apartment 3/2 B 1 1,161 $760 $850

Property Name Como St 12 Unit Multifamily Apartment 3/2 B 1 1,161 $760 $850

Property Type Multifamily Apartment 3/2 B 1 1,161 $695 $850

Zoning MFA Apartment 3/2 C 1 1,161 $760 $850

Assessor's Parcel # 004-112-07 (05) (06) Apartment 3/2 C 1 1,161 $685 $850

# Units 12 Apartment 3/2 C 1 1,161 $760 $850

# Buildings 3 Apartment 3/2 C 1 1,161 $685 $850

Rentable SF 13,932

Lot Size (AC) 0.47 *Rent Increase 12/1/16

Status Off Market



Financial Analysis Cash Flow Summary

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Acquisition Assumptions Income & Expenses - Page 3 Proforma - Page 4Listing Price $1,100,000 Income $ % /Mo Income $ % /Mo

$/Unit $91,667 GRI $108,085 $9,007 GRI $125,425 $10,452

Vacancy (3,242.55) -3% (270) Vacancy (3,762.75) -3% (314)

Other Income $3,025 $252 Other Income $3,025 $252

Net Income $107,867 $8,989 Net Income $124,687 $10,391

Expenses Expenses

Total (43,772.50) -40.58% (3,648) Total (45,506.50) -36.50% (3,792)

Net Operating Income Net Operating Income

Total $64,095 $5,341 Total $79,181 $6,598

CAP RATE @ ASKING PRICE PROFORMA CAP RATE @ ASKING PRICE

LISTING PRICE $1,100,000 5.83% 7.20%



Financial Analysis Actual

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Annual Expenses 2015 Property IncomeExpense Cost % GI Unit Type Product Type Building # # Units SF Current Rent

Taxes $4,200 3.89% Apartment 3/2 A 1 1,161 $760

Insurance $5,663 5.24% Apartment 3/2 A 1 1,161 $685

Utilities $13,101 12.12% Apartment 3/2 A 1 1,161 $760

Maintenance* $10,000 9.25% Apartment 3/2 A 1 1,161 $750

Management $10,809 10.00% Apartment 3/2 B 1 1,161 $695

Apartment 3/2 B 1 1,161 $760

Apartment 3/2 B 1 1,161 $760

Apartment 3/2 B 1 1,161 $695

0.00% Apartment 3/2 C 1 1,161 $760

0.00% Apartment 3/2 C 1 1,161 $685

0.00% Apartment 3/2 C 1 1,161 $760

0.00% Apartment 3/2 C 1 1,161 $685

Total (43,772.50) -40.50% Gross Rental Income (GRI) $108,085 Other Income

*Annual Assumptions Vacancy 3.0% (3,242.55) Section 8 Income $2,660

Net Operating Income (NOI) Net Rental Income $107,867 Late Fees $365

$64,095 $10,809


Financial Analysis Proforma

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Annual Expenses Proforma Property IncomeExpense Cost % GI Unit Type Product Type Building # # Units SF Proforma Rent

Taxes $4,200 3.35% Apartment 3/2 A 1 1,161 $850

Insurance $5,663 4.52% Apartment 3/2 A 1 1,161 $850

Utilities $13,101 10.45% Apartment 3/2 A 1 1,161 $850

Maintenance* $10,000 7.97% Apartment 3/2 A 1 1,161 $850

Management $12,543 10.00% Apartment 3/2 B 1 1,161 $850

Apartment 3/2 B 1 1,161 $850

Apartment 3/2 B 1 1,161 $850

Apartment 3/2 B 1 1,161 $850

0.00% Apartment 3/2 C 1 1,161 $850

0.00% Apartment 3/2 C 1 1,161 $850

0.00% Apartment 3/2 C 1 1,161 $850

0.00% Apartment 3/2 C 1 1,161 $850

Total (45,506.50) -36.28% Gross Rental Income (GRI) $125,425 Other Income

Vacancy 3.0% (3,762.75) Section 8 Income $2,660

Net Operating Income (NOI) Net Rental Income $124,687 Late Fees $365

$79,181 $12,543



Carson City Apartment Rental RatesMONTHLY RENTAL RATE REPORTThe following rental data consists of averages of market rents for Carson City 3 Bedroom Apartments, 5+ unit complexes only.

*Data provided by Costar

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8

3 Bedroom Units Asking Rent/Month



Rent Roll

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Unit # Unit BR Unit BA Unit SF Current Rent Rent/SF Lease Type Lease St. Lease End Unit Type

1400 -1 3 1 1,161 760 0.65 MtM Apartment

1400 -2 3 1 1,161 685 0.59 6 Mo 5/30/2016 5/31/2017 Apartment

1400 -3 3 1 1,161 760 0.65 MtM Apartment

1400 -4 3 1 1,161 750 0.65 MtM Apartment

1404 -1 3 1 1,161 695 0.60 6 Mo 2/1/10 2/28/17 Apartment

1404 -2 3 1 1,161 760 0.65 MtM Apartment

1404 -3 3 1 1,161 760 0.65 MtM Apartment

1404 -4 3 1 1,161 695 0.60 6 Mo 4/1/16 3/31/17 Apartment

1408 -1 3 1 1,161 760 0.65 MtM Apartment

1408 -2 3 1 1,161 685 0.59 6 Mo 3/1/12 2/28/17 Apartment

1408 -3 3 1 1,161 760 0.65 MtM Apartment

1408 -4 3 1 1,161 685 0.59 MtM Apartment


Photos Exterior

1408 COMO - STREET VIEW 1400 COMO - STREET VIEW

BACK YARD - STORAGE UNITS FOR EACH UNIT1404 COMO - STREET VIEW

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Interior Photos 3BR/2BA 1,161 SF UNITS

LIVING ROOM

KITCHEN/LIVING ROOM FULL KITCHEN

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CARSON CITY 12 UNIT MULTIFAMILY COMPLEX FOR SALE 1400,1404,1408 COMO ST, CARSON CITY, NV 89701 11


KITCHEN/LIVING ROOM

HALL FULL BATHROOM

HALL LAUNDRY

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BEDROOM -2 MASTER BEDROOM

BEDROOM - 1MASTER BEDROOM - FULL BATH

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Photos Utilities

SEPARATE POWER/UNIT

SEPARATE GAS/UNIT

AC UNITS

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Photos Utilities

FURNACE

1408 COMO FRONT DOOR

HOT WATER HEATER

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Location Assessor Map

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1400 COMO ST

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1404 COMO ST

1408 COMO ST


Location Regional Info MapNORTH VALLEYS

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TAHOE RENO INDUSTRIAL CENTER (TRIC)*Access via USAParkway

TESLA MOTORS GIGAFACTORY

SWITCH SUPERNAP

APPLE DATA CENTER

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1400 COMO ST

INTERSTATE 50

INTERSTATE 580

USA PARKWAY (UNDER CONST.)

0:38 MIN0:29 MIN

0:34 MIN

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Location Neighborhood Info Map

COMO ST 12-PLEX

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CARSON HIGH SCHOOL

N SAILMAN RD

CARS

ON S

T

DOWNTOWN CARSON

E 5TH ST

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NEVADA STATE CAPITOL


Carson City Demographics OverviewDEMOGRAPHICS 1 MILE 3 MILE 5 MILE

POPULATION

2016 Estimated population 8,978 50,431 56,879

2021 projected population 9,048 50,835 57,256

HOUSEHOLDS

2016 Estimated households 3,749 20,431 22,436

2021 projected households 3,783 20,631 22,628

2016 Est. Median HH Income $41,845 $49,500 $50,750

2016 Est. Average HH Income $52,506 $61,678 $64,284

2016 Est. Per Capita HH Income $25,945 $26,358 $27,409

Source: U.S. Census Bureau, Census 2010 Data. Esri forecasts for 2016 and 2020.

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PROJECTED GROWTH

The Economic Development authority of Western Nevada EPIC report provides four possible growth scenarios for a five-county study area comprised of Washoe, Storey, Carson, Douglas and Lyon counties. The forecast indicates the region should potentially see job growth between 47,400 to 56,600 and population growth ranging from 42,400 to 64,700 from 2015 through 2019. - EDAWN


Market Info Northern Nevada

NORTHERN NEVADAThe Greater Northern Nevada 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

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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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Why Northern Nevada?

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According to Livability.com’s “2016 Top 100 Best Places to live” selected from over 2,000 cities.

HOW DOES NEVADA STACK UP?

According to Chiefexecutive.net’s “2016 Top 50 Best Places to do business.”

Most Business-Friendly Tax Climate by the Tax Foundation for 2017.

The Kauffman Foundation Index ranks Nevada as #2 of 25 in “Highest Startup Activity in 2016” for Smaller States.

The Kauffman Foundation Index ranks Nevada as #8 of 25 in “Growth Entrepreneurship 2016” for Smaller States.

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#5

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1400 Como St 12 Plex, Carson city - Offering Summary

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