extensively renovated and fully furnished 1135 & 1185 … · 2020-01-23 · yair...

Yair "YaYa" Jackoby ,CCIMFerrari-Lund Realty

| 775.223.4795 | [email protected]

| 775.624.5036 | www.YaYaRealty.com

1135 & 1185 West 2nd St | Reno, NV 89503

FOR SALE34 UNIT MULTIFAMILY PORTFOLIO

EXTENSIVELY RENOVATED AND FULLY FURNISHED

PRICING: $5,895,000 / $173,380 Per Door.

Urban West is an immaculately renovated 34 unit apartment complex, consisting of two separate buildings, located in the

heart of the River District. The property sits just a few blocks from the Truckee River and downtown Reno which is ideally

located with exceptional walkability to major employment, shopping and restaurants.

PROPERTY DESCRIPTION




PROPERTY DETAILS

The property underwent a complete renovation and rebranding that was completed in the fall of 2018. The renovation was completed and

brought the property to an “As New” condition in an effort to compete with new construction in the multi-family market. With a superior

location to most of the new construction projects the property is ideally located. Additionally the unit improvements included the installation of

quartz countertops, shaker style kitchen cabinetry, beautiful modern wood plank ceramic floors, new windows, ceramic tile bath surrounds,

stainless steel appliance packages, Fijitsu mini-split HVAC units, barn doors, wifi compatible electronic door locks, and new carpet. The

improvements were completed with expert craftsmanship, down to the last detail designed to maximize rent and create an extremely modern

yet comfortable unit for prospective tenants.

UNIT FURNISHINGS:The units are currently fully furnished including, dining tables, stools, couches, coffee tables, Queen beds, night stands, dressers, 50 inch LCD

smart TV’s with entertainment stands, sofas and each unit comes with private WIFI and cable TV.

Current Occupancy: Single Tenant

Gross Rents: $52,500 Monthly / $630,000 Annual.

BUILDING DESCRIPTION AND UNIT MIX:

1185 West 2nd St: 22 1 Bedroom, 1 Bath Units.

1135 West 2nd St: 12 1 Bedroom, 1 Bath Units w/full laundry room in each unitSeperatly metered




RENO, NV | ECONOMIC DEVELOPEMENT

The City of Reno continues to rebound from the effects of the Great Recession. Property values are increasing, the population is growing, and Reno has been named one of the ten most livable mid-sized cities in the UnitedStates for 2014. While Reno’s economy for most of the 20th century was primarily centered on gaming andentertainment, it is now diversifying into a much broader base which spans healthcare, entrepreneurial startups,and technology-based industries.

Reno’s economy is principally based in the trade and service sector, with approximately 65% of the work forceemployed in these occupations. Although gaming and other recreational activities represent a significant portion of the growing economy and assessed valuation, the City is experiencing gradual diversification of its business base with the expansion of distribution, warehousing, and manufacturing facilities. Approximately 25% of the workforce is employed in the fields of construction, manufacturing, transportation, communications, publicutilities, and finance related services.

Nevada has no corporate or personal income tax, and is a right-to-work state. These factors have contributed to the State’s tremendous growth in the 1990's and into the 2000's. In 2005, Inc. magazine named Reno No. 1 on itslist of the "Best Places to Do Business in America," based on job growth figures among 274 metropolitan areas. Over $30 million dollars of City and one billion dollars in private/other public, investment has been made in downtown Reno to modernize and beautify infrastructure and facilities. A maintenance district was established to ensure that the downtown area will remain clean and beautiful. The City also established a police district downtown to ensure a safer environment.

10,996Total Businesses

167,258Total Employees

KEY FACTS

BUSINESS

$64,282Average HouseholdIncomeAverage

Household Size

218,832Population

Median Age

36.12.4

5 MILE RADIUS

DEMOGRAPHICS

1 MILE

3 MILES

5 MILES

W 3RD ST (20,410 VPD)

KE

YS

TON

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VE

(156,0

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VP

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80,000 VPD

IDLEWILDPARK

RENO HIGH SCHOOL

RIVERWALKDISTRICT

WHITAKERPARK

SAINT MARY’SREGIONAL MEDICAL

NATIONAL BOWLING STADIUM




TRADE AND LOCATOR MAP

CH

ISM

ST

647

W 2ND ST

W 1ST ST

KE

YSTO

NE

AV

E (156

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0 V

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extensively renovated and fully furnished 1135 & 1185 … · 2020-01-23 · yair...

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