6TH STREET 8-PLEX FOR SALE 1555 W. 6TH St, Reno, NV 89503
DicksonCG.com
INVESTMENT SUMMARY
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Table Of Contents
section 1section 2section 3section 4section 5
Trevor Richardson, Commercial AgentMultifamily Specialist
EMAIL [email protected] 775.850.3031CELL 775.233.0754
Natalie Richardson, RealtorResidential Specialist
EMAIL [email protected] 775.850.3031CELL 775.233.0754
OFFERING SUMMARY
FINANCIAL ANALYSIS
PROPERTY PHOTOS
LOCATION
MARKET INFO
6TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
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Property Description - Offering section 1
OFFERING SUMMARYConveniently located 8-plex near the University and downtown Reno. Consisting of four 1 bed, 1 bath units and four2 bed, one bath units, there's plenty of space both inside and out. Each unit comes with its own assigned parking space, plus there's plenty of street parking near by. Take the property as-is or invest a little more into each unit to turnit into an amazing investment opportunity!
PARKING VIEW
● Listing Price $559,000
● Parking and Storage for Each Unit
● Located Near I-80, Downtown Reno,
University of Nevada, Ample Employment
● On-Site Laundry
● Current Rents Under Market Rents
PROPERTY HIGHLIGHTS
● Can be Acquired as Portfolio That
Includes an Adjacent Duplex
● Duplex Listing Price - $189,000
● Currently Managed by Mgt. Company
6TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
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section 1Offering Summary
6TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
Property Unit MixAsking Price $559,000 Unit Type Product Type Building # # Units SF Current Rent Market Rent
$/SF $92 Apartment 2/1 A 1 887 $465 $749
$/UNIT $69,875 Apartment 2/1 A 1 887 $575 $749
Address 1555 W. 6th St Apartment 2/1 A 1 887 $655 $749
City Reno Apartment 2/1 A 1 887 $525 $749
State NV Apartment 1/1 A 1 625 $475 $625
Zip 89503 Apartment 1/1 A 1 625 $590 $625
Property Name 8-Plex On 6th St Apartment 1/1 A 1 625 $575 $625
Property Type Multifamily Apartment 1/1 A 1 625 $475 $625
Zoning MF30
Assessor's Parcel # 006-161-07
# Units 8
# Buildings 2
Rentable SF 6,048
Lot Size (AC) 0.184
Status On Market
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section 2Financial Analysis - Cash Flow Summary
6TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
Acquisition Assumptions Actual Income & Exp. (See Page 6)
Market Rent Analysis (See Page 6)
Asking Price $559,000 Income $ % /Mo Income $ % /Mo
GRI $52,020 $4,335 GRI $65,952 $5,496
Vacancy (1,560.60) -3% (130) Vacancy (1,978.56) -3% (165)
Other Income $1,380 $115 Other Income $0 $0
Net Income $51,839 $4,320 Net Income $63,973 $5,331
Expenses Expenses
Total (18,032.00) -34.66% (1,503) Total (18,032.00) -27.34% (1,503)
Net Operating Income Net Operating Income
Total $33,807 $2,817 Total $45,941 $3,828
CAP RATE @ ASKING PRICE MARKET RENT CAP RATE @ ASKING PRICE
6.05% 8.22%
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Financial Analysis - Cash Flow section 2
6TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
Annual Expenses 2015 Unit MixCost % GI Unit Type Product Type Building # # Units SF Current Rent
Taxes $2,418 4.65% Apartment 2/1 A 1 887 $465
Insurance $4,518 8.69% Apartment 2/1 A 1 887 $575
Utilities $7,096 13.64% Apartment 2/1 A 1 887 $655
Maintenance* $4,000 7.69% Apartment 2/1 A 1 $887 $525
Apartment 1/1 A 1 $625 $475
Apartment 1/1 A 1 $625 $590
Apartment 1/1 A 1 $625 $575
Apartment 1/1 A 1 $625 $475
0.00%
0.00%
0.00%
0.00%
Total (18,032.00) -34.66% Gross Rental Income (GRI) $52,020 Other Income
Vacancy 3.0% (1,560.60) Laundry $138
Net Operating Income (NOI) Net Rental Income $51,839 Deposit Forfeit $1,242
$33,807
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Financial Analysis - Market Rent Analysis section 2
6TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
Annual Expenses Unit MixCost % GI Unit Type Product Type Building # # Units SF Market Rent
Taxes $2,418 3.67% Apartment 2/1 A 1 887 $749
Insurance $4,518 6.85% Apartment 2/1 A 1 887 $749
Utilities $7,096 10.76% Apartment 2/1 A 1 887 $749
Maintenance* $4,000 6.07% Apartment 2/1 A 1 $887 $749
Apartment 1/1 A 1 $625 $625
Apartment 1/1 A 1 $625 $625
Apartment 1/1 A 1 $625 $625
Apartment 1/1 A 1 $625 $625
0.00%
0.00%
0.00%
0.00%
Total (18,032.00) -27.34% Gross Rental Income (GRI) $65,952 Other Income
Vacancy 3.0% (1,978.56) Laundry $0
Net Operating Income (NOI) Net Rental Income $63,973 Deposit Forfeit $0
$45,941
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APR16 - Reno Apartment Rental Rates*
STUDIO$1.54
/SF
Mar16
Apr16
Feb16
1 BEDROOM$1.10
/SF
2 BEDROOM$1.00
/SF
3 BEDROOM$0.85
/SF
$1.50
$1.48
$1.05
$1.02
$0.99
$0.98
$0.86
$0.78
The following rental data consists of weighted averages for market rents of 27,050 Reno/Sparks apartments, 5+ unit complexes only.
+2.7% +4.8% +1% -1%MoM
% C
hang
e
April 2016 Reno Multifamily Market Report
* Source: Costar, Dickson Commercial Group does not guarantee the accuracy of the data provided
section 2
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section 3
PARKING VIEW LAUNDRY/STORAGE - BASEMENT
NEIGHBORHOOD VIEWLAUNDRY/STORAGE - BASEMENT
Property Photos - Exterior / Common Area
6TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
1/1 - LIVING 1/1 - KITCHEN
1/1 - BATHROOM1/1 - BEDROOM
Property Photos - Interior section 3
96TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
section 4Location - Assessor Map
106TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
Location - Regional Map
SOMERSETT GOLF COMMUNITY
UNIVERSITY OF NEVADA, RENO
LAKE TAHOE
TAHOE RENO INDUSTRIAL CENTER (TRIC)
TESLA MOTORS GIGAFACTORY
SWITCH SUPERNAP
APPLE DATA CENTER
DOWNTOWN RENO
RENO TAHOE INTERNATIONAL AIRPORT
CALI
FORN
IA
NEVADA
NW RENO
TRUCKEE, CA
SPARKS
MIDTOWN RENO
WINGFIELD SPRINGSNORTH VALLEYS
SOUTH RENO
INTERSTATE 80
INTERSTATE 580
SE CONNECTOR (UNDER CONST.)
section 4
SUBJECT
116TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
Location - Neighborhood Info Map
ACES BALLPARK
DOWNTOWN RENO
TRUCKEE RIVER
UNIVERSITY OF NEVADA
PROPOSED $1.2 BILLION DEVELOPMENT
KEYSTONE AVE.
SUBJECT
RETAIL/SHOPPING
RETAIL/SHOPPING
section 4
I-80
7TH
STRE
ET
126TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
Market Info - Reno/Sparks section 5
RENO, NEVADAThe Greater Reno/Sparks 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
136TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503
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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146TH STREET 8-PLEX FOR SALE - 1555 W. 6TH ST, RENO, NV 89503