offering memorandum - loopnet€¦ · system covering the entire property along with an exterior...

KRAMER'S MIDTOWN III831 Wheeler Avenue • Reno, NV 89502

Offering Memorandum

1

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and

should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified

information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due

diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the

future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or

asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any

tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be

reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these

matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to

verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or

name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,

service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

KRAMER'S MIDTOWN III

Reno, NV

ACT ID ZAA0420103

2

TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Offering Summary

Regional Map

Local Map

Aerial Photo

Floor Plans

FINANCIAL ANALYSIS 02

Rent Roll Summary

Rent Roll Detail

Operating Statement

Notes

Pricing Detail

Acquisition Financing

MARKET COMPARABLES 03

Sales Comparables

Rent Comparables

MARKET OVERVIEW 04

Market Analysis

Demographic Analysis


3


4

INVESTMENT

OVERVIEW


#

EXECUTIVE SUMMARY

OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES

Peppermill Hotel Casino 4,700

U-Haul 3,102

VA Sirra Nev Hlth Care Systems 3,000

Monarch 2,100

Circus Circus Reno Ht & Casino 2,000

St Marys Health Network 1,800

County of Washoe 1,615

Grand Sierra Resort and Casino 1,525

US Post Office 1,461

Prime Hlthcare Svcs - Reno LLC 1,370

Club Cal-Neva 1,300

Altair Nanotechnologies Inc 1,125

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2018 Estimate Pop 21,953 130,885 239,249

2010 Census Pop 20,475 121,993 224,140

2018 Estimate HH 10,904 54,723 96,637

2010 Census HH 10,156 51,261 90,946

Median HH Income $32,115 $37,918 $44,906

Per Capita Income $25,472 $25,157 $27,805

Average HH Income $49,872 $58,871 $67,793

UNIT MIX

NUMBEROF UNITS

UNIT TYPEAPPROX.SQUARE FEET

10 1 Bedroom/1 Bathroom 444

10 Total 4,440

VITAL DATA

Price $1,800,000 CURRENT YEAR 1

Down Payment 35% / $630,000 CAP Rate 5.31% 5.65%

Loan Amount $1,170,000 GRM 12.34 11.76

Loan Type Proposed NewNet Operating Income

$95,631 $101,703

Interest Rate / Amortization 4.25% / 30 YearsNet Cash Flow After Debt Service

4.22% / $26,563 5.18% / $32,634

Price/Unit $180,000 Total Return 7.35% / $46,287 8.45% / $53,214

Price/SF $405.41

Number of Units 10

Rentable Square Feet 4,440

Number of Buildings 1

Number of Stories 2

Year Built / Renovated 1984 / 2019

Lot Size 0.21 acre(s)

5


OFFERING SUMMARY

▪ Midtown East, a Strong & Growing Submarket with Continued Expected Rent

Growth

▪ Extensive, Contemporary Renovations Throughout

▪ Strong, Stabilized, High-Performing Asset

▪ Offered Free & Clear

▪ Pride of Ownership

▪ Legacy Asset

INVESTMENT HIGHLIGHTS

Kramer's Midtown III is the third property in a series of assets that have been delivered to the market by the ownership, Kramer Properties. Kramer Properties has

successfully replicated this concept through their seasoned experience in the development and redevelopment of multifamily assets. Kramer's Midtown III began as an

asset that was structurally sound through its brick construction, though had dated interiors and common areas. Kramer Properties took this asset and brought it into the

21st Century by completely modernizing the amenities and living spaces, to fit the demand of the Midtown East tenant profile. Along with the high-end luxury aspect

offered by this property, the owner has also installed a set of security features, an amenity unique to an asset of this kind. The entire property is completely gated and

enclosed with key-less entries on all gates, unit doors, and common area doors that each tenant receives a personalized entry code for. There is a 24-hour surveillance

system covering the entire property along with an exterior light system to completely illuminate the property, giving tenants an increased feeling of comfort in an

established residential neighborhood.

The Midtown East submarket where Kramer's Midtown III is located in is one of the best-defining features of this asset. Midtown East is one of the highest demanded

locations for rentals in all of Reno. The close proximity to Midtown & Downtown with all of the dining, nightlife, and art & culture gives Kramer's Midtown III all the benefits

of the submarket's amenities, while still maintaining a sense of quiet, residential living. The property has a Walk Score of 94, a huge component for the tenant profile who

enjoy what the community has to offer. As more and more assets are being brought up to modern standards in Midtown East, it has drawn a higher-paying tenant profile

to the submarket. This not only supports the already high achieved rents at Kramer’s Midtown III, but an investor can also expect continued rent growth as this

neighborhood continues to thrive.

The full renovation that this asset received has allowed for it to become established as one of the highest achieving rental properties in its submarket. Kramer Properties

hired one of the top designers in Reno to assist in the contemporary renovation that extends the theme from the exterior to the interior, with Kramer's Midtown III

resembling that of a Las Vegas Resort Cabana. The units were modernized with USB Outlets, upgraded thermostats, and other contemporary features, with each tenant

also receiving a designated off-street parking space, providing a strong sense of comfort and luxury for the young, professional tenants that seek to live in Midtown East.

INVESTMENT OVERVIEW

6


#

OFFERING SUMMARY

PROPERTY OVERVIEW

Kramer's Midtown III is an asset that has been kept meticulously well maintained since its construction in 1984.

The current owner has taken this immaculate property and has completely modernized it through an extensive,

contemporary renovation that has allowed the asset to garner some of the strongest rents in its submarket. The

theme has the essence of a Las Vegas Resort Cabana with the modern luxuries and amenities one would expect.

The exterior of the property has been uplifted with a designer facade and the cruising-blue color themed

branding to accentuate the location's status. The courtyard has become a contemporary lounge with outdoor

furniture, a shaded gazebo, a gas barbecue, and a tile, turf, & stone landscape that ties it all together. Continuing

further through the property, the unit exteriors include the continuation with the same cruising-blue colored

doors, number-pad locks, and modern exterior lights. As you enter the units, the open floor plan features top-

upgrades including granite countertops & tile backsplashes, vinyl-wood flooring, and new light fixtures. The

kitchen features white cabinetry with brushed nickel hardware and a new stainless-steel, energy efficient

appliance set featuring glass top electric range, refrigerator, dishwasher, and microwave. The bathrooms feature

over-sized shower heads, new vanities, and sliding glass shower doors. Each unit has been fitted with a brand

new, stacked washer/dryer combo, which is a key amenity sought after by the tenant profile of Midtown East.

Kramer's Midtown III consists of One- Bedroom units that meet the demand of the young professionals looking

to live in Midtown East. The Midtown East submarket is one of the highest demanded locations for rentals and

has one of the highest occupancy rates for the entire City of Reno. The urban lifestyle mixed with the arts &

culture atmosphere of Midtown has allowed this submarket to flourish as more and more renters seek this

location for housing. Overall vacancy in Reno/Sparks is currently 3.31%, with this submarket even tighter at less

than 2.00%. This has created a highly competitive rental market, allowing owners to push rents consistently.

7

▪ Modern-Design Exterior

▪ Designated Parking

Common Area Amenities

▪ Outdoor Lounge w/ Gas BBQ

▪ Fully Gated & Well Illuminated

▪ 24-Hour Camera Surveillance

▪ Renovated, Designer Interiors

Unit Amenities

▪ Vinyl-Wood Plank Flooring

▪ Stainless Steel Appliances & Granite Counters

▪ Washer & Dryer in Each Unit

▪ Key-Less Locks

7


PROPERTY SUMMARY

OFFERING SUMMARY

PROPOSED FINANCING

First Trust Deed

Loan Amount $1,170,000

Loan Type Proposed New

Interest Rate 4.25%

Amortization 30 Years

Loan Term 10 Years

Loan to Value 65%

Debt Coverage Ratio 1.38

THE OFFERING

Property Kramer's Midtown III

Price $1,800,000

Property Address 831 Wheeler Avenue, Reno, NV

Assessors Parcel Number 013-112-07

Zoning MF30

SITE DESCRIPTION

Number of Units 10

Number of Buildings 1

Number of Stories 2

Year Built/Renovated 1984

Rentable Square Feet 4,440

Lot Size 0.21 acre(s)

Type of Ownership Fee Simple

Density MF30

Parking 14

Parking Ratio 1.4:1

Landscaping Mature

Topography Flat

UTILITIES

Water TMWA

Electric NV Energy

Gas NV Energy

CONSTRUCTION

Foundation Concrete with Crawlspace

Exterior Brick

Parking Surface Asphalt

Roof Stone Title

MECHANICAL

HVAC Wall AC & Heat

Wiring Copper

8

REGIONAL MAP


9

LOCAL MAP


10

AERIAL PHOTO


11

Marcus & Millichap closes

more transactions than any

other brokerage firm.

12


12

PROPERTY PHOTO

FLOOR PLANS


13


14

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS


RENT ROLL SUMMARY

15

FINANCIAL ANALYSIS


16

RENT ROLL DETAIL

FINANCIAL ANALYSIS


OPERATING STATEMENT

17

FINANCIAL ANALYSIS


PRICING DETAIL

18

MARCUS & MILLICHAP CAPITAL CORPORATION

CAPABILITIES

MMCC—our fully integrated, dedicated financing arm—is committed to

providing superior capital market expertise, precisely managed execution, and

unparalleled access to capital sources providing the most competitive rates and

terms.

We leverage our prominent capital market relationships with commercial banks,

life insurance companies, CMBS, private and public debt/equity funds, Fannie

Mae, Freddie Mac and HUD to provide our clients with the greatest range of

financing options.

Our dedicated, knowledgeable experts understand the challenges of financing

and work tirelessly to resolve all potential issues to the benefit of our clients.

National platform

operating

within the firm’s

brokerage

offices

$6.24 billion

total national

volume in 2018

Access to

more capital

sources than

any other firm

in the industry

Optimum financing solutions

to enhance value

Our ability to enhance

buyer pool by expanding

finance options

Our ability to enhance

seller control

• Through buyer

qualification support

• Our ability to manage buyers

finance expectations

• Ability to monitor and

manage buyer/lender

progress, insuring timely,

predictable closings

• By relying on a world class

set of debt/equity sources

and presenting a tightly

underwritten credit file

WHY MMCC?

Closed 1,678

debt and equity

financings

in 2018

ACQUISITION FINANCING


19


20

MARKET

COMPARABLES


SALES COMPARABLES MAP

21


(SUBJECT)

Kramer's Midtown II

Kramer's Midtown

630 Sinclair St

Broadway Arms

1700 Locust St

181-185 Hillcrest Drive

SALES COMPARABLES

1

2

3

4

5

6

22

PROPERTY NAMEKRAMER'S MIDTOWN III

SALES COMPARABLES

Avg. 4.92%

0.0

0.6

1.2

1.8

2.4

3.0

3.6

4.2

4.8

5.4

6.0

Kramer's

Midtown III

Kramer's

Midtown II

Kramer's

Midtown

630

Sinclair St

Broadway

Arms

1700

Locust St

181-185

Hillcrest

Drive

Average Cap Rate

SALES COMPARABLES SALES COMPS AVG

23


SALES COMPARABLES

Avg. $152,760

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

$110,000

$120,000

$130,000

$140,000

$150,000

$160,000

$170,000

$180,000

$190,000

$200,000

Kramer's

Midtown III

Kramer's

Midtown II

Kramer's

Midtown

630

Sinclair St

Broadway

Arms

1700

Locust St

181-185

Hillcrest

Drive

Average Price Per Unit

SALES COMPARABLES SALES COMPS AVG

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


24

SALES COMPARABLES

Units Unit Type

Offering Price: $1,800,000 10 1 Bdr 1 Bath

Price/Unit: $180,000

Price/SF: $405.41

CAP Rate: 5.31%

GRM: 12.34

Total No. of Units: 10

Year Built: 1984

Underwriting Criteria

Income $140,366 Expenses $44,734

NOI $95,631 Vacancy ($5,834)

KRAMER'S MIDTOWN III831 Wheeler Avenue, Reno, NV, 89502

1

Units Unit Type

Close Of Escrow: 8/2/2019 8 1 Bdr 1 Bath

Days On Market: 60 12 2 Bdr 1 Bath

Sales Price: $3,475,000


Price/SF: $295.80

CAP Rate: 5.64%


Year Built: 1984

KRAMER'S MIDTOWN II217 E Taylor St, Reno, NV, 89502

Units Unit Type

Close Of Escrow: 10/5/2018 2 Studio 1 Bath

Days On Market: 60 2 Studio 1 Bath

Sales Price: $2,550,000 4 1 Bdr 1 Bath

Price/Unit: $170,000 7 2 Bdr 1 Bath

Price/SF: $274.93

CAP Rate: 5.40%


Year Built: 1977

2

KRAMER'S MIDTOWN645 S Virginia St, Reno, NV, 89501

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


25

SALES COMPARABLES

Units Unit Type




Price/SF: $330.08


Year Built: 1964

3

630 SINCLAIR ST630 Sinclair St, Reno, NV, 89501

4

Units Unit Type




Price/SF: $133.33

CAP Rate: 4.07%


Year Built: 1964

NOTES

Cap rate based on Marcus & Millichap underwriting.

BROADWAY ARMS500 Broadway Blvd, Reno, NV, 89502

Units Unit Type

Close Of Escrow: 9/11/2018 4 Studio 1 Bath

Days On Market: 180 4 1 Bdr 1 Bath

Sales Price: $2,450,000 9 2 Bdr 1 Bath


Price/SF: $275.78

CAP Rate: 5.11%


Year Built: 1986

5

1700 LOCUST ST1700 Locust St, Reno, NV, 89502

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


26

SALES COMPARABLES

Units Unit Type


Days On Market: 60



Price/SF: $227.33

CAP Rate: 4.40%


Year Built: 2005

6

181-185 HILLCREST DRIVE181 Hillcrest Dr, Reno, NV, 89509

8


RENT COMPARABLES MAP


(SUBJECT)

Midtown Commons

Kramer's Midtown II

567 Holcomb Ave

Center & Pine Living

De Luxe Lofts

4

7

8

9

11

20

12

14

15

16

17

13

18

10

4

1

2

3

5

27


RENT COMPARABLES

28

AVERAGE OCCUPANCY

Avg. 96.28%

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

75

80

85

90

95

100

Kramer's

Midtown III

Midtown

Commons

Kramer's

Midtown II

567 Holcomb

Ave

Center &

Pine Living

De Luxe

Lofts


RENT COMPARABLES

29

AVERAGE RENT - MULTIFAMILY

Avg. $1,279

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

$1,900

$2,000

Kramer's

Midtown III

Midtown

Commons

Kramer's

Midtown II

567 Holcomb

Ave

Center &

Pine Living

De Luxe

Lofts

1 Bedroom

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


30

YEAR BUILT: 1984

rentpropertyname1


Unit Type Units SF Rent Rent/SF

1 Bdr 1 Bath 10 444 $1,216 $2.74

Total/Avg. 10 444 $1,216 $2.74

KRAMER'S MIDTOWN III831 Wheeler Avenue, Reno, NV, 89502

OCCUPANCY: 98% | YEAR BUILT: 1952

1

NOTES

Specials: none offered. RUBS: no. Garage/Storage: no. $40 rent for off-

street parking

Pet Policy: $25 rent, $300 deposit. Rent includes all basic utilities.

Amenities: Carpet, Courtyard, Fitness Center, Garden, Granite Counters,

Grill, Hardwood Floors, Heating, Kitchen, Laundry Facilities, Range,

Recycling, Smoke-Free.

Renovations: Planning to update the numbers around the building and

adding decorative accents on aged/worn brick.


Studio 1 Bath 22 400-495$895-$950

$2.06

1 Bdr 1 Bath 34 575 $1,095 $1.90

2 Bdr 1 Bath 6 908-1,000$1,295-$1,395

$1.41

Total/Avg. 62 566 $1,058 $1.87

MIDTOWN COMMONS700 Forest St, Reno, NV, 89509

2


NOTES

Specials: none offered. RUBS: no. Garage/Storage: no. Pet Policy: $400

deposit, $25 rent. Tenants pay E/G. MGT pays W/S/T.

Amenities: On-site laundry, off-street parking, luxury amenities, fire pit,

barbeque, courtyard.

Renovations: building exterior and community area renovations, new

appliances, stone countertops, key-less locks, vinyl-wood flooring, light

fixtures, updated cabinets, and hardware.


1 Bdr 1 Bath 6 488 $1,095 $2.24

2 Bdr 1 Bath 14 747$1,295-$1,345

$1.77

Total/Avg. 20 669 $1,253 $1.87

KRAMER'S MIDTOWN II217 E Taylor St, Reno, NV, 89502

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


31


3


1 Bdr 1 Bath 12 700$1,100-$1,250

$1.68

Total/Avg. 12 700 $1,175 $1.68

NOTES

Specials: none offered. RUBS: no. Garage/Storage: no. Pet Policy: $25

rent, deposit upon owner's request. Tenants pay E/G. MGT pays W/S/T.

Amenities: Washer/Dryer in unit, off-street parking.

Renovations: Property underwent modern renovations to fit the Midtown

appeal.

567 HOLCOMB AVE567 Holcomb Ave, Reno, NV, 89502


4

NOTES

Specials: none. RUBS: N/A. Garage/Storage: $35 parking fee. Pet Policy:

N/A. Tenants pay E/G. MGT pays W/S/T. Rent information collected from

online sources.

Amenities: Garage parking, on-site laundry.

Renovations: Property underwent extensive, contemporary renovations.


Studio 1 Bath 2 350-400$975-

$1,150$2.83

1 Bdr 1 Bath 20 550-600$1,299-$1,425

$2.37

2 Bdr 1 Bath 2 730 $1,590 $2.18

Total/Avg. 24 571 $1,356 $2.37

CENTER & PINE LIVING200 S Center St, Reno, NV, 89501

5


NOTES

Specials: none offered. RUBS: $15 Flat. Garage/Storage: $55-$75 5'x10'

- 8'x10'. Pet Policy: Upon owner's approval with deposit. MGT pays

E/G/W/S/T.

Amenities: On-site laundry, all utilities included.

Renovations: 13 units are newly constructed townhome & studio units.

Received full contemporary renovations.


Studio 1 Bath 4 636-673$1,250-$1,275

$1.93

1 Bdr 1 Bath 15 900 $1,675 $1.86

1 Bdr 1 Bath 4 1,099 $1,650 $1.50

1 Bdr 1 Bath 2 1,104 $1,650 $1.49

Total/Avg. 25 909 $1,603 $1.76

DE LUXE LOFTS1690 S Wells Ave, Reno, NV, 89502


32

MARKET

OVERVIEW

MARKET OVERVIEW

RENO-SPARKS-CARSON CITYOVERVIEW

1

Once dominated by government and gambling, the Reno-Sparks-

Carson City metro has diversified into a growing high-tech

manufacturing and logistics hub in western Nevada, boosting

employment opportunities. A lower cost of living and doing business

than nearby California is drawing companies as well as residents. Over

the next five years, more than 40,000 additional people are expected

in the metro, which encompasses Washoe and Storey counties as well

as Carson City, home to the state’s capital. The eastern shore of Lake

Tahoe is included in the metro, contributing to an active outdoor

recreation segment. A diverse array of activities that include gambling

and cultural amenities keep the tourism industry growing.

MARKET OVERVIEW

METRO HIGHLIGHTS

LOWER BUSINESS COSTS

More affordable costs and a business-friendly

climate attract firms including Switch Data, Apple,

Google and Tesla to the region.

STRONG EMPLOYMENT GAINS

Employment growth is expected to rise at a rate

nearly double that of the nation over the next five

years as companies move to and expand locally.

TOURISM

Special events such as the National Championship

Air Races, as well as the region’s many lakes, rivers,

casinos, conventions and ski resorts, draw visitors

and residents to the metro.


MARKET OVERVIEW

ECONOMY▪ The region is becoming an important center for distribution and industrial expansion as all

West Coast markets can be reached in one day

▪ A pro-business environment and its proximity to the California border are attracting a

diverse array of firms seeking to lower costs. Apple, Amazon and Jet.com have opened

facilities in the metro. Tesla’s battery Gigafactory is also based locally.

▪ Redeveloping unique neighborhoods such as the Brewery District and Mid-Town are

drawing business, tourists and residents.

▪ Revenue from gambling in Washoe County has increased annually since 2013.

SHARE OF 2018 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

University of Nevada, Reno

Renown Health

Peppermill Reno

International Game Technology

Atlantis Casino Resort

Eldorado Resort Casino

Saint Mary's Regional Medical Center

Carson Tahoe Health

State of Nevada

Western Nevada College* Forecast

2

MANUFACTURING

9%

OTHER SERVICES

3%22%

AND UTILITIES

TRADE, TRANSPORTATION

1%INFORMATION

PROFESSIONAL AND

BUSINESS SERVICES

13%

CONSTRUCTION

7%

GOVERNMENT

15%LEISURE AND HOSPITALITY

15%FINANCIAL ACTIVITIES

4%

HEALTH SERVICES

EDUCATION AND

+ 11%


MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

▪ The local population is projected to exceed 564,000 people in 2023 after adding

roughly 40,200 residents, a growth rate that is nearly double the national level.

▪ Household growth of 9.4 percent is expected by the end of 2023 as nearly 20,000

households are created, generating the need for additional housing options. Home

prices remain well below large California markets.

▪ Nearly 63 percent of residents age 25 and older have completed some college,

creating a skilled workforce.

Outdoor activities abound in the metro with golf courses, parks and trails for biking,

running and hiking. The region’s rivers, lakes and reservoir offer numerous water sports,

while the mountains provide a scenic backdrop and snow in the winter. Cultural venues

include the Nevada Museum of Art, Discovery Children’s Museum, Bruka Theater,

Fleishman Planetarium, the Pioneer Center for the Performing Arts and a host of other

museums, galleries and festivals. More than 50,000 students attend local institutions of

higher education, including the University of Nevada Reno, Truckee Meadows Community

College, Western Nevada College and Sierra Nevada College. These institutions also

contain cultural and sports venues. Sporting opportunities include the PGA Reno-Tahoe

Open, a 9,000-seat stadium hosting the Reno Aces AAA baseball team and the FC 1868

minor league soccer team.

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Moody’s Analytics;

U.S. Census Bureau

QUALITY OF LIFE

3


38.9

2018MEDIAN AGE:

U.S. Median:

38.0

$59,400

2018 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$58,800

524K

2018POPULATION:

Growth2018-2023*:

7.7%

202K

2018HOUSEHOLDS:

9.4%

Growth2018-2023*:

2018 Population by Age

0-4 YEARS

6%5-19 YEARS

18%20-24 YEARS

7%25-44 YEARS

26%45-64 YEARS

27%65+ YEARS

16%

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2018 Experian

Created on November 2019

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Population 22,102 131,473 244,977

▪ 2018 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Daytime Population

2018 Estimate 48,903 217,082 331,363

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Households 11,355 56,231 100,967

▪ 2018 Estimate


Average (Mean) Household Size 1.95 2.31 2.41

▪ 2010 Census


▪ 2000 Census


Growth 2015-2020 4.14% 2.76% 4.48%

HOUSING UNITS 1 Miles 3 Miles 5 Miles

▪ Occupied Units

2023 Projection 11,355 56,231 100,967

2018 Estimate 12,559 60,886 105,512

Owner Occupied 2,301 17,816 40,700

Renter Occupied 8,603 36,907 55,937

Vacant 1,655 6,164 8,875

▪ Persons In Units

2018 Estimate Total Occupied Units 10,904 54,723 96,637

1 Person Units 49.95% 38.39% 33.10%

2 Person Units 28.73% 29.72% 32.04%

3 Person Units 9.49% 12.93% 14.23%

4 Person Units 5.70% 9.56% 10.69%

5 Person Units 3.11% 4.90% 5.38%

6+ Person Units 3.02% 4.49% 4.56%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2018 Estimate

$200,000 or More 2.38% 3.10% 3.74%

$150,000 - $199,000 1.49% 2.27% 3.20%

$100,000 - $149,000 5.45% 8.06% 10.26%

$75,000 - $99,999 7.24% 8.86% 10.97%

$50,000 - $74,999 13.48% 15.64% 17.75%

$35,000 - $49,999 16.09% 15.47% 15.08%

$25,000 - $34,999 13.80% 12.59% 11.52%

$15,000 - $24,999 18.99% 16.19% 13.58%

Under $15,000 21.10% 17.82% 13.91%

Average Household Income $49,872 $58,871 $67,793

Median Household Income $32,115 $37,918 $44,906

Per Capita Income $25,472 $25,157 $27,805

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2018 Estimate Total Population 21,953 130,885 239,249

Under 20 17.61% 23.66% 23.80%

20 to 34 Years 25.50% 26.41% 25.14%

35 to 39 Years 6.62% 5.99% 5.92%

40 to 49 Years 13.09% 11.06% 11.27%

50 to 64 Years 21.85% 17.85% 18.50%

Age 65+ 15.33% 15.01% 15.35%

Median Age 40.21 34.94 35.81

▪ Population 25+ by Education Level

2018 Estimate Population Age 25+ 16,715 88,459 162,930

Elementary (0-8) 5.40% 7.31% 5.87%

Some High School (9-11) 12.74% 11.21% 9.42%

High School Graduate (12) 25.77% 25.89% 25.82%

Some College (13-15) 23.80% 23.86% 25.00%

Associate Degree Only 7.69% 5.88% 6.67%

Bachelors Degree Only 14.73% 15.12% 16.27%

Graduate Degree 7.76% 8.91% 9.50%

▪ Population by Gender

2018 Estimate Total Population 21,953 130,885 239,249

Male Population 54.56% 51.77% 50.72%

Female Population 45.44% 48.23% 49.28%

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Income

In 2018, the median household income for your selected geography is

$32,115, compare this to the US average which is currently $58,754.

The median household income for your area has changed by 6.64%

since 2000. It is estimated that the median household income in your

area will be $35,556 five years from now, which represents a change

of 10.71% from the current year.

The current year per capita income in your area is $25,472, compare

this to the US average, which is $32,356. The current year average

household income in your area is $49,872, compare this to the US

average which is $84,609.

Population

In 2018, the population in your selected geography is 21,953. The

population has changed by 7.51% since 2000. It is estimated that the

population in your area will be 22,102.00 five years from now, which

represents a change of 0.68% from the current year. The current

population is 54.56% male and 45.44% female. The median age of

the population in your area is 40.21, compare this to the US average

which is 37.95. The population density in your area is 6,978.20 people

per square mile.

Households

There are currently 10,904 households in your selected geography.

The number of households has changed by 12.68% since 2000. It is

estimated that the number of households in your area will be 11,355

five years from now, which represents a change of 4.14% from the

current year. The average household size in your area is 1.95 persons.

Employment

In 2018, there are 23,109 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

48.75% of employees are employed in white-collar occupations in

this geography, and 51.26% are employed in blue-collar occupations.

In 2018, unemployment in this area is 6.07%. In 2000, the average

time traveled to work was 19.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

70.04% White, 3.50% Black, 0.87% Native American and 5.46%

Asian/Pacific Islander. Compare these to US averages which are:

70.20% White, 12.89% Black, 0.19% Native American and 5.59%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 29.75% of the current year

population in your selected area. Compare this to the US average of

18.01%.

PROPERTY NAME

MARKETING TEAM


Housing

The median housing value in your area was $234,233 in 2018,

compare this to the US average of $201,842. In 2000, there were

2,449 owner occupied housing units in your area and there were

7,228 renter occupied housing units in your area. The median rent at

the time was $515.

Source: © 2018 Experian

DEMOGRAPHICS

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DEMOGRAPHICS

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