GENTRY EAST APARTMENTS

0 GENTRY AVE, RENO 89509

OFFERED FOR SALE

$2,625,000

• BRAND NEW 2019 CONSTRUCTION

• ESTIMATED DELIVERY SEPTEMBER 2019

• APPROXIMATELY 9,660 TOTAL SQ FT

• APPROXIMATELY 805 SQUARE FT UNITS

• LOT SIZE .43 ACRE ZONED MUSV

• CITY SERVICES W/S/G/E APN# 019-360-17

• 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 EAST APARTMENTS

12 X 2-BEDROOM 1-BATH URBAN HOMES

PROUDLY OFFERED BY

PIETER KRISTIAN

COMMERCIAL SALES BROKER

775-350-4498

Invest@SierraVest.com

www.SierraVest.com

A rare opportunity to own a brand 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

multi-family housing is not only a great investment, it’ you’re chance to help

provide needed housing to an appreciative and hardworking tenant base.

NARRATIVE SUMMARY

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 MONT 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 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.

MAKING THIS A GREAT OPPORTUNIT $266,666 PER UNIT!

VACANCY

GENTRY EAST, RENO NEVADA 89509