516 Ryland St, Reno - Multifamily Duplex/Office For Sale

MIDTOWN RENO DUPLEX/OFFICE SPACE FOR SALE 516 RYLAND ST, RENO, NV 89502

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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

TABLE OF CONTENTS

SMALL MULTIFAMILYSmall multifamily properties are commercial investment properties ranging from a duplex on up to 10 units. In the Reno/Sparks metro they have both commercial and residential aspects that require professionals from both fields to maximize their potential and provide a higher quality service for buyers and sellers of these properties.

1MIDTOWN RENO DUPLEX/OFFICE SPACE FOR SALE 516 RYLAND ST, RENO, NV 89502

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LOCATION

REGIONAL INFO / DEMOGRAPHICS

Property Description Offering

PARKING VIEW

Asking Price $325,000

Rentable SF 2,168

Parking 1 Garage DetachedPossible Use Multifamily/OfficeOccupancy/Unit Vacant/M-T-M

Location Downtown/Midtown

OFFERING HIGHLIGHTS

Units Two Duplex Units


516 RYLAND ST - OFFERING SUMMARYINVESTOR ALERT! This wonderfully crafted bungalow offers multiple opportunities for the savvy investor. With its mixed use zoning, you'll have the flexibility to use the space as residential multi-family or convert it to office space for those who want to take advantage of its prime location sitting at the corner of the ever popular Midtown District and Downtown Reno. The main floor, first unit consists of two bedrooms and 1 bathroom, while the downstairs offers 1 bedroom and 1 bathroom. With the upstairs as vacant and the lower tenant on a month to month lease the new owner could quickly adopt the property to their intended use.

The kitchen in the main floor unit is currently incomplete, lacking all appliances, but can easily be finished for anyone using the space for residential purposes, or leave it as-is if your intended use is office space. Laundry in the basement, but not on the main level. The top unit was recently vacated and the bottom unit houses a long-term tenant who is using the space as a "work from home" office.

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Offering Summary


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Property Unit Mix

Offering Price $325,000 Unit Type Type Building # Lease Lease Exp. # Units SF Rent CurrentRent Proforma

$/SF $150 Apartment 2/1 A Vacant - 1 1,084 $1,200 $1,250

$/UNIT $162,500 Apartment 1/1 A Vacant - 1 1,084 $800 $1,000

Address 516 Ryland

City Reno

State NV

Zip 89502

Property Name Ryland Office/Apts.

Property Type Mixed-Use

Zoning MUDR

Assessor's Parcel # 013-011-25

# Units 2

# Buildings 1

Rentable SF 2,168

Lot Size (AC) 0.081

Status On Market

Financial Analysis Cash Flow Summary


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Acquisition Assumptions Actual - Page 3 Proforma - Page 4Listing Price $325,000 Income $ % /Mo Income $ % /Mo

$/Unit $162,500 GRI $24,000 $2,000 GRI $27,000 $2,250

Vacancy (720.00) -3% (60) Vacancy (810.00) -3% (68)

Other Income $0 $0 Other Income $0 $0

Net Income $23,280 $1,940 Net Income $26,190 $2,183

Expenses Expenses

Total (4,464.00) -19.18% (372) Total (4,464.00) -17.04% (372)

Net Operating Income Net Operating Income

Total $18,816 $1,568 Total $21,726 $1,811

CAP RATE @ ASKING PRICE PROFORMA CAP RATE @ ASKING PRICE

LISTING PRICE $325,000 5.79% 6.68%

Financial Analysis Actual


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

Taxes $1,190 4.96% Apartment 2/1 A 1 1,084 $1,200

Insurance $534 2.23% Apartment 1/1 A 1 1,084 $800

Utilities $940 3.92%

Maintenance* $1,800 7.50%

Total (4,464.00) -18.60% Gross Rental Income (GRI) $24,000 Other Income

*Annual Assumptions Vacancy 3.0% (720.00) Laundry $0

Net Operating Income (NOI) Net Rental Income $23,280 $0

$18,816

Financial Analysis Proforma


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

Taxes $1,190 4.41% Apartment 2/1 A 1 1,084 $1,250

Insurance $534 1.98% Apartment 1/1 A 1 1,084 $1,000

Utilities $940 3.48%

Maintenance* $1,800 6.67%

Total (4,464.00) -16.53% Gross Rental Income (GRI) $27,000 Other Income

Vacancy 3.0% (810.00) Laundry $0

Net Operating Income (NOI) Net Rental Income $26,190 $0

$21,726

Property Photos Exterior


STREET VIEW DRIVEWAY VIEW - LOWER UNIT ACCESS

LOWER UNIT ACCESSGARAGE

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Property Photos Interior


UPPER UNIT - ENTRY UPPER UNIT - KITCHEN

UPPER UNIT - BATHUPPER UNIT - ROOM

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Location Assessor Map


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Location Regional Info 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

NW RENO

TRUCKEE, CA

SPARKS

MIDTOWN RENO

WINGFIELD SPRINGSNORTH VALLEYS

SOUTH RENO

516 RYLAND ST

INTERSTATE 80

INTERSTATE 580

SE CONNECTOR (UNDER CONST.)

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Location Neighborhood Info Map


777 CENTER DEVELOPMENT

THE STICKS DEVELOPMENT

516 RYLAND ST

DISCOVERY MUSEUM

MIDTOWN

ACES BALLPARK

BUSINESS CORE

DOWNTOWN RENO

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Downtown Reno Redevelopment


516 RYLAND ST

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Midtown Reno Redevelopment


NEWLY COMPLETED 777 CENTER DEVELOPMENT - NEW OFFICE AND RETAIL SPACE

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MIDTOWN RENOMidtown is a special part of Reno. It's a commercial-centric corridor in the center of town that parallels Virginia and Center Streets, just south of downtown, from about Liberty Street to Mt. Rose Street. Featuring an eclectic range of businesses from one-of-a-kind restaurants to mom-and-pop hardware stores, Midtown is the most small-business-dense section of Reno. A wide range of businesses front Center Street, including Maytan Music Center, Achieve Fitness, Crystal Springs, Aspen Electric, GuiDenby, Rose's Cafe, and more. A block or so off Center Street but still in the MidTown district you will find even more eclectic businesses, such as the highly acclaimed Junkee Clothing Exchange, Sup Restaurant, MidTown Eats, Creme and a group of highly regarded tattoo, body piercing and skate shops. On the southern edge of MidTown, you'll find a newly renovated shopping center on the corner of Virginia and Mt. Rose, featuring the new home of Sushi Pier 2, a great bookstore, Zephyr Books, and more. - downtownmakeover.com

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Midtown Reno Redevelopment

MIDTOWN RENO DUPLEX/OFFICE SPACE FOR SALE 516 RYLAND ST, RENO, NV 89502 14

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Market Info Reno/Sparks


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

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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?


The Greater Reno/Sparks area is starting to see and feel the unprecedented growth in the area thanks to many key factors. Thanks to Tesla’s new Gigafactory, an economic and technological revolution is on its way, providing 6,500 new jobs at peak production. Currently, Reno has experienced a 14.7% growth in manufacturing employment over the past five years.

Nevada's unemployment rate has gone down for five years straight after peaking at 13.1 percent in November, 2010, according to a Nevada Department of Employment report. The Reno/Sparks area currently sits at a 5.5 percent unemployment rate as of July, 2016.

The Economic Development Authority, or EDAWN, projects 50,000 new jobs will open in Reno-Sparks in the next five years, meaning 9,000 homes need to be built each year leading up to 2020. 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.”

WHY MOVE TO THE RENO/SPARKS AREA? According to the Whitney Group, a leader for over 30 years in providing market research and feasibility analysis in the western United States , it’s believed that the housing demand and valuations are on the verge of accelerating over the near term to perhaps historical heights never before experienced in the greater Reno region.

It is also being noted that Nevada state taxable sales are near an all-time high thanks to the strong economic recovery & visitors, according to the Nevada Department of Taxation. Specifically, Washoe County and surrounding areas are seeing the highest taxable sales since before 2006. Washoe County alone experienced a 15-20% increase of visitors to the area in February 2015 as opposed to the same time the previous years. With the area's proximity to California, Lake Tahoe and all the Sierras have to offer, the Greater Reno-Sparks area is proving to be one of the nation’s top area’s to live, work, and play.

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Why Northern Nevada?


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 2013.

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.

#47

#9

#3

#2

#8

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Education


The University of Nevada, Reno, plays an integral role with developing and maintaining a diverse and professional business economy in the Reno/Sparks/Tahoe area. Located just north of the downtown district, the UNR campus provides 145 undergraduate and 124 graduate programs for one of the more affordable universities in the area. Current students pay 80 percent less than the average Tier 1 Institution, making UNR one of the most affordable and high-quality universities in the West.

The College of Business in particular is one of the strongest assets for the university, offering degree programs ranging from accounting and business administration to information systems and gaming management. The College of Business even offers minor degrees for cyber security and entrepreneurship, both vital assets for professional labor in today’s economy.

Beyond providing a high quality and affordable education for its students, UNR is dedicated to building a genuine sense of community in Northern Nevada. The College of Business houses the Ozmen Center for Entrepreneurship and the Nevada Small Business Development Center, giving students, faculty and local aspiring business professionals the opportunity to collaborate on entrepreneurial ideas or endeavors.

UNIVERSITY OF NEVADA, RENOThe university recently opened the InNEVation Center, Powered by Switch, in Fall 2015 to serve as a center for collaboration between local technology developers, entrepreneurs and researchers. The InNEVation Center emphasizes drone research, which has contributed to Northern Nevada’s rapidly growing reputation as a hotbed for drone research.

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Real Estate

516 Ryland St, Reno - Multifamily Duplex/Office For Sale