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Property Overview

Price/Rent PSF Inquire
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 5,838
Date Available 07/02/2019
Additional URL Link
Floors 2
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Description

Location
Elevated construction does little to undermine tremendous strength; vacancy plumbs cycle lows. Robust employment growth in Southern Nevada is driving significant net absorption of apartments. As job gains approach 3.5 percent, the metro vacancy rate has fallen to the mid-4 percent area, even as construction has averaged 2,700 units for four years. Tenants are gravitating toward apartments along the I-215, pushing vacancy rates in Henderson and southern Las Vegas well below the market average. As a result, average effective rent growth has soared, especially in locations sitting extremely close to freeways. Meanwhile, a lack of development in less desirable submarkets in the northern portion of the metro has led to even faster rent growth, which is projected to remain constant through the remainder of the year.

Investors, particularly from California, remain bullish on Las Vegas multifamily assets. Cap rates in the metro can exceed their home markets by up to 300 basis points in some cases, providing strong returns. As new product remains above market prices in the core, investors have been gravitating to alternative locations in search of undervalued properties. Additionally, the bulk of new supply has overwhelmingly favored the suburbs, prompting significantly less competition for tenants. This has dramatically altered the return profile of core assets, particularly when other value-enhancing strategies can also be deployed. Locations in North and Northwest Las Vegas have undergone a tremendous pickup in buyer and tenant interest due to the more affordable rental rates and higher vacancy, creating an opportunity for buyers to recognize higher returns as vacancy continues to tighten.


Sale
The subject property is a one – two story multi-family apartment building originally developed in 1962 for multi-family residential use with a building addition constructed on the original building in 1966. There are 7 units that total 5,838 SF of NRA, with an average unit size of 834 SF. Of the 7 units, four are 2 bedroom, 1 bath and three are 1 bedroom, 1 bath. The property is currently 100% vacant and windows are boarded up. The property consists of a 0.22-acre rectangular-shaped parcel of land located in Flood Zone “X”. The site includes 7 asphalt parking spaces at the East end of the Property. The Property is located within an Opportunity Zone. An Opportunity Zone created in the 2017 Tax Act gives substantial income tax benefits to sponsor.

Location

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