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1520 S Casino Center Boulevard - Art District Apartments, Las Vegas, NV

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1520 S Casino Center Boulevard - Art District Apartments

Las Vegas, NV 89104 - Outer Downtown/Central Las Vegas MF Submarket

Property Type:Multi-Family Number of Units:39 Status:Existing Year Built:1963
Stories:2 Building Size:19,925 SF Land Area:.47 AC (20,473 SF)
For Sale Price:$4,999,000 Price/Unit:$128,179.49 Cap Rate:5.63 % GRM:9.07

Parking:1.25 Parking Spaces / 1,000 SF

The Art District Apartments were completed renovated during 2013 utilizing luxurious upgrades throughout the property and its units. With inspiration from the up and coming Las Vegas Art District and downtown revitalization the Art District Apartments boast a modern boutique living experience that is unrivaled. This brand new success offers tenants an opportunity to be involved with the property interactively through social media, within the complex and its interactive community. The units have gained tremendous popularity amongst students, local workforce and retirees. The property is consistently 100% occupied and currently has a waiting list for new tenant move-ins. The fully gated and private structure provides a sense of security while offering great all-inclusive units for one low cost.
The Art District Apartments are exceptionally well located in the heart of the fast growing Art District near Downtown Las Vegas. The complex offers its tenants affordable units within close proximity to downtown employment centers, bus lines, shopping and entertainment while only a couple hundred feet from the Las Vegas Strip. Downtown employment and population is drastically increased with Zappo' s recent headquarters relocation to the former Las Vegas City Hall and transfer of over 2,000 employees. The Art District Apartments is a renovated multifamily living community in the emerging Downtown Las Vegas corridor, which is quickly becoming a sustainable, modern, and urban city environment. The newly improved living complex is one of the pioneers of the Downtown revival, offering opportunity to any investor seeking to break into one of few current redevelopment and growth focused sectors of Las Vegas. The once forgotten start of Las Vegas is again becoming a hip and livable location.

The bed-bath mix, unit counts and sizes are estimated per property management.

Sale Notes:
The ARTS DISTRICT APARTMENT building was fully renovated in 2013 with top of the line modern material and fixtures. The property is constantly fully occupied and generates a great cash flow stream. This property is easily managed by an out of state owner and operates smoothly. Updated with beautiful granite counter tops, stainless steel appliances, gated & an enclosed parking lot as well as a security entry key pad for added safety (among many other upgrades) this building will constantly draw a stronger class of renters. SPECIALLY because this property is among the bigger sized studio apartments in the area providing regular sized refrigerators and stoves that make these units feel like home which provides lower turnover for ease of management.

Situated in the highly desired and up and coming Arts District this location caters to the new class of young hipsters as well as the young working class who want to live near work, Freemont experience, I-15Fwy, bus line etc. Just feet from Las Vegas Blvd these units will always be in high demand.

Network Realty
David Makabi
(702) 306-4733

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