275 C St - Apartments FOR SALE


Sparks, NV 89431- Downtown Sparks
$2,300,000 USD
775-750-6418
275 C St, Sparks, NV for Sale
$2,300,000 USD
Apartments - FOR SALE
1/14
null | 6% Cap Rate


HIGHLIGHTS

  • Strong In-Place Rents & 100% Occupancy
  • Desirable Neighborhood Near Victorian Square & the Sparks Marina
  • Recently Updated with Some Value-Add Remaining

OVERVIEW

Please do not disturb property or tenants. Give the listing agent a call to discuss. Marcus & Millichap is proud to present the opportunity to acquire Driftwood Manor, a well-built, well-maintained 12-unit multifamily asset ideally situated in a quiet neighborhood in Sparks, Nevada. Located near both Victorian Square and the Sparks Marina, the property offers residents a convenient location to enjoy the frequent concerts and events that occur year-round, also offering ease of access being 5-minutes to Interstate-80 and within 20-minutes to numerous employment centers including the Tahoe-Reno Industrial Center (TRI-Center) that supports the dozens of employers and thousands of jobs. Driftwood Manor was originally built in 1963 and constructed of masonry framing, concrete block exteriors, and a stone façade at the entrance. The unit mix consists of all one-bedroom / one-bath units with an average square footage of 643sf per unit. A majority of the units have received consistent upgrades featuring a full kitchen appliance package including refrigerator, stove, microwave & dishwasher, new cabinetry and hardware, luxury vinyl plank flooring, LED light fixtures, ceiling fans in the bedrooms, kitchen and bathroom faucets, and full interior paint. There are few remaining, unrenovated units have an approximate $150 rent delta compared to the upgraded units. Additionally, current ownership has painted the asset, installed new exterior lighting, and replaced the sewer main along with numerous interior upgrades. The property offers off-street parking, on-site laundry, and easy-to-care for landscaping.

FOR SALE DETAILS

PRICE

$2,300,000 USD

PRICE/SF

$280 USD /SF

# OF UNITS

12

PRICE/UNIT

$191,667

CAP RATE

6%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,500 SF

ZONING

MUD

APN/PARCEL ID

033-314-02

ASK ABOUT THIS PROPERTY

Daniel WinrodMarcus & MillichapMore Info
775-750-6418

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Daniel WinrodMarcus & MillichapMore Info
775-750-6418

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.