The Chism Apartments are an opportunity to acquire a stablized asset that is a short distance to the Reno Riverwalk District. The property consists of 8 studio units and 2 one bedroom one bath units. The current lease structures have the tenants paying their base rent and reimburse Seller for gas, electric, sewer, water, and trash. The current owner has also done an extensive amount of remodeling and some of the unit improvements vary by unit but include new appliance, new flooring, new vanities, and much more. Several major capital improvements have also been made which include new roof and sub roof, re-bore entire sewage system, new electrical sockets and GFI in all units, and new interior plumbing replacing copper pipes. All water heaters were replaced between 2014-2015 and all furnaces were overhauled in 2017. With these improvements, repairs
and maintenance should be minimal in the coming years. There is also ample parking with 12 on site spaces and additional street parking. This is a great opportunity to invest in a growing market with extremely high demand for housing. According to the 4th quarter 2018 Johnson Perkins Griffin apartment survey, the average vacancy in the Northwest Reno submarket is 3.82%. The Chism Apartments are located at 130 Chism Street in Reno, NV. Its nearest major cross street is Keystone Ave. It is a short distance to Interstate 80, Saint Mary’s Hospital, Downtown Reno, The University of Nevada Reno, shopping, bus lines, and much more. It is also a short distance to the Riverwalk District which hosts many events all year round.
