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Villagio Apartments 1850-1852 Merchant St 40 Unit Apartment Building $6,200,000 ($155,000/Unit) 5.62% Cap Rate Sparks, NV 89431
INVESTMENT HIGHLIGHTS
- Priced well below replacement costs at $155,000 per unit and $189.00 per square foot
- On site laundry rooms (2), barbeque and picnic areas
- Brand new mechanical systems and HVAC units
- Value-add opportunity; rents are well below market
- Renovations: 20 units have been completely renovated
- Balconies or patios for every unit
EXECUTIVE SUMMARY
Kidder Mathews is pleased to present this Offering for The Villagio Apartments, an exceptional value-add multifamily asset in Sparks, Nevada. Built in 1979, the Villagio Apartments is a resplendent example where quality has been met with pride of ownership. Situated near a growing retail corridor, it is within walking distance to Paradise Plaza, Walgreens, Grocery Outlet, and many dining options. It is also on the RTC bus line making transportation easily accessible. Within proximity to Villagio are several family-friendly venues such as Teglia’s Paradise Park, Ardmore Park, and the Oddie District. It is also just a few miles from the Sparks Marina.
PROPERTY FACTS
| Price | $6,200,000 | Apartment Style | Low-Rise |
| Price Per Unit | $155,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.52 AC |
| Cap Rate | 5.62% | Building Size | 32,452 SF |
| Gross Rent Multiplier | 11.95 | Average Occupancy | 95% |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1979 |
| Property Subtype | Apartment | Parking Ratio | 2.47/1,000 SF |
| Zoning | MUD - MUD (Mixed Use Development) | ||
| Price | $6,200,000 |
| Price Per Unit | $155,000 |
| Sale Type | Investment |
| Cap Rate | 5.62% |
| Gross Rent Multiplier | 11.95 |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.52 AC |
| Building Size | 32,452 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1979 |
| Parking Ratio | 2.47/1,000 SF |
| Zoning | MUD - MUD (Mixed Use Development) |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Vinyl Flooring
- Window Coverings
SITE AMENITIES
- Laundry Facilities
- Picnic Area
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | $1,170 | 719 - 800 |
| 2+1 | 20 | $1,342 | 919 - 1,000 |
Walk Score®
Very Walkable (73)
PROPERTY TAXES
| Parcel Number | 031-020-18 | Improvements Assessment | $356,093 |
| Land Assessment | $308,000 | Total Assessment | $664,093 |
PROPERTY TAXES
Parcel Number
031-020-18
Land Assessment
$308,000
Improvements Assessment
$356,093
Total Assessment
$664,093
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Villagio Apartments | 1850-1852 Merchant St
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