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The Retreat at Lake Topaz 1929 US-395 5 Unit Apartment Building $2,800,000 ($560,000/Unit) Gardnerville, NV 89410
INVESTMENT HIGHLIGHTS
- Completely remodeled in 2024/2025. NEW PLUMBING, ELECTRICAL, FIXTURES, APPLIANCES. BASICALLY EVERYTHING BUT THE ROOF AND THE EXTERIOR.
- Current tenants are driving from CA to rent the property and it's completely booked right now.
- Over 30+ parking spaces, tandem and single stalls. Completely fenced. Could be rented or for RV and or boat parking.
EXECUTIVE SUMMARY
Perfect for investors seeking recreational, residential, or future development potential.
Scenic mountain and lake views, offering year-round appeal for boating, fishing, and outdoor recreation enthusiasts.
Increasing demand for vacation rentals and lake-view homes in the Topaz region.
Affordable land compared to Tahoe or Reno markets—excellent buy-and-hold or build-and-flip potential.
Great long-term appreciation outlook as surrounding areas continue to grow.
Ideal Buyer Profile:
Investors seeking undervalued Northern Nevada properties
Outdoor enthusiasts or retirees looking for a peaceful setting
Builders or developers exploring lake-adjacent projects
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$426,000
|
$48.97
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$426,000
|
$48.97
|
| Taxes |
$6,847
|
$0.79
|
| Operating Expenses |
$21,533
|
$2.48
|
| Total Expenses |
$28,380
|
$3.26
|
| Net Operating Income |
$397,620
|
$45.71
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $426,000 |
| Annual Per SF | $48.97 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $426,000 |
| Annual Per SF | $48.97 |
| Taxes | |
|---|---|
| Annual | $6,847 |
| Annual Per SF | $0.79 |
| Operating Expenses | |
|---|---|
| Annual | $21,533 |
| Annual Per SF | $2.48 |
| Total Expenses | |
|---|---|
| Annual | $28,380 |
| Annual Per SF | $3.26 |
| Net Operating Income | |
|---|---|
| Annual | $397,620 |
| Annual Per SF | $45.71 |
PROPERTY FACTS
| Price | $2,800,000 | Building Class | C |
| Price Per Unit | $560,000 | Lot Size | 1.23 AC |
| Sale Type | Investment | Building Size | 8,699 SF |
| Sale Condition | Business Value Included | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1969/2024 |
| Property Subtype | Apartment | Parking Ratio | 3.68/1,000 SF |
| Apartment Style | Low-Rise | Cross Streets | Sandy Bowers |
| Zoning | Commercial - Commercial. This is the only property in the area with a Short Term Rental Permit. | ||
| Price | $2,800,000 |
| Price Per Unit | $560,000 |
| Sale Type | Investment |
| Sale Condition | Business Value Included |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.23 AC |
| Building Size | 8,699 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1969/2024 |
| Parking Ratio | 3.68/1,000 SF |
| Cross Streets | Sandy Bowers |
| Zoning | Commercial - Commercial. This is the only property in the area with a Short Term Rental Permit. |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Washer/Dryer
- Heating
- Double Vanities
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- High Speed Internet Access
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Range
- Tub/Shower
- Views
- Walk-In Closets
- Wi-Fi
- Dining Room
- Double Pane Windows
- Family Room
- Freezer
- Instant Hot Water
- Island Kitchen
- Mother-in-law Unit
- Pantry
- Patio
- Smoke Free
- Vinyl Flooring
- Window Coverings
- Large Bedrooms
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Public Transportation
- Private Bathroom
- Smoke Detector
ABOUT 1929 US-395 , GARDNERVILLE, NV 89410
Welcome to the Topaz Lake Retreat — a rare 8,150 sq.ft. standalone destination property overlooking Topaz Lake with panoramic water and mountain views. Situated on 1.23 acres with over 450 feet of Highway 395 frontage, this highly visible, income-producing opportunity sits just north of the Nevada/California border, offering the perfect blend of tax advantages, tourism traffic, and long-term upside. This property has one of the only Short Term Rental Permits in the area and rents vary. Listing Agent has more information about the variety of rents charged. Occupants work in neighboring cities and keep the property mostly reserved. Originally built in 1969 and rebuilt/expanded in 1989 (per the Douglas County Assessor), the property has been thoughtfully improved (2024/2025) and is currently operating as a short-term rental. The property has NEW PLUMBING & ELECTRICAL, NEW WINDOWS, NEW TANKLESS WATER HEATERS, NEW CABINETS & FIXTURES AND ALL NEW APPLIANCES IN EVERY UNIT. With 11 spacious bedrooms, 6 bathrooms, 4 full kitchens plus a kitchenette, this retreat is ideal for use as a corporate lodge, wellness retreat, boutique hospitality concept, or high-end vacation rental compound. Each unit has been tastefully designed with NEW granite islands/breakfast bars, laminate flooring, washer/dryer (combo) in every unit, and is comes completely furnished. The property also offers 31 dedicated parking spaces, comprised of RV, boat, and standard vehicle parking, making it a rare find for lake visitors, large groups, or event-style hosting. Additionally, there is gated long-term RV storage, creating further passive income potential. Shared potable water, wastewater disposal, and fire protection systems with the adjacent Best Western provide streamlined utility support. With unmatched exposure along Nevada's most traveled highway and unobstructed views of Topaz Lake, this is a one-of-a-kind investment opportunity with multiple revenue pathways — hospitality, retreat rental, corporate leasing, event hosting, or continued STR operations. The property is fully fenced and secure with phenomenal lake views. Truly a one of a kind gem. If you are looking to live in NV part time and take advantage of being a NV residence, this could be the property for you! Proforma expenses are based on a 80% vacancy and at the time of this writing, the property is rented for nearly the next 90 days. As word gets out, and due to the lack of rentals in CA, this property makes it ideal to rent to the mine or corporate rental while still maintaining as a vacation rental for the weekends. The ideal owner lives in the property part time and can rent the property to it's peak performance producing maximum results. OWNER WILL CARRY~ Call 775-593-5999 for more information, or you private tour!
PROPERTY TAXES
| Parcel Number | 1022-29-301-003 | Total Assessment | $104,239 |
| Land Assessment | $15,050 | Annual Taxes | $6,847 ($0.79/SF) |
| Improvements Assessment | $89,189 | Tax Year | 2025 |
PROPERTY TAXES
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The Retreat at Lake Topaz | 1929 US-395
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