275 C St 12 Unit Apartment Building $2,300,000 ($191,667/Unit) 6% Cap Rate Sparks, NV 89431

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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 a few remaining, unrenovated units that 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.