831 Wheeler Ave
Reno, NV 89502
Kramer's Midtown III · Multifamily Property For Sale · 10 Units

Kramer's Midtown III is an asset that has been kept meticulously well maintained since its construction in 1984. The current owner has taken this immaculate property and has completely modernized it through an extensive, contemporary renovation that has allowed the asset to garner some of the strongest rents in its submarket. The theme has the essence of a Las Vegas Resort Cabana with the modern luxuries and amenities one would expect. The exterior of the property has been uplifted with a designer facade and the cruising-blue color themed branding to accentuate the location's status. The courtyard has become a contemporary lounge with outdoor furniture, a shaded gazebo, a gas barbecue, and a tile, turf, & stone landscape that ties it all together. Continuing further through the property, the unit exteriors include the continuation with the same cruising-blue colored doors, number-pad locks, and modern exterior lights. As you enter the units, the open floor plan features top-upgrades including granite countertops & tile backsplashes, vinyl-wood flooring, and new light fixtures. The kitchen features white cabinetry with brushed nickel hardware and a new stainless-steel, energy efficient appliance set featuring glass top electric range, refrigerator, dishwasher, and microwave. The bathrooms feature over-sized shower heads, new vanities, and sliding glass shower doors. Each unit has been fitted with a brand new, stacked washer/dryer combo, which is a key amenity sought after by the tenant profile of Midtown East. Kramer's Midtown III consists of One- Bedroom units that meet the demand of the young professionals looking to live in Midtown East. The Midtown East submarket is one of the highest demanded locations for rentals and has one of the highest occupancy rates for the entire City of Reno. The urban lifestyle mixed with the arts & culture atmosphere of Midtown has allowed this submarket to flourish as more and more renters seek this location for housing. Overall vacancy in Reno/Sparks is currently 3.31%, with this submarket even tighter at less than 2.00%. This has created a highly competitive rental market, allowing owners to push rents consistently.