FOR SALE - 2 Single Family Homes, One Lot - Offering Packet
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Transcript of FOR SALE - 2 Single Family Homes, One Lot - Offering Packet
2 SFR ON 1 LOT FOR SALE1640 F STREET, SPARKS, NV 89431
DicksonCG.com
INVESTMENT SUMMARY
1
Table Of Contents
section 1section 2section 3section 4section 5
Trevor Richardson, Commercial AgentMultifamily Specialist
EMAIL [email protected] 775.850.3031CELL 775.233.0754
Natalie Richardson, RealtorResidential Specialist
EMAIL [email protected] 775.850.3031CELL 775.233.0754
SMALL MULTIFAMILYSmall multifamily properties are commercial investment properties ranging from a duplex on up to 10 units. In the Reno/Sparks metro they have both commercial and residential aspects that require professionals from both fields to maximize their potential and provide a higher quality service for buyers and sellers of these properties.
2 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431
OFFERING SUMMARY
FINANCIAL ANALYSIS
PROPERTY PHOTOS
LOCATION
NEIGHBORHOOD / REGIONAL INFO
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Property Description - Offering section 1
1640 F ST - OFFERING SUMMARYInvestor Alert! Two single family homes on one lot! This well maintained, centrally located, Sparks investment property features garage parking for tenants with 2 bedrooms and 2 bathrooms in each unit. The classic and charming neighborhood is minutes away from I-80, providing close access to the regional corridor and all the fun and festivities going on year round at Victorian Square. With multiple developments under construction in Victorian Square this opportunity is placed in an area that is increasing in popularity. Don't miss out on this spectacular opportunity!
FRONT HOUSE - STREET VIEW
Asking Price
Rentable SF
Parking 1 Garage/UnitSchool Near Sparks HighCurrent Rents Under Market
Location
OFFERING HIGHLIGHTS
Units
MIDTOWN RENO DUPLEX/OFFICE SPACE FOR SALE - 516 RYLAND ST, RENO, NV 89502
$339,000
3,110
Central, Near 1-80
Two House Units
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Offering Summary section 1
2 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431
Property Unit MixOffering Price $339,000 Unit Type Product Type Building # # Units SF Rent Current Rent Proforma
$/SF $109 Duplex Unit 2/2 A 1 1,790 $1,205 $1,200
$/UNIT $169,500 Duplex Unit 2/2 B 1 1,320 $925 $1,100
Address 1640 F St
City Sparks
State NV
Zip 89431
Property Name 2 SFR On 1 Lot For Sale
Property Type Multifamily
Zoning MUD
Assessor's Parcel # 031-351-13
# Units 2
# Buildings 2
Rentable SF 3,110
Lot Size (AC) 0.207
Status On Market
42 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431
Financial Analysis - Proforma Income & Expense section 2
Acquisition Assumptions Income & Expenses - Page 3 Proforma - Page 4Listing Price $339,000 Income $ % /Mo Income $ % /Mo
Construction Rehab $0 GRI $25,560 $2,130 GRI $27,600 $2,300
Total Basis $339,000 Vacancy 0.00 0% 0 Vacancy 0.00 0% 0
Other Income $0 $0 Other Income $0 $0
Net Income $25,560 $2,130 Net Income $27,600 $2,300
Expenses Expenses
Total (6,321.00) -24.73% (527) Total (6,321.00) -22.90% (527)
Net Operating Income Net Operating Income
Total $19,239 $1,603 Total $21,279 $1,773
CAP RATE @ ASKING PRICE PROFORMA CAP RATE @ ASKING PRICE
LISTING PRICE $339,000 5.68% 6.28%
52 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431
section 2Financial Analysis - Cash Flow Summary
Annual Expenses 2015 Property IncomeExpense Cost % GI Unit Type Product Type Building # # Units SF Current Rent
Taxes $1,328 5.20% Duplex Unit 2/2 A 1 1,790 $1,205
Insurance $1,716 6.71% Duplex Unit 2/2 B 1 1,320 $925
Utilities $1,277 5.00%
Maintenance* $2,000 7.82%
0.00%
0.00%
0.00%
Total (6,321.00) -24.73% Gross Rental Income (GRI) $25,560 Other Income*Annual Assumptions Vacancy 0.0% 0.00 Laundry
Net Operating Income (NOI) Net Rental Income $25,560
$19,239
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Financial Analysis - Actual Income & Expense
2 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431
section 2
Annual Expenses Proforma Property IncomeExpense Cost % GI Unit Type Product Type Building # # Units SF Proforma Rent
Taxes $1,328 4.81% Duplex Unit 2/2 A 1 1,790 $1,200
Insurance $1,716 6.22% Duplex Unit 2/2 B 1 1,320 $1,100
Utilities $1,277 4.63%
Maintenance* $2,000 7.25%
0.00%
0.00%
0.00%
Total (6,321.00) -22.90% Gross Rental Income (GRI) $27,600 Other Income
Vacancy 0.0% 0.00 Laundry $0
Net Operating Income (NOI) Net Rental Income $27,600 $0
$21,279
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FRONT HOUSE - STREET VIEW FRONT HOUSE - DRIVEWAY VIEW
BACK HOUSE - DRIVEWAY VIEW (ONE GARAGE PER HOUSE UNIT)
Property Photos - Exterior
BACK HOUSE - YARD VIEW
2 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431
section 3
BACK HOUSE - LIVING ROOM BACK HOUSE - DINING ROOM
BACK HOUSE - BEDROOM
Property Photos - Interior
BACK HOUSE - KITCHEN
82 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431
section 3
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Location - Assessor Map
2 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431
section 4
Location - Regional Map
SOMERSETT GOLF COMMUNITY
UNIVERSITY OF NEVADA, RENO
LAKE TAHOE
TAHOE RENO INDUSTRIAL CENTER (TRIC)
TESLA MOTORS GIGAFACTORY
SWITCH SUPERNAP
APPLE DATA CENTER
DOWNTOWN RENO
RENO TAHOE INTERNATIONAL AIRPORT
CALI
FORN
IA
NEVADA
NW RENO
TRUCKEE, CA
SPARKS
MIDTOWN RENO
WINGFIELD SPRINGSNORTH VALLEYS
SOUTH RENO
1640 F St
INTERSTATE 80
INTERSTATE 580
SE CONNECTOR (UNDER CONST.)
2 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431
section 4
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Fountainhouse Sparks Development
Sparks High School
Location - Neighborhood Info Map
Century Theaters
The Yard Development
1640 F St
2 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431 11
section 4
THE YARDLocated in historic Victorian Square, and formerly known as Bourbon Square Casino, THE YARD is a vibrant, indoor-outdoor destination with restaurants, shops and creative offices designed to power creativity and explore what’s new in food and culture in Reno/Sparks. The YARD will undergo a comprehensive redevelopment that emphasizes trending architecture and open space for people to gather, making it a premier destination experience for all whom live, work, play, and/or visit Sparks.
Responding to the new use as a Retail, Dining and Entertainment Destination, the once inwardly programmed building will be repositioned to engage and enhance the streetscape along all surrounding streets. Pedestrians, shoppers and guests will encounter a vibrant main street setting at THE YARD; with retail storefronts and restaurants facing outward towards Victorian Avenue and Plaza, as well as C and 10th Street. The various storefront designs will create a sense of individual facades scaled for an inviting pedestrian experience. Contemporary, warm materials, such as repurposed wood siding and corten steel will be used in the design, as well as extensive glazing systems on the upper levels. THE YARD repositioning will become a flagship project for Sparks and Reno.
RENDERINGS OF COMPLETED DEVELOPMENT UNDER REDEVELOPMENT - TODAY
2 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431 12
section 5Victorian Square - Redevelopment
section 5
CENTURY THEATERS
Victorian Square - Redevelopment
FOUNTAINHOUSE SPARKS - UNDER CONSTRUCTIONC STREET LOFTS - UNDER CONSTRUCTION
2 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431 13
Market Info - Reno/Sparks
RENO, NEVADAThe Greater Reno/Sparks area is starting to see and feel the unprecedented growth in the area thanks to many key factors. Near the end of 2014, Tesla Motors named Nevada the official site for the Tesla Gigafactory, a massive factory to produce batteries for it’s electric vehicles. According to the Governor’s Office of Economic Development, over 22,715 jobs could be created in Northern Nevada thanks to Tesla, as well as a substantial increase in construction and housing activity. Governor Sandoval, in his State of the State speech in January 2015, stated “Nevada’s job growth is third strongest in the country, we have cut our unemployment rate in half, and we have the second fastest growing population in the nation.”
The Economic Development Authority, or EDAWN, is projecting an increase of more than 51,000 primary and secondary jobs from 2015 to 2019 for the region. In 2014, EDAWN assisted 34 companies in moving or expanding into Nevada, which included 13 headquarters. Prior to that, the record for head-quarters was six. The 34 companies accounted for 4,179 new jobs for the area as well. EDAWN kicked off 2015 with 10 prospects visiting in just January alone. EDAWN credited high profile projects such as the Apple data center, Tesla Motors’ gigafactory and the Switch SUPERNAP data center for increasing interest in the region from outside companies and expects to see nearly 100 other announcements before end of 2015.
DOWNTOWN RENO
2 SFR ON 1 LOT FOR SALE | SPARKS - 1640 F STREET, SPARKS, NV 89431 14
section 5
Market Info - Major Regional Developments
TESLA GIGAFACTORYCosting $5 billion and projected to employ 6,500 people once up and running, Tesla Motors' Gigafactory at the Tahoe Reno Industrial Center is considered one of the biggest wins in economic development history. The gigafactory is the linchpin in Tesla's plans for expansion, manufacturing an estimated 500,000 battery packs for the company's electric cars each year when operational. It will also allow the company to eventually scale up its Tesla Energy line of storage batteries for homes and businesses. Just as important as its raw numbers, however, is its impact on Reno's reputation as a place to do business for companies looking to expand. - rgj.com
Tesla’s mission is to accelerate the world’s transition to sustainable transportation. To achieve that goal, we must produce electric vehicles in sufficient volume to force change in the automobile industry. With a planned production rate of 500,000 cars per year in the latter half of this decade, Tesla alone will require today’s entire worldwide production of lithium ion batteries. The Tesla Gigafactory was born of necessity and will supply enough batteries to support our projected vehicle demand. Tesla broke ground on the Gigafactory in June 2014 outside Sparks, Nevada, and we expect to begin cell production in 2017. By 2020, the Gigafactory will reach full capacity and produce more lithium ion batteries annually than were produced worldwide in 2013. - teslamotors.com/gigafactory
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section 5