Farris Apartments | 1752 E 4th St
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Farris Apartments 1752 E 4th St
33 Unit Apartment Building $4,195,000 ($127,121/Unit) 5.18% Cap Rate Reno, NV 89512
Investment Highlights
- Priced Significantly Below Replacement Cost
- Upside in Rents & Operations
- Value Add Opportunity
Executive Summary
Marcus & Millichap is pleased to present the sale of the Farris Apartments, a 33-unit motor lodge that operates as an apartment complex. The property offers convenient access to public transport with several bus stops within a short walking distance, as well as several restaurants and employment hubs. Originally built in the 1940s, the location served as an "auto camp" before being purchased by Robert Farris, who added to the construction and design of the property as we see it today. The property consists of 33 units mixed between Efficiency and Studio Apartments. The potential upside lies in collapsing the embedded loss-to-lease by increasing rents to market and improving general operations, which could be seen through the hiring of a professional management company.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2022) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$377,580
|
$24.33
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$37,758
|
$2.43
|
| Effective Gross Income |
$339,822
|
$21.90
|
| Taxes |
$7,797
|
$0.50
|
| Operating Expenses |
$114,745
|
$7.39
|
| Total Expenses |
$122,542
|
$7.90
|
| Net Operating Income |
$217,280
|
$14.00
|
Financial Summary (Actual - 2022)
| Gross Rental Income | |
|---|---|
| Annual | $377,580 |
| Annual Per SF | $24.33 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $37,758 |
| Annual Per SF | $2.43 |
| Effective Gross Income | |
|---|---|
| Annual | $339,822 |
| Annual Per SF | $21.90 |
| Taxes | |
|---|---|
| Annual | $7,797 |
| Annual Per SF | $0.50 |
| Operating Expenses | |
|---|---|
| Annual | $114,745 |
| Annual Per SF | $7.39 |
| Total Expenses | |
|---|---|
| Annual | $122,542 |
| Annual Per SF | $7.90 |
| Net Operating Income | |
|---|---|
| Annual | $217,280 |
| Annual Per SF | $14.00 |
Property Facts
| Price | $4,195,000 | Apartment Style | Low Rise |
| Price Per Unit | $127,121 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.86 AC |
| Cap Rate | 5.18% | Building Size | 15,519 SF |
| No. Units | 33 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 2014 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $4,195,000 |
| Price Per Unit | $127,121 |
| Sale Type | Investment |
| Cap Rate | 5.18% |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.86 AC |
| Building Size | 15,519 SF |
| No. Stories | 1 |
| Year Built | 2014 |
| Opportunity Zone |
Yes |
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PROPERTY TAXES
| Parcel Number | 008-381-04 | Total Assessment | $268,395 (2024) |
| Land Assessment | $85,380 (2024) | Annual Taxes | $7,797 ($0.50/SF) |
| Improvements Assessment | $183,015 (2024) | Tax Year | 2022 |
PROPERTY TAXES
Parcel Number
008-381-04
Land Assessment
$85,380 (2024)
Improvements Assessment
$183,015 (2024)
Total Assessment
$268,395 (2024)
Annual Taxes
$7,797 ($0.50/SF)
Tax Year
2022
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Farris Apartments | 1752 E 4th St
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