Value-Add! Only $162 A Square Foot! 2730-2740 E Bonanza Rd

Blake Leavitt at KW Commercial is pleased to present the value-add opportunity to acquire Colonial Manor Apartments, a 32 unit class B apartment community in Las Vegas that was built in 1983. Colonial Manor Apartments is priced at a price per square foot of only $162, which is well below replacement cost. The sale includes 6 parcels (2 eightplexes and 4 fourplexes) that are all operated as one 32 unit apartment community in one location. All units are large 2-bed/1-bath floor plans that are 964 square feet each with their own outdoor patio area. In addition to the 32 apartment units, there is a laundry room in each building, a large courtyard, and 50 parking spaces.
Colonial Manor Apartments has a current cap rate of 7.03% with a value-add opportunity to bring it up to a 8.29% cap rate. There is a value-add opportunity to perform exterior renovations and interior renovations, increase rents to market rate, increase the additional income stream, and institute better management. Almost all tenants are currently Section 8 tenants, which has allowed the owner to enjoy stable cash flow throughout multiple market cycles. The owner is continuing to increase rents to market rate on lease renewals and tenant turns, and putting new flooring and paint in units on tenant turns if needed.