Clocktower Apartments | 806 Tillman Ln
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Clocktower Apartments 806 Tillman Ln
46 Unit Apartment Building $11,250,000 ($244,565/Unit) 5% Cap Rate Gardnerville, NV 89460
Investment Highlights
- Rare Opportunity to Acquire a Sizeable Asset in a Highly Desired Location
- The Third Largest Market-Rate Apartment Community in Gardnerville
- Favorable mix of Studio, One-, and Two- Bedroom Apartments
Executive Summary
Please do not disturb the property or tenants. Call the listing agent for additional information.
Marcus & Millichap is proud to present for sale the Clock Tower Center Apartments, a 46-unit, single-story, apartment complex complemented with 49 garages (240-264sf) and 16 storage units (24sf), immersed in a mature landscape with dozens of trees, shrubs, and lush greenbelts throughout the community. Constructed in 1984 with wood-framing and masonite siding exteriors, pitched roofs with composite shingles, over a slab foundation.
Clock Tower Center features a favorable unit mix of six (6) Studio apartments, thirty-one (31) One-Bedroom/One-Bath apartments, and nine (9) Two- Bedroom/Two-Bath apartments with a broad range of square footages ranging from 406 sf up to 1,391 sf across all unit types. Every unit includes an energy-efficient appliance package, in-unit washer/dryers, central air conditioning & heat, large closets, and covered patios. Twenty of the units also include granite countertops, vaulted ceilings, and gas fireplaces as well as ceiling fans in the bedrooms and convenient, walk-in showers.
The owners have focused on renting to a senior tenant base, which the property is perfectly suited for, though not required and a new investor can rent to whomever they choose. Clock Tower Center is currently rented at 100% occupancy and has experienced strong occupancy throughout its existence.
Clock Tower Center is located in Gardnerville, Nevada, a town approximately 20 minutes south of Carson City, 45 minutes south of Reno, and 30 minutes east of Lake Tahoe. Gardnerville is a premier location at the foot of the Sierra Nevada Mountain range and is perfect for outdoor enthusiasts, remote workers, and retirees having nearly one-third of the population aged 65 and older. The city offers many of the amenities you would find in a larger city, such as an aquatic center, major retailers, and medical facilities while offering a more rural feel.
The zoning also allows for more units to be built with space available on the southeast corner of the property.
Marcus & Millichap is proud to present for sale the Clock Tower Center Apartments, a 46-unit, single-story, apartment complex complemented with 49 garages (240-264sf) and 16 storage units (24sf), immersed in a mature landscape with dozens of trees, shrubs, and lush greenbelts throughout the community. Constructed in 1984 with wood-framing and masonite siding exteriors, pitched roofs with composite shingles, over a slab foundation.
Clock Tower Center features a favorable unit mix of six (6) Studio apartments, thirty-one (31) One-Bedroom/One-Bath apartments, and nine (9) Two- Bedroom/Two-Bath apartments with a broad range of square footages ranging from 406 sf up to 1,391 sf across all unit types. Every unit includes an energy-efficient appliance package, in-unit washer/dryers, central air conditioning & heat, large closets, and covered patios. Twenty of the units also include granite countertops, vaulted ceilings, and gas fireplaces as well as ceiling fans in the bedrooms and convenient, walk-in showers.
The owners have focused on renting to a senior tenant base, which the property is perfectly suited for, though not required and a new investor can rent to whomever they choose. Clock Tower Center is currently rented at 100% occupancy and has experienced strong occupancy throughout its existence.
Clock Tower Center is located in Gardnerville, Nevada, a town approximately 20 minutes south of Carson City, 45 minutes south of Reno, and 30 minutes east of Lake Tahoe. Gardnerville is a premier location at the foot of the Sierra Nevada Mountain range and is perfect for outdoor enthusiasts, remote workers, and retirees having nearly one-third of the population aged 65 and older. The city offers many of the amenities you would find in a larger city, such as an aquatic center, major retailers, and medical facilities while offering a more rural feel.
The zoning also allows for more units to be built with space available on the southeast corner of the property.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $11,250,000 | Building Class | B |
| Price Per Unit | $244,565 | Lot Size | 4.82 AC |
| Sale Type | Investment | Building Size | 49,533 SF |
| Cap Rate | 5% | Average Occupancy | 4% |
| No. Units | 46 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1984/2014 |
| Property Subtype | Apartment | Parking Ratio | 0.99/1,000 SF |
| Apartment Style | Low Rise |
| Price | $11,250,000 |
| Price Per Unit | $244,565 |
| Sale Type | Investment |
| Cap Rate | 5% |
| No. Units | 46 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 4.82 AC |
| Building Size | 49,533 SF |
| Average Occupancy | 4% |
| No. Stories | 1 |
| Year Built/Renovated | 1984/2014 |
| Parking Ratio | 0.99/1,000 SF |
Unit Amenities
- Disposal
- Fireplace
- Microwave
- Washer/Dryer
- Refrigerator
- Oven
- Freezer
- Patio
Site Amenities
- Clubhouse
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | $1,250 | 406 - 955 |
| 1+1 | 31 | $1,563 | 621 - 1,036 |
| 2+2 | 9 | $1,975 | 910 - 1,391 |
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PROPERTY TAXES
| Parcel Number | 1220-16-401-008 | Total Assessment | $1,279,676 (2024) |
| Land Assessment | $274,750 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,004,926 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
1220-16-401-008
Land Assessment
$274,750 (2024)
Improvements Assessment
$1,004,926 (2024)
Total Assessment
$1,279,676 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | MFR (Multi-Family Residential) |
| MFR (Multi-Family Residential) |
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Clocktower Apartments | 806 Tillman Ln
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