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Mountain View Apartments 937 N Main St

105 Unit Apartment Building $12,000,000 ($114,286/Unit) 7.13% Cap Rate Tonopah, NV 89049

Investment Highlights

  • Located near existing and developing lithium mines, processing plants and other high paying jobs
  • Directly off Highway 395
  • 48 one bed units, 56 two bed units, and 1 five bed unit
  • Seller to complete renovations
  • High demand area for rental units
  • Halfway between Reno, NV and Las Vegas, NV

Executive Summary

NAI Alliance is proud to present for sale the Mountain View Apartments in Tonopah, NV. This residential complex offers a comfortable and convenient living experience while being situated in a quiet, natural setting surrounded by serene mountain views. With a unit mix of 48 two-bedroom, 56 one-bedroom, and 1 five bed units, this complex has approximately 65 rentable units currently available, with some being offered as furnished for increased returns (Upwards of $1,780 a month in rents per unit). The seller has completed the renovations of every unit and is currently undergoing stabilization of the property. This is the perfect place to call home for those looking for a tranquil living environment.
The apartments are equipped with a range of features that make daily life a breeze. Each unit is spacious and well-designed, offering ample living space and storage. The kitchens are equipped with modern appliances, making meal prep a breeze, and the units feature in-unit laundry facilities for added convenience.
Tonopah's location is one of its major selling points, as it is strategically situated near several lithium/boron/gold & silver mines and processing plants. Lithium is a crucial mineral used in battery manufacturing for electric vehicles and renewable energy technologies, which are becoming increasingly popular due to state and federal mandates to sell all electric vehicles by 2035. Nevada is home to abundant lithium deposits, particularly in the Clayton Valley area, making it a focus for companies seeking a dependable source of the mineral here in the US. The nearby Clayton Valley lithium mining operations, less than an hour from Tonopah, offers great potential for job creation and economic growth, making Tonopah an attractive place to call home for those involved with Lithium as well as other mining operations. The proposed TLC Lithium project, also known as the "Made in America" lithium deposit, would be only a short 8-minute drive, or 6 miles, from Tonopah. Overall, Tonopah's unique position with regards to lithium production offers an opportunity for significant economic development and job growth in central Nevada.

Financial Summary (Pro forma - 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 (Pro forma - 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

Price $12,000,000
Price Per Unit $114,286
Sale Type Investment
Cap Rate 7.13%
No. Units 105
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 3.01 AC
Building Size 79,900 SF
Average Occupancy 89%
No. Stories 2
Year Built 1988

Unit Amenities

  • Air Conditioning
  • Heating
  • Kitchen
  • Refrigerator
  • Tub/Shower

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 56 $650.00 -
2+1 48 $800.00 -
5+2 1 $2,000 -

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
006-531-10
Land Assessment
$4,187 (2024)
Improvements Assessment
$154,207 (2024)
Total Assessment
$158,394 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023

zoning

Zoning Code Multifamily (Nye County/Esmerelda County lines run in the middle of property. A portion of the property sits in Nye County and the remainder in Esmerelda County.)
Multifamily (Nye County/Esmerelda County lines run in the middle of property. A portion of the property sits in Nye County and the remainder in Esmerelda County.)
  • Listing ID: 30180191

  • Date on Market: 5/10/2023

  • Last Updated:

  • Address: 937 N Main St, Tonopah, NV 89049

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