Buying a MF property in Nevada or Arizona

Buying & Selling Real Estate
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Buying a MF property in Nevada or Arizona

Abhishek Joshi
Investor · Member since 2024 · 12 posts · 9 votes

Hello,

We were considering buying MF unit <4plex ideally > and were considering Arizona or Nevada as potential options. I wanted to see if this group had opinions on:

1. Which is the stronger market, with a relatively attractive price point for entry.

2. Are there any particular areas folks would recommend ?

3. Any referrals given we would be out of state, and would need to depend on a partner for both buying as well as PM services.

Thanks a lot for your time and inputs!

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Cassidy KlundtPro Member
Investor · Las Vegas, NV · Member since 2023 · 22 posts · 17 votes
2y

Hey Abhishek - I have the same goals and target markets. Happy to share a bit of what I've uncovered if it helps. 

Rent to price ratio in NV particularly LV and Reno are pretty solid (20+). Depending on the area though, you can see YoY rent decrease, which seems to be a bit concerning. Need to take that into account. That said if you're looking for the Tier 1 cities like PHX or LV, you're likely going to face steeper pricing and/or more competition. With a strong network of brokers, a sponsor, nothing you can't crack into -- and per some feedback I've received on BP from veteran investors, they'd always suggest to look at logistics and proximity first. Hope that helps. If you are wanting individual cities in NV - I could probably shed more light on recent discoveries. Happy to share notes. Let me know what cities and areas you're considering as you dial things in. Take a look at Tier 2 markets as a part of your research. I'm finding some value in doing that. 

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  • Cassidy KlundtPro Member
    Investor · Las Vegas, NV · Member since 2023 · 22 posts · 17 votes
    2y

    Hey Abhishek - I have the same goals and target markets. Happy to share a bit of what I've uncovered if it helps. 

    Rent to price ratio in NV particularly LV and Reno are pretty solid (20+). Depending on the area though, you can see YoY rent decrease, which seems to be a bit concerning. Need to take that into account. That said if you're looking for the Tier 1 cities like PHX or LV, you're likely going to face steeper pricing and/or more competition. With a strong network of brokers, a sponsor, nothing you can't crack into -- and per some feedback I've received on BP from veteran investors, they'd always suggest to look at logistics and proximity first. Hope that helps. If you are wanting individual cities in NV - I could probably shed more light on recent discoveries. Happy to share notes. Let me know what cities and areas you're considering as you dial things in. Take a look at Tier 2 markets as a part of your research. I'm finding some value in doing that. 

    2Reply
  • Shaheen AhmedPro Member
    Contractor · Los Angeles · Member since 2023 · 80 posts · 55 votes
    2y
    Quote from @Abhishek Joshi:

    Hello,

    We were considering buying MF unit <4plex ideally > and were considering Arizona or Nevada as potential options. I wanted to see if this group had opinions on:

    1. Which is the stronger market, with a relatively attractive price point for entry.

    2. Are there any particular areas folks would recommend ?

    3. Any referrals given we would be out of state, and would need to depend on a partner for both buying as well as PM services.

    Thanks a lot for your time and inputs!

    I’m on the same boat, any insight would be greatly appreciated. Thanks 
    0Reply
  • Cassidy KlundtPro Member
    Investor · Las Vegas, NV · Member since 2023 · 22 posts · 17 votes
    2y

    If considering a 4-Plex in Las Vegas, I see several come onto market, and seemingly 4-5 at a time - however they all tend to be C and D Class properties with renovations needed. Many times in C neighborhoods as well. Depends on your strategy. Are you looking for something that's a bit more turnkey or are you wanting to buy something with value add potential? You can always reach me here - or message me individually and we can exchange contact info. Happy to share more information. 

    1Reply
  • Stephen DeThample
    Real Estate Agent · Las Vegas, NV · Member since 2020 · 459 posts · 305 votes
    2y

    If you’re looking for newer class B multifamily, they exist, but you do have to wait for them sometimes and act fast. you’re looking for C or D multifamily, they are available more often. I personally would wait for better investments with the B or higher properties. 

    0Reply
  • Patrick O'SullivanBusiness Member
    Property Manager · Phoenix, AZ · Member since 2024 · 531 posts · 202 votes
    2y

    I'm in the Phoenix market if you would like to speak about the market.

    [email protected]480-795-7938
    get MULTIfamily Property Management4.7220 Reviews
    WebsiteView Page
    0Reply
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