DOWNTOWN LAS VEGAS 27 UNIT BOUTIQUE APARTMENT

[Tiger M.]

LOOPNET LINK     SEE LINK FOR PHOTOS AND ADDITIONAL INFO

Price $2.45,000

Cap Rate 6.4

NOI $156,800

This property has been extensively renovated in the past 12 months and is fully code compliant creating a 27 unit furnished boutique apartment. All major systems in the building have been replaced which will reduce maintenance expenses for years to come. This is a true coupon clipper stabilized investment. No vacancy factor with this property and no property management required. Current tenant is under a master lease for 100% of the property. Landlord expenses are tax, insurance and utilities (power, water, sewer, trash, security system internet). Tenant pays for interior cleaning & maintenance and any unit specific utilities (internet, cable). These units are within walking distance to all the Fremont Street restaurants and activities. Surrounding buildings are all occupied multi family buildings, most with extensive waiting lists to get into the area. Master lease rate is discounted below market since there is no vacancy. A potential upside on this project would be to convert to multiple tenants at market rates.

27 fully furnished studios make up this property. The top to bottom renovation has modernized this building into a state of the art facility. The electrical, plumbing and mechanical's of the building have been updated to todays standards. The modern furnishings enhance the desirability of theses units. The demand for housing in the downtown area is extremely high as the area continues to evolve into the trendy hip place to be. The tenants enjoy a safe and secure environment all within walking distance to employment centers and entertainment. This building will be an amazing investment.