8 CAP Vegas 27 unit ground up renovation

[Tiger M.]

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.