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Multifamily

Elm Glen Condominiums

1590 Lewis St, Reno, NV 89502

Listing Price: Request For Offer

Number of Units
46
Occupancy
100.0%
Gross SF
42,908

Investment Overview

Marcus & Millichap is proud to present for sale the Elm Glen Condominiums, a 46-unit, six-building, two-story, ready built condominium complex. Constructed in 1964/1965 with wood-framing and stucco exteriors, the condominium designation and plot map were established in 1984 as the Lewis Manor Condominiums, and subsequently changed to Elm Glen. As a requirement to receive the condominium designation, the improvements necessary were as follows: • Each unit has two-hour fire wall separation both at the common wall as well as all exterior walls. Interior floors are framed and blocked to maintain fire suppression by second floor cement features to contain fire to a single floor ( second floor sub-floor concrete) • Plumbing is individual supply on common walls and waste chases centrally located with per unit waste piping access, disposed to a common waste pipe and clean out. All bathrooms are force vented to the roof via ducting. Forced venting of stove and kitchen area are vented up through the roof via ducting as well. • Electrical wiring is encased in rigid, schedule 90 conduits from a central meter to distribution box and distributed to each appliance outlet via EMT conduit. • Each unit is individually metered for natural gas and electricity. • Cable and land-line phone access are hard wired to each unit. • Heating, ventilation, and air conditioning are hard mounted in each unit. Water heaters are secured, pressure vented to the exterior of each unit. Water heaters and forced air heaters are in installed in fully accessible mechanical rooms with exterior ventilation. Wall-mounted air conditioners are optioned out but mounting locations are available for each unit. Each unit is positive pressurized individually due to exterior wrapping of all exterior walls with no non-authorized protrusions. Elm Glen features favorably spacious units comprised of one 624 square foot one-bedroom unit, 28 864 square foot two-bedroom units, and 17 936 square foot three-bedroom units. The 14 upstairs two-bedroom units each have exterior balconies, adding approximately 124 square feet of patio space. Six of the downstairs, three-bedroom units have outdoor decks that are approximately 600 square feet. All of the units are individually metered for gas and electric, paid by the tenants. The complex also contains a laundry facility with six washing machines and six dryers, a manager’s office, and a 2,000 square foot basement for storage and maintenance. Elm Glen is currently rented at 100 percent occupancy. Elm Glen is primed for an investor to capture the value-add opportunity through the implementation of an interior improvement program to lift and position the asset to conform with market standards. The current in-place rents are approximately $380 per unit per month below market on average, with an additional $300 per unit per month that could be captured through various improvements. For example, improvements could include vinyl-plank flooring, upgraded appliance packages, cabinets and countertops, and installation of in-unit washers and dryers. The investment appeal of Elm Glen is driven by the current supply constrained market, with a current market vacancy rate of 3.18 percent as reported in the Q1 2021 Johnson Perkins Griffin Apartment Survey, coupled with the strong demand for apartment living sets the stage for a favorable yield for several years to come. Elm Glen is located within close proximity to major employment centers including the Renown Regional Medical Center, the Grand Sierra Resort and Casino, the Reno-Tahoe International Airport, and Caesar's The Row Resorts. The property is also a short distance to the Sparks Industrial Center and Business Park which is home to dozens of employers, including Q&D Construction, 3 D Concrete, and Quick Space. With the ease of access to both Interstate-80 and Interstate-580, residents of Elm Glen have great access to reach additional areas including a 20-minute drive to the Tahoe-Reno Industrial Center, with employers such as Tesla, Panasonic, and Walmart, and less than an hour drive to Lake Tahoe and world-class outdoor recreation.

Investment Highlights

  • Value-Add Opportunity
  • An Average of $380 per Unit per Month Below Market, with Additional Upside Through Implementing a Renovation Program
  • Extremely Favorable Unit Mix of One Studio, 28 Two-Bedroom, and 17 Three-Bedroom Apartments

Exclusively Listed By

Multifamily

Elm Glen Condominiums

Listing Price: Request For Offer

Number of Units
46
Occupancy
100.0%
Gross SF
42,908

Investment Highlights

  • Value-Add Opportunity
  • An Average of $380 per Unit per Month Below Market, with Additional Upside Through Implementing a Renovation Program
  • Extremely Favorable Unit Mix of One Studio, 28 Two-Bedroom, and 17 Three-Bedroom Apartments

Investment Overview

Marcus & Millichap is proud to present for sale the Elm Glen Condominiums, a 46-unit, six-building, two-story, ready built condominium complex. Constructed in 1964/1965 with wood-framing and stucco exteriors, the condominium designation and plot map were established in 1984 as the Lewis Manor Condominiums, and subsequently changed to Elm Glen. As a requirement to receive the condominium designation, the improvements necessary were as follows: • Each unit has two-hour fire wall separation both at the common wall as well as all exterior walls. Interior floors are framed and blocked to maintain fire suppression by second floor cement features to contain fire to a single floor ( second floor sub-floor concrete) • Plumbing is individual supply on common walls and waste chases centrally located with per unit waste piping access, disposed to a common waste pipe and clean out. All bathrooms are force vented to the roof via ducting. Forced venting of stove and kitchen area are vented up through the roof via ducting as well. • Electrical wiring is encased in rigid, schedule 90 conduits from a central meter to distribution box and distributed to each appliance outlet via EMT conduit. • Each unit is individually metered for natural gas and electricity. • Cable and land-line phone access are hard wired to each unit. • Heating, ventilation, and air conditioning are hard mounted in each unit. Water heaters are secured, pressure vented to the exterior of each unit. Water heaters and forced air heaters are in installed in fully accessible mechanical rooms with exterior ventilation. Wall-mounted air conditioners are optioned out but mounting locations are available for each unit. Each unit is positive pressurized individually due to exterior wrapping of all exterior walls with no non-authorized protrusions. Elm Glen features favorably spacious units comprised of one 624 square foot one-bedroom unit, 28 864 square foot two-bedroom units, and 17 936 square foot three-bedroom units. The 14 upstairs two-bedroom units each have exterior balconies, adding approximately 124 square feet of patio space. Six of the downstairs, three-bedroom units have outdoor decks that are approximately 600 square feet. All of the units are individually metered for gas and electric, paid by the tenants. The complex also contains a laundry facility with six washing machines and six dryers, a manager’s office, and a 2,000 square foot basement for storage and maintenance. Elm Glen is currently rented at 100 percent occupancy. Elm Glen is primed for an investor to capture the value-add opportunity through the implementation of an interior improvement program to lift and position the asset to conform with market standards. The current in-place rents are approximately $380 per unit per month below market on average, with an additional $300 per unit per month that could be captured through various improvements. For example, improvements could include vinyl-plank flooring, upgraded appliance packages, cabinets and countertops, and installation of in-unit washers and dryers. The investment appeal of Elm Glen is driven by the current supply constrained market, with a current market vacancy rate of 3.18 percent as reported in the Q1 2021 Johnson Perkins Griffin Apartment Survey, coupled with the strong demand for apartment living sets the stage for a favorable yield for several years to come. Elm Glen is located within close proximity to major employment centers including the Renown Regional Medical Center, the Grand Sierra Resort and Casino, the Reno-Tahoe International Airport, and Caesar's The Row Resorts. The property is also a short distance to the Sparks Industrial Center and Business Park which is home to dozens of employers, including Q&D Construction, 3 D Concrete, and Quick Space. With the ease of access to both Interstate-80 and Interstate-580, residents of Elm Glen have great access to reach additional areas including a 20-minute drive to the Tahoe-Reno Industrial Center, with employers such as Tesla, Panasonic, and Walmart, and less than an hour drive to Lake Tahoe and world-class outdoor recreation.

Exclusively Listed By

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