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Multifamily

Cal Ave Studios

422 California Ave, Reno, NV 89509

Listing Price: $14,000,000

Cap Rate
3.44%
Number of Units
36
Occupancy
96.0%
Price/Unit
$388,889
Price/Gross SF
$801.37
Gross SF
17,470

Investment Overview

Marcus & Millichap is proud to exclusively present for sale the Cal Ave Studios. A Class A new-construction, modern studio and loft apartment community located at the convergence of Reno's Downtown and Midtown districts. Cal Ave Studios features 36 units in a modern three-story building showcasing sophisticated urban architecture with modern amenities and luxury finishes, perfectly catered towards the urban demographic drawn to this location. The highly desirable location is one of the most unique and best defining features of the Asset. Midtown is one of the highest demanded locations for rentals in all of Reno due to the dining and nightlife options, boutique shopping, fitness studios, and employment opportunities. Downtown offers additional entertainment options including The Row casinos, the Neon Line District, and the Reno Events Center. Cal Ave Studios features a Walk Score of 94 (making it a Walkers Paradise) and a Bike Score of 85. Cal Ave Studios offers a new investor additional upside through embedded Loss-to-Lease recapture, implementing a RUBS program, and increasing ancillary income to market such as garage income, pet rents, and parking income. The Reno-Sparks market has experienced strong and sustained growth in virtually every economic metric, and with an overall lack of housing and continued population growth, future rent growth is expected as well. Cal Ave Studios represents an extremely rare opportunity to acquire a brand-new, legacy asset in the most desirable location Reno offers.

Investment Highlights

  • New Construction, Awarded Best New Home Product for Multifamily Market Rent by the Builders Association of Northern Nevada
  • Strong and Growing Micro-Location With High-Demand Product
  • Stabilized Asset With Upside Through Management Efficiencies, Loss-To-Lease Recapture, and Ancillary Income Opportunity

Exclusively Listed By

Multifamily

Cal Ave Studios

Listing Price: $14,000,000

Cap Rate
3.44%
Number of Units
36
Occupancy
96.0%
Price/Unit
$388,889
Price/Gross SF
$801.37
Gross SF
17,470

Investment Highlights

  • New Construction, Awarded Best New Home Product for Multifamily Market Rent by the Builders Association of Northern Nevada
  • Strong and Growing Micro-Location With High-Demand Product
  • Stabilized Asset With Upside Through Management Efficiencies, Loss-To-Lease Recapture, and Ancillary Income Opportunity

Investment Overview

Marcus & Millichap is proud to exclusively present for sale the Cal Ave Studios. A Class A new-construction, modern studio and loft apartment community located at the convergence of Reno's Downtown and Midtown districts. Cal Ave Studios features 36 units in a modern three-story building showcasing sophisticated urban architecture with modern amenities and luxury finishes, perfectly catered towards the urban demographic drawn to this location. The highly desirable location is one of the most unique and best defining features of the Asset. Midtown is one of the highest demanded locations for rentals in all of Reno due to the dining and nightlife options, boutique shopping, fitness studios, and employment opportunities. Downtown offers additional entertainment options including The Row casinos, the Neon Line District, and the Reno Events Center. Cal Ave Studios features a Walk Score of 94 (making it a Walkers Paradise) and a Bike Score of 85. Cal Ave Studios offers a new investor additional upside through embedded Loss-to-Lease recapture, implementing a RUBS program, and increasing ancillary income to market such as garage income, pet rents, and parking income. The Reno-Sparks market has experienced strong and sustained growth in virtually every economic metric, and with an overall lack of housing and continued population growth, future rent growth is expected as well. Cal Ave Studios represents an extremely rare opportunity to acquire a brand-new, legacy asset in the most desirable location Reno offers.

Exclusively Listed By

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