Investment Overview

Marcus & Millichap is proud to present for sale the Clock Tower Center Apartments, a 46-unit, single-story apartment complex complemented with 49 garages (240-264 SF) and 16 storage units (24 SF), immersed in a mature landscape with dozens of trees, shrubs, and lush greenbelts throughout the community. Constructed in 1984 with wood-framing and T1-11 siding exteriors, pitched roofs with composite shingles, over a crawl-space foundation. Originally built as a convalescent home, the property was redesigned during the early 2000s into the current apartment complex it is today. The owners have focused on renting to a senior tenant base, which the property is perfectly suited for, though not required and a new investor can rent to whomever they choose. Clock Tower Center features a favorable unit mix of six (6) Studio apartments, thirty-one (31) One-Bedroom/One-Bath apartments, and nine (9) Two-Bedroom/Two-Bath apartments with a broad range of square footages ranging from 406 sf up to 1,391 sf across all unit types. Every unit includes an energy-efficient appliance package, in-unit washer/dryers, central air conditioning & heat, large closets, and covered patios. Twenty of the units also include granite countertops, vaulted ceilings, and gas fireplaces as well as ceiling fans in the bedrooms and convenient, walk-in showers. Clock Tower Center is currently rented at 100% occupancy and has experienced strong occupancy throughout its existence. Clock Tower Center is in a position for an investor to capture the value-add opportunity through the implementation of interior renovations, as well as incorporating some additional amenities. The current in-place rents are below market and could be gradually increased, as well as incorporating the interior renovations upon turnover. Clock Tower Center is located in Gardnerville, Nevada, a town approximately 20 minutes south of Carson City and 45 minutes south of Reno, and 30 minutes east of Lake Tahoe. Gardnerville is a premier location at the foot of the Sierra Nevada Mountain range and is perfect for outdoor enthusiasts, remote workers, and retirees with nearly one-third of the population aged 65 and older. The city offers many of the amenities you would find in a larger city, such as aquatic centers, major retailers, and medical facilities while offering a more rural feel.