Investment Overview

Marcus & Millichap is proud to present for sale the Berrum Lane Apartments, an eight-unit multifamily investment property located in Old Southwest Reno. The Asset has been well-cared for by the current ownership for nearly 40 years. This property is well-positioned to be a favorable long-term asset in the growing Reno Market. Berrum Lane was built in 1979 and features two adjacent, four-plex properties. Constructed with wood/steel framing and a composite shingle roof. The property consists of all two-bedroom units that are approximately 1,250 and 965 square feet based on the unit, the larger of which have an additional half-bath. Each unit features a favorable floor plan with attached one or two-car garages, central air conditioning and heat, ceiling fans, fireplaces, ample storage space, and patios or balconies. The property also features a common laundry room. The investment value is driven by the imbedded loss-to-lease of average rents nearly 20 percent below market, with additional potential opportunity through an interior, value-add play. Additional upside can be captured through the implementation of a utility bill-back program, to offset the costs of utilities. Other income items such as pet rents could be utilized as well.