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Multifamily

The Berger Portfolio

815 Nevada St, Reno, NV 89503

Listing Price: $9,400,000

Cap Rate
5.17%
Number of Units
67
GRM
9.18
Occupancy
94.0%
Price/Unit
$140,299

Investment Overview

Marcus & Millichap is pleased to present for sale The Berger Portfolio, an exceptional investment opportunity. Situated on approximately 2.31 acres of nearly adjacent parcels, this six-asset package totaling 67 units is comprised of One--, Two-- and three-bedroom apartments. This opportunity offers a rare chance to acquire assets at scale in a highly desirable location, within walking distance to both the University of Nevada and downtown Reno.

Value-Add Opportunity: One of the key highlights of this investment is the opportunity to capture the
embedded Loss-to-Lease, approximately 18.41%, between current and market rents through implementing a strategic rent increase plan. These properties are also staged for an investor to execute an interior renovation play to further increase rents, resulting in increased revenue and improved returns.

Utility Bill Back Program: Another avenue for potential upside lies in the implementation of a utility bill back program to recapture a portion of the expenses for the owner.

The well-maintained condition and favorable location of the portfolio, coupled with the value-add potential through rent adjustments, renovation upside, and the utility bill back program, positions this investment for substantial upside in both cash flow and property value. Considering the strong market fundamentals and the property's micro-location, this investment comprises a favorable return for years to come.

Investment Highlights

  • Strong & Growing Market - Continued Outperforming Rent Growth & Demand
  • Premier Location - Walking Distance to the University of Nevada, Reno & Close to Downtown & MidTown Reno
  • Ability to Purchase at Scale - Opportunity to Purchase 67 Units in Highly Sought After Reno-Sparks MSA

Exclusively Listed By

Multifamily

The Berger Portfolio

Listing Price: $9,400,000

Cap Rate
5.17%
Number of Units
67
GRM
9.18
Occupancy
94.0%
Price/Unit
$140,299

Investment Highlights

  • Strong & Growing Market - Continued Outperforming Rent Growth & Demand
  • Premier Location - Walking Distance to the University of Nevada, Reno & Close to Downtown & MidTown Reno
  • Ability to Purchase at Scale - Opportunity to Purchase 67 Units in Highly Sought After Reno-Sparks MSA

Investment Overview

Marcus & Millichap is pleased to present for sale The Berger Portfolio, an exceptional investment opportunity. Situated on approximately 2.31 acres of nearly adjacent parcels, this six-asset package totaling 67 units is comprised of One--, Two-- and three-bedroom apartments. This opportunity offers a rare chance to acquire assets at scale in a highly desirable location, within walking distance to both the University of Nevada and downtown Reno. Value-Add Opportunity: One of the key highlights of this investment is the opportunity to capture the embedded Loss-to-Lease, approximately 18.41%, between current and market rents through implementing a strategic rent increase plan. These properties are also staged for an investor to execute an interior renovation play to further increase rents, resulting in increased revenue and improved returns. Utility Bill Back Program: Another avenue for potential upside lies in the implementation of a utility bill back program to recapture a portion of the expenses for the owner. The well-maintained condition and favorable location of the portfolio, coupled with the value-add potential through rent adjustments, renovation upside, and the utility bill back program, positions this investment for substantial upside in both cash flow and property value. Considering the strong market fundamentals and the property's micro-location, this investment comprises a favorable return for years to come.

Exclusively Listed By

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