Investment Overview

Kramer's Midtown is a unique concept delivered to the market by the ownership, Kramer Properties. Kramer Properties has continuously led Reno’s Midtown market through their modern concepts and unique aesthetics they incorporate into each of their assets. Kramer’s Midtown is a further expansion from the multifamily living brand that mixes a modern retro vibe, reminiscent of the 1950’s with modern touches and finishes that create a unique environment for tenants to enjoy. Originally, Kramer's Midtown was a 1950-built motel, formerly the El Dorado Motel, and is zoned Mixed Use which opens an investor to the options of continuing operations as a traditional multifamily living, running as a motel, or as a hybrid by operating in both regards. The current ownership has found success through both facets but currently operates solely as multifamily utilizing 6- to-12-month leases. Kramer’s Midtown also serves as the only currently operating, multifamily complex directly on Virginia Street (a main thoroughfare) within Reno’s MidTown district. Structurally, the property is sound and is built with a wood/steel frame, brick veneer, and a pitched, composite-shingle roof. Through the renovations, which were completed in 2020, the ownership has injected over $1.8 million of capital into the asset including major improvements to the structure, roof, and mechanical systems of the property, as well as the FF&E, signage and artistic mural, and landscaping. Kramer Properties further took this solid asset and brought it into the 21st Century by completely modernizing the living spaces to ût the demand of the current tenant profile. Each unit comes fully furnished with either a full- or queen-sized Murphy bed, üat screen TV, individual mini-split systems to provide A/C and heat, vinyl-plank tile flooring, a stainless-steel appliance package, contemporary fixtures, and modern cabinets with granite countertops. Each unit also includes keyless entry, high-speed internet, an induction cooktop with pots & pans, and full tile-surround bathrooms. The entire property features a 24-hour surveillance system along with an exterior light system to completely illuminate the property, giving tenants an increased feeling of comfort and safety in an already safe neighborhood. Kramer’s Midtown also offers tenants onsite laundry, designated parking, and a luxury clubhouse to relax and socialize, which includes a coffee bar, pool table, gaslit fireplace, TV, and opens up to a street front patio to experience the excitement of Virginia Street.