Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire 338 & 342 Wheeler Avenue, a well-maintained 16-unit multifamily asset ideally located at the intersection of MidTown and the Wells Avenue District in Reno, Nevada. Owned by the same investor since the 1980s, the property is now poised for a new owner to unlock additional value through a programmatic interior renovation. The unit mix includes: 1 Studio, 7 One-Bedroom / One-Bath Units, and 8 Two-Bedroom / One-Bath Units. Each unit features a refrigerator, stove, & dishwasher appliance package, a wall-unit A/C, and either forced-air or in-wall gas heater. The property offers ample off-street parking, on-site laundry, and mature landscaping. ________________________________________ Outstanding Location & Nearby Redevelopment 338/342 Wheeler best benefits is its location and proximity to major redevelopments, and the ease of access to the amenities, jobs, and lifestyle that Northern Nevada has to offer. The location is within walking distance of both Reno’s MidTown & Wells Avenue Districts that offer dining, nightlife, and boutique shopping experiences for the entire City. Once a blighted area of Reno, the two Districts are now home to some of Reno’s best restaurants and bring people from all over the city to experience the best Reno has to offer. Other attractions, all walking distance to 338/342 Wheeler, are The Discovery Museum, Nevada Museum of Art, the Truckee River, and the Pioneer Center for the Performing Arts. Downtown Reno is currently undergoing several developments that are considerably improving the submarket. Most significant is the Neon Line District, a one-billion-dollar investment that stretches from downtown Reno’s West Street to Keystone Avenue, and from Interstate-80 South to West Second Street. The Neon Line District is designed to be an arts and entertainment zone that will include a mix of retail, dining, and living options. The developer has acquired dozens of properties and parcels of land, and has over $400 million currently invested, including over $300 million into the renovation of the Sands Regency Casino Hotel, now J Resort, and another $130 million committed to further improvements to J Resort. ________________________________________ Strong Economic Drivers The Reno-Sparks region has seen robust economic growth driven by the expansion of numerous nationally recognized companies such as Tesla, Apple, Google, Amazon, Panasonic, Switch Digital, and Blockchain LLC, as well as dozens of lesser-known employers that are creating thousands of jobs in the market. Many of these companies operate out of the Tahoe-Reno Industrial Center (TRI Center), the largest industrial park in the U.S., located just a short drive from the property. ________________________________________ Outdoor Lifestyle & Recreation 338/342 Wheeler is ideally situated for residents seeking an active lifestyle, offering quick access to premier outdoor destinations with a 45-minute drive to Lake Tahoe offering world-class skiing, beaches, hiking, and mountain biking. And a 30-munite drive to Boca, Stampede, and Frenchman Lake, ideal for fishing, boating, and camping Other outdoor recreational locations such as golf courses, local parks, the Truckee River, and many more are all within close proximity to the property. ________________________________________ Investor-Friendly Tax Environment Nevada's favorable tax structure enhances the asset's investment appeal. The state levies no personal income tax, corporate tax, franchise tax, inventory tax, or gift tax. Additionally, the property is located within a federally designated Opportunity Zone and is being offered free and clear of existing debt, providing flexibility for a variety of investment strategies.