Investment Overview

Marcus & Millichap is proud to present the opportunity to acquire Driftwood Manor, a well-built, well-maintained 12-unit multifamily asset ideally situated in a quiet neighborhood in Sparks, Nevada. Located near both Victorian Square and the Sparks Marina, the property offers residents a convenient location to enjoy the frequent concerts and events that occur year-round, also offering ease of access being 5-minutes to Interstate-80 and within 20-minutes to numerous employment centers including the Tahoe-Reno Industrial Center (TRI-Center) that supports the dozens of employers and thousands of jobs. The property was originally built in 1963, and constructed of masonry framing, concrete block exteriors, and a stone façade at the entrance. The unit mix consists of all one-bedroom / one-bath units with an average square footage of 643sf per unit. A majority of the units have received consistent upgrades featuring a full kitchen appliance package including refrigerator, stove, microwave & dishwasher, new cabinetry and hardware, luxury vinyl plank flooring, LED light fixtures, ceiling fans in the bedrooms, kitchen and bathroom faucets, and full interior paint. There are few remaining, unrenovated units have an approximate $150 rent delta compared to the upgraded units. Additionally, current ownership has painted the asset, installed new exterior lighting, and replaced the sewer main along with numerous interior upgrades. The property offers off-street parking, on-site laundry, and easy-to-care for landscaping. 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 Driftwood Manor is ideally situated for residents seeking an active lifestyle, offering quick access to premier outdoor destinations with a 60-minute drive to Lake Tahoe offering world-class skiing, beaches, hiking, and mountain biking. And a 30- to 45-minute 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.