Mixed-Use

The Westlyn Apartments

118 West St, Reno, NV 89501

Listing Price: $13,500,000

Cap Rate
5.86%
Number of Units
164
Price/Unit
$82,317
Price/Gross SF
$275.71
Gross SF
48,964

Investment Overview

Best Micro Location as a Competitive Differentiator
The Westlyn benefits from its favorable location in downtown Reno considered one of the region's most desirable neighborhoods given its proximity to employment, University of Nevada, Reno, entertainment venues, restaurants, and bistros. The community's ideal location provides residents convenient ingress/egress to major transportation arteries including Interstate-80 and U.S.-580, as well as a 30-minute drive to the superb natural beauty of Lake Tahoe and the Sierra Nevada Mountains. The Reno-Tahoe International Airport is just a five-minute drive from The Westlyn.

High Demand Product Type
The Westlyn offers a unique product type that fits a high-demand segment of the market. The units are suited perfectly for the individuals that work and live in the Downtown submarket, who demand a quality unit with an efficient amount of space. The comparable properties also support the need for downtown living, as all have historically high occupancy levels in the high-90% to 100% range. The next investor is expected to see continued cash flow through maintaining current operations, as well as capitalizing on a market that sits at a 3.32% vacancy rate and rents continuing to climb.

Located Near Major Revitalization Projects
Downtown Reno is currently undergoing several developments that are considerably improving the submarket. Most significant and within a 10-minute walk of The Westlyn is the Neon Line District, a $1 billion improvement 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 district that will be include a mix of retail, dining, and living options. The developer has acquired over 50 separate properties and has invested over $100 million with significantly more to come, including a $250 million renovation and rebranding to the Sands Regency Casino Hotel.

Investment Highlights

  • Offered Free and Clear
  • Located in the Heart of Downtown Reno, Along the Truckee River
  • Recent Capital Expenses Already Taken Place
  • Unique Mixed-Use of Multifamily and Retail
  • Going-In Cap Rate of 5.86% on Sound Underwriting
  • Proforma Cap Rate of 6.73% with Loss-to-Lease Capture

Exclusively Listed By

Mixed-Use

The Westlyn Apartments

Listing Price: $13,500,000

Cap Rate
5.86%
Number of Units
164
Price/Unit
$82,317
Price/Gross SF
$275.71
Gross SF
48,964

Investment Highlights

  • Offered Free and Clear
  • Located in the Heart of Downtown Reno, Along the Truckee River
  • Recent Capital Expenses Already Taken Place
  • Unique Mixed-Use of Multifamily and Retail
  • Going-In Cap Rate of 5.86% on Sound Underwriting
  • Proforma Cap Rate of 6.73% with Loss-to-Lease Capture

Investment Overview

Best Micro Location as a Competitive Differentiator
The Westlyn benefits from its favorable location in downtown Reno considered one of the region's most desirable neighborhoods given its proximity to employment, University of Nevada, Reno, entertainment venues, restaurants, and bistros. The community's ideal location provides residents convenient ingress/egress to major transportation arteries including Interstate-80 and U.S.-580, as well as a 30-minute drive to the superb natural beauty of Lake Tahoe and the Sierra Nevada Mountains. The Reno-Tahoe International Airport is just a five-minute drive from The Westlyn.

High Demand Product Type
The Westlyn offers a unique product type that fits a high-demand segment of the market. The units are suited perfectly for the individuals that work and live in the Downtown submarket, who demand a quality unit with an efficient amount of space. The comparable properties also support the need for downtown living, as all have historically high occupancy levels in the high-90% to 100% range. The next investor is expected to see continued cash flow through maintaining current operations, as well as capitalizing on a market that sits at a 3.32% vacancy rate and rents continuing to climb.

Located Near Major Revitalization Projects
Downtown Reno is currently undergoing several developments that are considerably improving the submarket. Most significant and within a 10-minute walk of The Westlyn is the Neon Line District, a $1 billion improvement 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 district that will be include a mix of retail, dining, and living options. The developer has acquired over 50 separate properties and has invested over $100 million with significantly more to come, including a $250 million renovation and rebranding to the Sands Regency Casino Hotel.

Exclusively Listed By

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