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 creates 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. 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 fit the demand of the current tenant profile. Each unit comes fully furnished with either a full- or queen-sized Murphy bed, flat 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, 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. Kramer's Midtown is fully turnkey and will provide a safe haven for any investor's capital. Given the premier location of the MidTown submarket, substantial physical and mechanical upgrades, and incomparable level of upgrade, Kramer's Midtown will always be an occupied asset and produce consistent cash flow for the foreseeable future. The submarket where Kramer's Midtown is located in is one of the best defining features of this asset. Right in the middle of MidTown, this location is one of the highest demanded locations for rentals in all of Reno. The close proximity to all of the dining, nightlife, gaming & resort casinos, and art & culture gives Kramer's Midtown all the benefits of the submarket's amenities, while still maintaining a sense of quiet, residential living. Tenants can also benefit from nearby public transportation, creating great ease of access for tenants to traverse the city easily. As more assets are being brought up to modern standards in the MidTown and Downtown submarkets, it has drawn a higher paying tenant profile to these locations. This not only supports the already high achieved rents at Kramer's Midtown, but an investor can also expect continued rent growth as this neighborhood continues to thrive. Kramer’s Midtown is located within the path of progress as numerous new developments and improvements have been made to the surrounding neighborhood. The Reno Public Market, formerly Shoppers Square, underwent a $50 million rehabilitation and is designed to be a modern gathering center that hosts numerous local and national businesses, including Sprouts and CVS, as well as serving as an event center for the community to enjoy. The Reno Experience District is currently under construction but is expected to feature more than 65,000sf of retail space throughout the community, and will become an epicenter of entertainment for Reno. Both are within a 5-minute walk from Kramer’s Midtown.