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Mixed-Use

3rd Street Flats

303 W 3rd St, Reno, NV 89501

Listing Price: Request For Offer

Number of Units
98
Gross SF
78,209

Investment Overview

The asset began its journey as the Kings Inn, a hotel and casino built in the casino boom of the 70s, that stayed in operation for about seven years before shutting down and remaining boarded-up and vacant for nearly three decades. In 2016, the property was revitalized from a downtown eyesore into the luxury living location that it is today. The City of Reno revered the development of the 3rd Street Flats as it has helped spur further improvement and investment into Downtown Reno. Ever since the refurbishment of the asset, the property has continuously exceeded expectations and the performance has maintained throughout the Pandemic.

The investment appeal of the 3rd Street Flats stems from its stable operations and desirable submarket. The asset is being offered on an assumption of the existing loan. The current loan was placed in February 2018 with a principal balance of $14,807,000 at a 10-year fixed rate of 5.07%, amortized over 30 years. The asset is still in an Interest-Only period that extends through March 2023. An investor may find an opportunity to place a supplemental loan on the property, though the returns are still favorable on a 10-year basis factoring in a future refinance.

The 3rd Street Flats is a seven-story amalgamation of luxury finishes, premium amenities, curated art, and an unbeatable location. The experience begins by entering the community in the lounge which features a massive community kitchen, billiards table, shuffleboard, community seating area with large screen TVs, and a modern gas fireplace. Continuing the journey through the property, 3rd Street Flats provides tenants with an array of amenities including a state-of-the-art fitness center, a rooftop pool and sky lounge with a built-in gas grill and firepit, an outdoor bocce ball court, and a private business center. The community also offers a laundry room for the select few units without in-unit laundry, additional storage lockers for rent between $40-$60 per month, a bicycle storage and repair center, and a secured, two-level subterranean parking garage; a very-unique feature that will likely never be duplicated in the region. 3rd Street Flats is pet friendly and offers a private dog park, as well as a pet spa and grooming area, which is unique for a community of this size.

3rd Street Flats offers a favorable mix of studios, one and two-bedroom units with square footages ranging from 472 SF to 1,281 SF for tenants to choose from. Moving into the units, the apartments feature an open-concept floorplan with vinyl-plank flooring, stainless steel appliances, European cabinets with brushed nickel hardware, USB outlets, and quartz countertops with pull-down faucets. There are also loft-style exposed ceilings and modern light sconces, dual-pane hopper windows, and front-loading washers and dryers.

3rd Street Flats is a proven market leader and forefront multifamily asset in the downtown Reno submarket.

Investment Highlights

  • Favorable Long-Term Returns
  • Stabilized Operations with Upside in Loss-to-Lease Recapture
  • Opportunity to Lease Vacant Retail Space
  • Trophy Asset, Located in Highly Desirable Submarket
  • Luxury Finishes and Comprehensive Amenity Package
  • Favorable Unit Mix of Studios, One and Two-Bedroom Apartments

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
98
Gross SF
78,209

Investment Highlights

  • Favorable Long-Term Returns
  • Stabilized Operations with Upside in Loss-to-Lease Recapture
  • Opportunity to Lease Vacant Retail Space
  • Trophy Asset, Located in Highly Desirable Submarket
  • Luxury Finishes and Comprehensive Amenity Package
  • Favorable Unit Mix of Studios, One and Two-Bedroom Apartments

Investment Overview

The asset began its journey as the Kings Inn, a hotel and casino built in the casino boom of the 70s, that stayed in operation for about seven years before shutting down and remaining boarded-up and vacant for nearly three decades. In 2016, the property was revitalized from a downtown eyesore into the luxury living location that it is today. The City of Reno revered the development of the 3rd Street Flats as it has helped spur further improvement and investment into Downtown Reno. Ever since the refurbishment of the asset, the property has continuously exceeded expectations and the performance has maintained throughout the Pandemic.

The investment appeal of the 3rd Street Flats stems from its stable operations and desirable submarket. The asset is being offered on an assumption of the existing loan. The current loan was placed in February 2018 with a principal balance of $14,807,000 at a 10-year fixed rate of 5.07%, amortized over 30 years. The asset is still in an Interest-Only period that extends through March 2023. An investor may find an opportunity to place a supplemental loan on the property, though the returns are still favorable on a 10-year basis factoring in a future refinance.

The 3rd Street Flats is a seven-story amalgamation of luxury finishes, premium amenities, curated art, and an unbeatable location. The experience begins by entering the community in the lounge which features a massive community kitchen, billiards table, shuffleboard, community seating area with large screen TVs, and a modern gas fireplace. Continuing the journey through the property, 3rd Street Flats provides tenants with an array of amenities including a state-of-the-art fitness center, a rooftop pool and sky lounge with a built-in gas grill and firepit, an outdoor bocce ball court, and a private business center. The community also offers a laundry room for the select few units without in-unit laundry, additional storage lockers for rent between $40-$60 per month, a bicycle storage and repair center, and a secured, two-level subterranean parking garage; a very-unique feature that will likely never be duplicated in the region. 3rd Street Flats is pet friendly and offers a private dog park, as well as a pet spa and grooming area, which is unique for a community of this size.

3rd Street Flats offers a favorable mix of studios, one and two-bedroom units with square footages ranging from 472 SF to 1,281 SF for tenants to choose from. Moving into the units, the apartments feature an open-concept floorplan with vinyl-plank flooring, stainless steel appliances, European cabinets with brushed nickel hardware, USB outlets, and quartz countertops with pull-down faucets. There are also loft-style exposed ceilings and modern light sconces, dual-pane hopper windows, and front-loading washers and dryers.

3rd Street Flats is a proven market leader and forefront multifamily asset in the downtown Reno submarket.

Exclusively Listed By

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