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Multifamily

Parkwood Place

130 S East St, Fallon, NV 89406

Listing Price: $1,700,000

Cap Rate
3.40%
Number of Units
12
Occupancy
96.0%
Price/Unit
$141,667
Price/Gross SF
$184.46
Gross SF
9,216

Investment Overview

Marcus & Millichap is proud to present for sale the Parkwood Place Apartments. Comprised of three adjacent four-plex's, the Parkwood Place is composed entirely of two-bedroom/one-bathroom apartments each with a carport and storage closet, as well as each unit is provided with a washer and dryer and individual water heaters. Parkwood Place is located in Fallon, Nevada, an hour drive from Reno, Nevada, and 45 minutes from the Tahoe-Reno Industrial Center (TRI-Center) the nation's largest industrial park. Fallon is largely supported by the Naval Air Station, one of the top military bases in Nevada and currently supports approximately 3,000 active-duty personnel, civilian employees, and DoD contractors - one of the largest employers in the area, and economic contributors to the County and State. Fallon is also based largely in an agricultural community with several dairy farms, alfalfa farms, and cow/calf operations, along with wine grape and grain productions. The City of Fallon, similar to much of Northern Nevada, is currently facing a housing shortage. By itself, the Naval Base is currently "between 180 to 230 houses short, and more than 22% commute from a different county." https://www.nnbw.com/news/2021/feb/26/amid-housing-shortage-churchill-co-poised-economic/ “Our housing studies show that we’re significantly short on rentals in the community,” he said. “And the Navy, with the expansion of the F-35 program, is going to be bringing another additional 1,500 jobs over the next three to five years.” https://www.nevadaappeal.com/news/2021/jan/28/county-managers-optimistic-post-covid-economic-suc/ The investment opportunity for Parkwood Place includes the ability to bring the current rents to market through existing loss-to-lease capture, as well as the added opportunity to do an interior renovation program and lift the existing units to a more modern aesthetic. Opening the investor to greater upside in potential market rents.

Investment Highlights

  • All Units Two-Bedroom/One-Bathroom
  • Favorable Amenities - Carports and Lockable Storage Sheds, In-Unit Laundry, and Individual Water Heaters
  • Under Market Rents and Value-Add Opportunity

Exclusively Listed By

Listing Price: $1,700,000

Cap Rate
3.40%
Number of Units
12
Occupancy
96.0%
Price/Unit
$141,667
Price/Gross SF
$184.46
Gross SF
9,216

Investment Highlights

  • All Units Two-Bedroom/One-Bathroom
  • Favorable Amenities - Carports and Lockable Storage Sheds, In-Unit Laundry, and Individual Water Heaters
  • Under Market Rents and Value-Add Opportunity

Investment Overview

Marcus & Millichap is proud to present for sale the Parkwood Place Apartments. Comprised of three adjacent four-plex's, the Parkwood Place is composed entirely of two-bedroom/one-bathroom apartments each with a carport and storage closet, as well as each unit is provided with a washer and dryer and individual water heaters. Parkwood Place is located in Fallon, Nevada, an hour drive from Reno, Nevada, and 45 minutes from the Tahoe-Reno Industrial Center (TRI-Center) the nation's largest industrial park. Fallon is largely supported by the Naval Air Station, one of the top military bases in Nevada and currently supports approximately 3,000 active-duty personnel, civilian employees, and DoD contractors - one of the largest employers in the area, and economic contributors to the County and State. Fallon is also based largely in an agricultural community with several dairy farms, alfalfa farms, and cow/calf operations, along with wine grape and grain productions. The City of Fallon, similar to much of Northern Nevada, is currently facing a housing shortage. By itself, the Naval Base is currently "between 180 to 230 houses short, and more than 22% commute from a different county." https://www.nnbw.com/news/2021/feb/26/amid-housing-shortage-churchill-co-poised-economic/ “Our housing studies show that we’re significantly short on rentals in the community,” he said. “And the Navy, with the expansion of the F-35 program, is going to be bringing another additional 1,500 jobs over the next three to five years.” https://www.nevadaappeal.com/news/2021/jan/28/county-managers-optimistic-post-covid-economic-suc/ The investment opportunity for Parkwood Place includes the ability to bring the current rents to market through existing loss-to-lease capture, as well as the added opportunity to do an interior renovation program and lift the existing units to a more modern aesthetic. Opening the investor to greater upside in potential market rents.

Exclusively Listed By

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