Investment Overview

Marcus & Millichap is pleased to present for sale Comstock Meadows RV Park, a 150 site new construction facility strategically located in the heart of the Tahoe-Reno Industrial Center (TRI Center). The subject property is located on East Sydney Drive, directly between the Tesla Gigafactory and the Switch Citadel Campus. The property has demonstrated strong initial leasing activity and has proven income, yet a remarkable amount of upside potential remains for a new owner. Comstock Meadows has been engineered and constructed with durability and ease of maintenance at the forefront, resulting in high-quality infrastructure that in most cases exceeds code. For example, all RV sites have been engineered with the ability to isolate and shut off water and electrical circuits, ensuring easy repairs and limited downtime. The manager’s home has both electrical and gas stubbed for appliances, allowing for easy conversion if ever desired. A separate interior walkway was created along the back of all shower units, which has plumbing exposed for simple repairs if ever needed. There is an extensive list of well thought out design features - please contact agent for details. The current ownership of Comstock Meadows RV Park has catered towards workforce housing, which the area is in dire need of. Twenty-five thousand people work within the TRI Center, and there is only one extended stay hotel within fifteen miles. Nearly all of the TRI Center’s workers are currently living and commuting from the Reno-Sparks MSA or Fernley (30-45 minutes). Comstock Meadows RV Park’s rental rates are a fraction of the cost of any housing options in Reno/Sparks, and is within a three minute drive from most of the major employers in the TRI Center. Comstock Meadows also has the ability to cater towards daily / weekly customers, as it is only a few miles from Interstate 80. A significant amount of “Snowbirds” travel this route in the spring and fall while heading north and south, and Comstock Meadows is the obvious choice for travelers heading east and west who would prefer to avoid driving in the busy Reno/Sparks MSA. Current ownership has focused on monthly rentals for ease of management, but capitalizing on the daily / weekly rates has potential to significantly improve the net operating income. The financials provided only account for monthly rental income from the RV spaces, and laundry / shower income. A new owner can substantially improve income through a variety of options that have not yet been implemented. For example, a few opportunities are to begin operating a convenience store (the building is already completed), propane exchange, gaming, offering Wi-Fi at a fee, raising rental rates and focusing on more daily / weekly customers. Listed for sale at $10,500,000, this property is a one of a kind offering that has true potential to achieve double-digit returns in the near future.