Traditional Site

1791 South Sutro Terrace - Carson City, NV  89706

Strategically situated near Interstate 580, the opportunity offers a qualified investor acquisition of a cash-flowing facility boasting high occupancies year-round with significant upside potential to increase revenue through raising rates to reflect the surrounding market. Furthermore, the opportunity also offers strong pro forma projections, including a leveraged IRR in year seven of 23.2 percent and a year two cash-on-cash return of 11.9 percent, paired with a pro forma capitalization rate of 7.67 percent.

Constructed in 2004, the owner-operated facility resides on 0.75 acres, comprised of 14,200 rentable square feet among four buildings and 105 total units, which also includes three boat/RV parking spaces and one storage unit currently being utilized as an office space. The facility has consistently high physical and economic occupancies of 98.4 percent and 79.9 percent, respectively, with the upside to offer additional units through both breaking down larger units and reallocating 300 square feet of office space, resulting in 107 units. Recently, the well-maintained location recently benefited from asphalt resurfacing to ensure convenient drive-up access for tenants. The facility is secured with perimeter-wide fencing, gated entry, keypad access and video surveillance that can be operated remotely through a security application.

The facility is located at 1791 South Sutro Terrace, residing just north of Interstate 580 at a 1.1-mile distance with average traffic counts of over 38,000 vehicles daily. The facility also has strategic access to State Highway 531 at a 0.8-mile distance, State Highway 525 at a 1.4-mile distance and U.S. Highway 50 at a 2.2-mile distance, which also serves as a connector to the coveted Lake Tahoe. With a significant number of main thoroughfares in proximity to the subject, these roadways are lined with major retailers, including Super Walmart, The Home Depot, FedEx and Taco Bell, among many others. The subject advantageously resides closest to a large residential community located directly to the north and west, neighboring the city's largest employer Carson Tahoe Health.

A number of developments are currently underway as individuals and businesses continue to migrate into the facility's nearby vicinity. The developments, comprised primarily of multifamily and senior housing, are all located five miles or less from the subject such as the Emerson Drive Multifamily Development at a 1.2-mile distance, Silver Oak Apartment Villas at a 2.2-mile distance and Carson Tahoe Health's Prestige Care senior housing at a 3.5-mile distance.

Referred to as the Consolidated Municipality of Carson City, this well-connected state capitol's major industries include healthcare, retail and education. Carson City continues to hold considerable rankings throughout Forbes, including its standing as one of the best small places for doing business, and is noted for its steady job growth and high-quality education. Furthermore, the city recently ranked as the best place to retire, according to Livability.

Carson City is located just minutes from Lake Tahoe, boasting approximately three million visitors annually with its breathtaking clear waters and panoramic views of the Sierra Nevada Mountains. Compared to Yellowstone National Park, which sees an estimated 2.7 million tourists annually, Lake Tahoe is ranked as one of the top tourist destinations in the United States with its outdoor recreation, combined with gaming and nightlife activities offered in Carson City.

Known as the Silver State, Nevada provides an ideal climate for business-friendly policies and scenic sites, prompting a steady migration throughout the years. Between 2015 and 2016, the U.S. Census Bureau reported that the state witnessed the second highest percentage of population growth. Additionally, the while from 2010 to 2017, the state ranked as one of the top 10 states with the highest percentage of population growth. Vinny's Minis is being offered at $1,400,000, or $98.59 per rentable square foot.

$1,400,000
Property Type:
Traditional Site 
Status :
Available 
Rentable Square Feet:
14,200 Sq Ft
Acreage:
0.75 Acres
Number of Buildings:
4 Bldg(s)
Number of Units:
105 Unit(s)
Room For Expansion
No
Days Listed:
12 Days
Updated:
05/15/18 

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