All Forum Posts by: Tiger M.

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Cap Rate 6.4

This property has been extensively renovated in the past 12 months and is fully code compliant creating a 27 unit furnished boutique apartment. All major systems in the building have been replaced which will reduce maintenance expenses for years to come. This is a true coupon clipper stabilized investment. No vacancy factor with this property and no property management required. Current tenant is under a master lease for 100% of the property. Landlord expenses are tax, insurance and utilities (power, water, sewer, trash, security system internet). Tenant pays for interior cleaning & maintenance and any unit specific utilities (internet, cable). These units are within walking distance to all the Fremont Street restaurants and activities. Surrounding buildings are all occupied multi family buildings, most with extensive waiting lists to get into the area. Master lease rate is discounted below market since there is no vacancy. A potential upside on this project would be to convert to multiple tenants at market rates.

27 fully furnished studios make up this property. The top to bottom renovation has modernized this building into a state of the art facility. The electrical, plumbing and mechanical's of the building have been updated to todays standards. The modern furnishings enhance the desirability of theses units. The demand for housing in the downtown area is extremely high as the area continues to evolve into the trendy hip place to be. The tenants enjoy a safe and secure environment all within walking distance to employment centers and entertainment. This building will be an amazing investment.

@Brandon L. Yes Im a Broker, they will go into MLS after BP get a first peak.

@Phillip Dwyer You DO have a crystal ball

@Robert Adams They are open to a bulk sale and actually prefer it. Send offers to Mike as Im out of office until Tuesday.

Michael K. Castillo | Realtor

University of Nevada Las Vegas `97

Tradewind Investments

6350 W. Cheyenne Ave.

Las Vegas, NV 89108

Office 702.870.5500 |Cell 702.292.0760 | Fax 702.247.9144

This Fixer Upper has had same tenant for 15 yrs who is currently month to month and can stay or move. Potential flip or long term hold. On BP for a couple days before it gets listed at a higher price. Do not disturb tenant. All offers subject to inspection. Email or call

We did. The owners weighed the cost of the system with installation and decided it was better to go with the insurance deductible. Where we need them the most is in condos and you can't get the HOA to cooperate in past experience. Nothing worse than an upstairs unit flooding and then drenching the unit below. Had that one last year.

Hi Rita,

Would you prefer to spend funds on carpet several times over the ownership or once and be done? Most of our owners are opting for the PVC wood look flooring unless they are tight on funds and then they go carpet at approximately $2 PSF. Handyman Restorations is a contractor that does ours and they run approximately $4 PSF installed for the wood-PVC. If the property is higher end, I have seen as high as $10 PSF for top quality wood so that could be a consideration to preserve value upon exit.

Hi George,

I have been in the mutlifam market in LV since 1994. Im happy to cuss and discuss the world of 100 and under units in Vegas. Im both an investor and property manager so I have all kinds of good stories to share.

rehabs, bread and butter hold rentals 1987 & newer, 18b Arts District, value add commercial & storage land for today.

Really depends on the product type.

A and B units over 200 units are running 4-5.5 CAP

I have seen a couple under 100 units C properties listed in the 6-7.5 range.

Arts District has a nice 76 unit listed at a 7.27 CAP, $4.2 Million. There is a small 18 unit right off the Fremont street entertainment district at 8.28 CAP, $1 Million. 300 unit at Fremont street 8.12 CAP, $21.5 Million.

D, don't know who buys this stuff but....

7 unit in a higher crime area 12.94 CAP, $235K.

Add us in too, always looking for product.