For Sale
$2,100,000

211 Mizpah CirTonopah, NV 89049

30-unit complex, high potential.

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional 30-unit multifamily property in Tonopah, Nevada, presents a compelling investment opportunity. The complex comprises five two-story buildings, each unit offering approximately 1100 square feet of living space with two bedrooms and 1.5 bathrooms. Amenities include a fireplace, living room, dining area, breakfast bar, laundry area, and patio. Individual units feature separate meters and private parking. Currently boasting 98% occupancy, the property generates a Net Operating Income (NOI) of $123,000. A pro-forma NOI of $186,000 is projected based on a market rent increase to $675 per unit. The asking price is $2,100,000, representing a price per unit of $70,000 and a 5.85% cap rate. While some buildings require roof repairs and the interior driveway needs paving, this value-add opportunity offers significant upside potential. The property is zoned in a way that allows for potential future subdivision and individual unit sales, although additional surveying and CC&R development would be required. Current average rent is $500 per month, significantly below market rates, indicating substantial room for rent increases. This property is located at 211 Mizpah Cir, Tonopah, NV 89049.

Highlights

  • 30-unit multifamily property in Tonopah, NV, offering significant value-add potential.
  • Each unit features approximately 1100 square feet, two bedrooms, and 1.5 bathrooms. Amenities include fireplaces, living rooms, dining areas, breakfast bars, laundry areas, and patios.
  • Currently 98% occupied, generating a $123,000 NOI, with a pro forma NOI of $186,000 projected after rent increases.
  • Asking price: $2,100,000 ($70,000 per unit), representing a 5.85% cap rate. Current rent is $500/month, significantly below market.
  • Needs roof repairs on some buildings and interior driveway paving. Zoned for potential future subdivision into individual townhomes (additional surveying and CC&R development required).

Property Details for 211 Mizpah Cir

Property type
Residential income homes, Apartment buildings
Class
C
Buildings
5
Units
30

Location Insight

City
Tonopah
County
Nye
State
Nevada
Latitude
38.066619
Longitude
-117.2218918
211 Mizpah Cir, Tonopah, Nevada

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211 Mizpah Cir
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