937 Main StTonopah, NV 89049

Property Details for 937 Main St

Year built

1988

Lot size

3.01 AC

Property size (Sq ft)

79,900 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This 79,900 square foot, 105-unit apartment building in Tonopah, Nevada, presents a compelling value-add investment opportunity. The property, built in 1988 and extensively renovated in 2023, comprises four two-story buildings situated on a 3.01-acre lot (APN: 008-021-02 and 006-531-10). The unit mix includes 56 one-bedroom, 48 two-bedroom, and 1 five-bedroom units, totaling 105 units and 4 pads. Currently operating at 55% occupancy, the property offers significant upside potential. The asking price is $12,000,000, translating to $150.19 per square foot and $114,285.71 per unit. The pro-forma net operating income (NOI) is $855,141, yielding a 7.13% cap rate. The property is conveniently located off Highway 395, midway between Reno and Las Vegas, and benefits from its proximity to several lithium, boron, gold, and silver mines and processing plants, including the proposed TLC Lithium project (approximately 6 miles away). This strategic location contributes to high rental demand in the area. The property is zoned for multifamily use. All renovations are complete, and the property is currently undergoing stabilization.

Location Insight

City

Tonopah

County

Nye

State

Nevada

Latitude

38.0757

Longitude

-117.248

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