2150 Victorian AveSparks, NV 89431

Property Details for 2150 Victorian Ave

Year built

1943

Construction

WOOD

Lot size

0.52 AC

Property size (Sq ft)

5,089 SF

Zone code

MUD

Property type

Hospitality properties

Property subtype

Motels

APN

032-023-06

APU

3202306

Description

This exceptional 23-unit apartment complex, known as Sparks Studios, presents a compelling investment opportunity. Located at 2150 Victorian Ave, Sparks, NV 89431, this multifamily property boasts a total of 5,089 square feet situated on a 0.52-acre lot. Built in 1943 and extensively renovated in 2021, the property comprises two one-story buildings and offers a mix of studio and one-bedroom units ranging from 220 to 400 square feet. The property features on-site laundry facilities and ample parking. Adding to its unique appeal are three rentable travel trailers, currently generating $1,300 each per month and operating with a waiting list, and five fully furnished units dedicated to short-term rentals, providing additional revenue streams. Recent renovations include a new roof, water heaters, electrical upgrades, gas and sewer line repairs, new flooring, paint, and kitchenettes. The property's strong financial performance is reflected in its $2,800,000 asking price, a $550.21 price per square foot, a 7.90% cap rate, and a net operating income (NOI) of $221,104. The property is zoned MUD and has a Washoe County APN of 032-023-06. Seller financing is available. Detailed financial information, including a rent roll, is available upon request. This property offers a blend of stable long-term rental income and the potential for increased revenue through short-term rentals and the unique travel trailer units. The convenient Sparks location near Victorian Square provides easy access to amenities and public transportation.

• CAP approach

  CAP return

  Valuation

  6%

  $868,710

  6.5%

  $801,887

  7%

  $744,609

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,738,526

  Geo Method

  $2,738,526

• Alternative Use

  Use

  Valuation

  Residential

  $875,427

  Hospitality

  $801,887

  Educational

  $667,160

  Medical

  $690,105

  Retail

  $1,037,805

Location Insight

City

Sparks

County

Washoe

State

Nevada

Latitude

39.5356

Longitude

-119.772

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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