SOLD | 925,927 Manhattan St, Reno | 9 Units | $650k | 5.5% Cap

MANHATTAN ST 9-PLEX CONDOS FOR SALE
925, 927 MANHATTAN ST, RENO, NV 89512

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Trevor Richardson, Commercial Agent
Multifamily Specialist
EMAIL trichardson@dicksoncg.com
OFFICE 775.850.3031
CELL 775.233.0754
Natalie Richardson, Realtor
Residential Specialist
EMAIL nrichardson@dicksonrealty.com
OFFICE 775.850.3031
CELL 775.233.0754
OFFERING SUMMARY
FINANCIAL ANALYSIS / MARKET RENT
RATES
PROPERTY PHOTOS
TABLE OF CONTENTS
SMALL MULTIFAMILY
Small multifamily properties are commercial investment
properties ranging from a duplex on up to 10 units. In the
Reno/Sparks metro they have both commercial and
residential aspects that require professionals from both
fields to maximize their potential and provide a higher
quality service for buyers and sellers of these properties.
1MANHATTAN ST 9-PLEX CONDOS FOR SALE 925, 927 MANHATTAN ST, RENO, NV 89512
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LOCATION
REGIONAL INFO / DEMOGRAPHICS

Property Description Offering
Asking Price $650,000
Rentable SF 6,915
Parking On Site Parking/Unit
BR/BA 1 - 2 BEDROOMS / 1 &½ BATHROOMS
Current Rents Under Market
Location East Reno
OFFERING HIGHLIGHTS
Units 9 Condo Units
2
Cap Rate/Proforma Cap Rate 5.5% / 7.9%
925, 927 MANHATTAN ST
Located near the heart of the Reno/Sparks metro this investment opportunity
offers plenty of flexibility for the new owner. Each unit has been individually
parceled which allows the owner to use the property as a traditional
multifamily or sell units individually.
The current owner has been self managing the property and has maintained
the units very well over the years. Each unit features upstair bedrooms and a
downstair living and kitchen that includes a ½ bathroom. Bedrooms feature
vaulted ceilings and a hookup for laundry machines which are a couple of
unique features that separates these units from similar inventory. In addition,
each unit comes with on site parking and a fenced backyard. With the robust
Reno apartment market there is plenty of opportunity for the next owner to
increase rents and secure 1-year leases to maximize the potential of this
investment property for years to come.
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Lease Terms 6 mo./M-T-M
OVERHEAD VIEW
MANHATTAN ST 9-PLEX CONDOS FOR SALE 925, 927 MANHATTAN ST, RENO, NV 89512

Offering Summary
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PAGE 1 925, 927 Manhattan St
Property Unit Mix
Offering Price $650,000 Unit Type BR/BA Building # # Units SF Rent Current Rent Proforma
$/SF $94 Condo 1/1 &1/2 A 1 702 $500 $650
$/UNIT $72,222 Condo 1/1 &1/2 A 1 702 $500 $650
Address 925, 927 Manhattan St Condo 1/1 &1/2 A 1 702 $495 $650
City Reno Condo 1/1 &1/2 A 1 702 $500 $650
State NV Condo 1/1 &1/2 A 1 702 $500 $650
Zip 89512 Condo 1/1 &1/2 A 1 702 $500 $650
Property Name Manhattan St 9-Plex Condos Condo 2/1 &1/2 B 1 901 $700 $850
Property Type Multifamily Condo 2/1 &1/2 B 1 901 $700 $850
Zoning MF14 Condo 2/1 &1/2 B 1 901 $715 $850
Assessor's Parcel # 008-451-10
# Units 9
# Buildings 2
Rentable SF 6,915
Lot Size (AC) 0.35
Status On Market

Financial Analysis Cash Flow Summary
4
section 2
PAGE 2
Acquisition Assumptions Income & Expenses - Page 3 Proforma - Page 4
Listing Price $650,000 Income $ % /Mo Income $ % /Mo
$/Unit $72,222 GRI $61,320 $5,110 GRI $77,400 $6,450
Vacancy (1,839.60) -3% (153) Vacancy (2,322.00) -3% (194)
Other Income $0 $0 Other Income $0 $0
Net Income $59,480 $4,957 Net Income $75,078 $6,257
Expenses Expenses
Total (23,602.00) -39.68% (1,967) Total (23,602.00) -31.44% (1,967)
Net Operating Income Net Operating Income
Total $35,878 $2,990 Total $51,476 $4,290
CAP RATE @ ASKING PRICE PROFORMA CAP RATE @ ASKING PRICE
LISTING PRICE $650,000 5.52% 7.92%

Financial Analysis Actual
5
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PAGE 3
Annual Expenses 2015 Property Income
Expense Cost % GI Unit Type Product Type Building # # Units SF Current Rent
Taxes $5,268 8.59% Condo 1/1 &1/2 A 1 702 $500
Insurance $2,176 3.55% Condo 1/1 &1/2 A 1 702 $500
Utilities $7,858 12.81% Condo 1/1 &1/2 A 1 702 $495
Maintenance* $8,300 13.54% Condo 1/1 &1/2 A 1 702 $500
Condo 1/1 &1/2 A 1 702 $500
Condo 1/1 &1/2 A 1 702 $500
Condo 1/1 &1/2 B 1 901 $700
Condo 1/1 &1/2 B 1 901 $700
0.00% Condo 1/1 &1/2 B 1 901 $715
0.00%
0.00%
0.00%
Total (23,602.00) -38.49% Gross Rental Income (GRI) $61,320 Other Income
*Annual Assumptions Vacancy 3.0% (1,839.60) Laundry $0
Net Operating Income (NOI) Net Rental Income $59,480 $0
$35,878

Financial Analysis Proforma
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PAGE 4
Annual Expenses Proforma Property Income
Expense Cost % GI Unit Type Product Type Building # # Units SF Proforma Rent
Taxes $5,268 6.81% Condo 1/1 &1/2 A 1 702 $650
Insurance $2,176 2.81% Condo 1/1 &1/2 A 1 702 $650
Utilities $7,858 10.15% Condo 1/1 &1/2 A 1 702 $650
Maintenance* $8,300 10.72% Condo 1/1 &1/2 A 1 702 $650
Condo 1/1 &1/2 A 1 702 $650
Condo 1/1 &1/2 A 1 702 $650
Condo 1/1 &1/2 B 1 901 $850
Condo 1/1 &1/2 B 1 901 $850
0.00% Condo 1/1 &1/2 B 1 901 $850
0.00%
0.00%
0.00%
Total (23,602.00) -30.49% Gross Rental Income (GRI) $77,400 Other Income
Vacancy 3.0% (2,322.00) Laundry $0
Net Operating Income (NOI) Net Rental Income $75,078 $0
$51,476

Rent Roll
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Unit # Unit BR Unit BA Unit SF Current Rent Rent/SF Lease St. Lease End Unit Type
925A 2 1 & 1/2 702 500 0.71 5/1/2016 10/31/2016 Condo
925B 2 1 & 1/2 702 500 0.71 11/28/2015 5/31/2016 Condo
925C 2 1 & 1/2 702 495 0.71 12/1/2014 5/31/2015 Condo
927A 1 1 & 1/2 702 500 0.71 5/1/15 10/31/15 Condo
927B 1 1 & 1/2 702 500 0.71 8/22/16 2/28/17 Condo
927C 1 1 & 1/2 702 500 0.71 3/12/16 10/31/16 Condo
927D 1 1 & 1/2 901 700 0.78 5/1/15 10/31/15 Condo
927E 1 1 & 1/2 901 700 0.78 9/13/14 3/31/15 Condo
927F 1 1 & 1/2 901 715 0.79 7/1/14 Condo

Reno/Sparks Apartment Rental Rates
MONTHLY RENTAL RATE REPORT
The following rental data consists of weighted averages for market rents of 24,868
Reno/Sparks apartments, 5+ unit complexes only.
*Data provided by Costar
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925 MANHATTAN ST
927 MANHATTAN ST

Apartment Rates Trends
QUARTERLY APARTMENT REPORT
The following rental data consists of weighted averages for market rents of 20,658 Reno/Sparks apartments, 80+ unit complexes only.
*Data provided by Johnson Perkins Griffin Apartment Survey
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Photos Exterior
927 - UTILITIES/PARKING PARKING FOR EACH UNIT
925 MANHATTAN - BACkYARD925 MANHATTAN - STREET VIEW
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MANHATTAN ST 9-PLEX CONDOS FOR SALE 925, 927 MANHATTAN ST, RENO, NV 89512 10

Photos Interior (925)
925 MANHATTAN - LIVING/KITCHEN
925 MANHATTAN - KITCHEN 925 MANHATTAN - ½ BATH
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925 MANHATTAN - ½ BATH
925 MANHATTAN UPSTAIRS - BEDROOM W/ VAULTED CEILINGS
925 MANHATTAN UPSTAIRS - FULL BATHROOM
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12

927 MANHATTAN - LIVING/KITCHEN 927 MANHATTAN - KITCHEN
927 MANHATTAN UPSTAIRS - BEDROOM927 MANHATTAN - ½ BATH
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927 MANHATTAN UPSTAIRS - FULL BA

Location Assessor Map
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925 MANHATTAN ST
927 MANHATTAN ST
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Location Regional Info Map
SOMERSETT GOLF
COMMUNITY
UNIVERSITY OF
NEVADA, RENO
LAKE TAHOE
TAHOE RENO
INDUSTRIAL
CENTER (TRIC)
TESLA MOTORS
GIGAFACTORY
SWITCH SUPERNAP
APPLE DATA
CENTER
DOWNTOWN RENO
RENO TAHOE
INTERNATIONAL
AIRPORT
CALIFORNIA
NW RENO
TRUCKEE, CA
SPARKS
MIDTOWN RENO
WINGFIELD SPRINGSNORTH VALLEYS
SOUTH RENO
Manhattan St
INTERSTATE 80
INTERSTATE 580
SE CONNECTOR
(UNDER CONST.)
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Location Neighborhood Info Map
MANHATTAN ST
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I-80
I-80
UNIVERSITY OF NEVADA, RENO
E9TH
ST
SUTRO ST
I-580
SUTRO ST
DOWNTOWN RENO
FRED TRANER MIDDLE SCHOOL
LIVESTOCK EVENTS CENTER
WELLS AVE
WELLS AVE

Downtown Reno Redevelopment
516 RYLAND ST
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Market Info Reno/Sparks
RENO, NEVADA
The Greater Reno/Sparks area is starting to see and feel the unprecedented growth in the area thanks to many key factors. Near the end of
2014, Tesla Motors named Nevada the official site for the Tesla Gigafactory, a massive factory to produce batteries for it’s electric vehicles.
According to the Governor’s Office of Economic Development, over 22,715 jobs could be created in Northern Nevada thanks to Tesla, as well as
a substantial increase in construction and housing activity. Governor Sandoval, in his State of the State speech in January 2015, stated
“Nevada’s job growth is third strongest in the country, we have cut our unemployment rate in half, and we have the second fastest growing
population in the nation.”
The Economic Development Authority, or EDAWN, is projecting an increase of more than 51,000 primary and secondary jobs from 2015 to 2019
for the region. In 2014, EDAWN assisted 34 companies in moving or expanding into Nevada, which included 13 headquarters. Prior to that, the
record for head-quarters was six. The 34 companies accounted for 4,179 new jobs for the area as well. EDAWN kicked off 2015 with 10
prospects visiting in just January alone. EDAWN credited high profile projects such as the Apple data center, Tesla Motors’ gigafactory and the
Switch SUPERNAP data center for increasing interest in the region from outside companies and expects to see nearly 100 other
announcements before end of 2015.
DOWNTOWN RENO
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Market Info Major Regional Developments
TESLA GIGAFACTORY
Costing $5 billion and projected to employ 6,500 people once up and running, Tesla Motors' Gigafactory at the Tahoe Reno Industrial Center is
considered one of the biggest wins in economic development history. The gigafactory is the linchpin in Tesla's plans for expansion,
manufacturing an estimated 500,000 battery packs for the company's electric cars each year when operational. It will also allow the company
to eventually scale up its Tesla Energy line of storage batteries for homes and businesses. Just as important as its raw numbers, however, is its
impact on Reno's reputation as a place to do business for companies looking to expand. - rgj.com
Tesla’s mission is to accelerate the world’s transition to sustainable transportation. To achieve that goal, we must
produce electric vehicles in sufficient volume to force change in the automobile industry. With a planned
production rate of 500,000 cars per year in the latter half of this decade, Tesla alone will require today’s entire
worldwide production of lithium ion batteries. The Tesla Gigafactory was born of necessity and will supply enough
batteries to support our projected vehicle demand. Tesla broke ground on the Gigafactory in June 2014 outside
Sparks, Nevada, and we expect to begin cell production in 2017. By 2020, the Gigafactory will reach full capacity
and produce more lithium ion batteries annually than were produced worldwide in 2013.
- teslamotors.com/gigafactory
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Demographics Overview
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE
POPULATION
2016 Estimated population 19,805 126,138 235,263
2021 projected population 20,837 132,391 246,705
HOUSEHOLDS
2016 Estimated households 9,280 51,864 92,798
2021 projected households 9,835 54,246 96,875
2016 Est. Median HH Income $25,468 $35,072 $40,282
2016 Est. Average HH Income $39,400 $49,270 $58,092
2016 Est. Per Capita HH Income $21,361 $21,449 $23,662
Source: U.S. Census Bureau, Census 2010 Data. Esri forecasts for 2015 and 2020.
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Why Northern Nevada?
The Greater Reno/Sparks area is starting to see and feel the
unprecedented growth in the area thanks to many key factors.
Thanks to Tesla’s new Gigafactory, an economic and
technological revolution is on its way, providing 6,500 new jobs
at peak production. Currently, Reno has experienced a 14.7%
growth in manufacturing employment over the past five years.
Nevada's unemployment rate has gone down for five years
straight after peaking at 13.1 percent in November, 2010,
according to a Nevada Department of Employment report. The
Reno/Sparks area currently sits at a 5.5 percent unemployment
rate as of July, 2016.
The Economic Development Authority, or EDAWN, projects
50,000 new jobs will open in Reno-Sparks in the next five years,
meaning 9,000 homes need to be built each year leading up to
2020. Governor Sandoval, in his State of the State speech in
January 2015, stated “Nevada’s job growth is third strongest in
the country, we have cut our unemployment rate in half, and
we have the second fastest growing population in the nation.”
WHY MOVE TO THE RENO/SPARKS AREA?
According to the Whitney Group, a leader for over 30 years in
providing market research and feasibility analysis in the
western United States , it’s believed that the housing demand
and valuations are on the verge of accelerating over the near
term to perhaps historical heights never before experienced in
the greater Reno region.
It is also being noted that Nevada state taxable sales are near
an all-time high thanks to the strong economic recovery &
visitors, according to the Nevada Department of Taxation.
Specifically, Washoe County and surrounding areas are seeing
the highest taxable sales since before 2006. Washoe County
alone experienced a 15-20% increase of visitors to the area in
February 2015 as opposed to the same time the previous years.
With the area's proximity to California, Lake Tahoe and all the
Sierras have to offer, the Greater Reno-Sparks area is proving to
be one of the nation’s top area’s to live, work, and play.
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According to Livability.com’s “2016 Top 100 Best
Places to live” selected from over 2,000 cities.
HOW DOES NEVADA STACK UP?
According to Chiefexecutive.net’s “2016 Top 50 Best
Places to do business.”
Most Business-Friendly Tax Climate by the Tax
Foundation for 2017.
The Kauffman Foundation Index ranks Nevada as #2
of 25 in “Highest Startup Activity in 2016” for Smaller
States.
The Kauffman Foundation Index ranks Nevada as #8
of 25 in “Growth Entrepreneurship 2016” for Smaller
States.
#47
#9
#5
#2
#8
22

section 5
Labor Force
Greater Reno/Sparks/Tahoe has an existing labor force of over
220,000 with a close proximity to metros such as Sacramento
and San Francisco, and the quality of life to attract top young
professionals. Area industry and business leaders consistently
give the regional labor pool top marks for productivity and
quality.
Employers are able to connect with students at the University
of Nevada, Reno, top-ranked in business, engineering and
medicine, Truckee Meadows Community College, offering
customized skills training, the Desert Research Institute and
other higher education facilities in the region.
Recent economic changes have created huge opportunity for
employers looking to relocate or expand. Greater
Reno/Sparks/Tahoe has a readily available workforce of nearly
25,000 skilled in manufacturing, logistics, software
development, business, administrative services and more.
RENO IS BUSINESS FRIENDLY EMPLOYMENT RATE AT RECORD HIGH
Six Years of consistent Employment Growth
Nevada has officially gained back all of the 190,100 jobs lost
during the recession, raising employment levels to an all-time
high of 1,301,300 jobs. After bottoming out at 1.1 million jobs in
September of 2010, the Silver State has since made a healthy
recovery and looks to continue this trend.
The trade/transportation/utilities sector has added 36,600
jobs; professional and business services has added 34,100; and
health care added 25,000 jobs.
With approximately 70,000 fewer construction jobs than
pre-recession, Nevada’s economy appears more stable with a
much more diverse job market across nearly all industries.
23

Education
The University of Nevada, Reno, plays an integral role with
developing and maintaining a diverse and professional
business economy in the Reno/Sparks/Tahoe area. Located
just north of the downtown district, the UNR campus provides
145 undergraduate and 124 graduate programs for one of the
more affordable universities in the area. Current students pay
80 percent less than the average Tier 1 Institution, making UNR
one of the most affordable and high-quality universities in the
West.
The College of Business in particular is one of the strongest
assets for the university, offering degree programs ranging
from accounting and business administration to information
systems and gaming management. The College of Business
even offers minor degrees for cyber security and
entrepreneurship, both vital assets for professional labor in
today’s economy.
Beyond providing a high quality and affordable education for
its students, UNR is dedicated to building a genuine sense of
community in Northern Nevada. The College of Business
houses the Ozmen Center for Entrepreneurship and the Nevada
Small Business Development Center, giving students, faculty
and local aspiring business professionals the opportunity to
collaborate on entrepreneurial ideas or endeavors.
UNIVERSITY OF NEVADA, RENO
The university recently opened the InNEVation Center,
Powered by Switch, in Fall 2015 to serve as a center for
collaboration between local technology developers,
entrepreneurs and researchers. The InNEVation Center
emphasizes drone research, which has contributed to Northern
Nevada’s rapidly growing reputation as a hotbed for drone
research.
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Housing Summary
The Months of Inventory for affordable housing in the $300,000
and below range remains low at 42 Days of inventory,
according to data supplied by the Northern Nevada Multiple
Listing Service as of August 29, 2016.
section 5

SOLD | 925,927 Manhattan St, Reno | 9 Units | $650k | 5.5% Cap

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