1101 N. Sierra St. presents an opportunity to acquire a 4-unit student housing investment less than 2 blocks from the west end of the main campus of the University of Nevada, Reno and across the street from the university dorms. These popular rental units dont stay vacant for very long. The property has a diverse unit mix which consists of a 2 bed, 1 bath unit, two 1 bed, 1 bath units, and a studio unit. Prior inspections available. Rents have recently been increased to market rates. 5.25% cap +/-. Student housing demand remains high near the university with enrollment increasing over 13% in the last 10 years. There is some upside in rents. The exterior was painted in January 2022. This property is located near the University of Nevada, Reno, the S. Virginia Street and McCarran Blvd. thoroughfare and Interstate 80 making renting easy due to its strategic location. Multifamily property owners continued to see rising rental rents from the shrinking supply and increased demand, and incoming major employers. Investors buying in Nevada benefit from competitive cap rates, rising rental rates, friendly landlord laws, and benefit from Nevadas lack of a state income tax.
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