Prepared for 3/31/2020

(702) 932-8813 Ext: 700offers@rothwellgornt.com

Properties for Sale

Presented by Richard CrightonRothwell Gornt Companies

Property Details

Price $2,000,000

No. Units 12

Building Size 3,308 SF

Total Lot Size 0.16 AC

Property Type Multifamily

Cap Rate 6.00%

No. Stories 1

Building Class B

Status Active

Property Notes

1 715 S 3rd St, Las Vegas, NV 89101

Sale Notes

The Rothwell Gornt Companies is excited to present The Studios at 3rd Street in the booming Downtown Las Vegas Arts District. This boutique apartmentcomplex has it all. The City of Las Vegas has chosen this street as the prototype for future street improvements; more specifically, they have installed pavers,brand new tree-lined streets, and there will be concerts directly outside the building - contact the broker for more information on these amenities. The Studiosat 3rd Street is the only garden apartment complex on this street, and from the front door tenants can walk to the movie theater, Starbucks, bars, restaurants,courthouse and law offices, brand new main downtown public transit and more. The building was updated in 2019 and features a brand new metal roof, newLOW E windows, building-wide Wi-Fi, and brand new AC Units (not window units). Units feature tile throughout, smart TV's utilizing Wi-Fi for streaming,custom kitchens and closets, $2,000 Miele Turbo ovens in each kitchen, matte black sinks and faucets throughout, built-in dining booths, ToTo toilets, and muchmore. The finishes in this complex are beyond anything available in this sector, and there is a waiting list to lease units. Leases include all utilities and furnitureso that tenants can bring their toothbrush and move right in. The exterior is fully fenced with a coded lock and contains lush perimeter Japanese BlueberryTrees to add luxurious privacy. This property is one of a kind and ready for the investor who wants a low maintenance, high-end investment with great caprate. The link at the bottom of the ad highlights the neighboring area and the unit amenities. The Studios at 3rd Street are being offered at $2,000,000 with a NetOperating Income of $121,000, which yields an impressive cap rate of 6%.

Property Description

This boutique apartment complex featuring a modern design is located in the premium Arts District location of Downtown Las Vegas. The property wasrenovated in 2019 and features fully rehabbed plumbing, HVAC systems, brand new metal roof, all-new fixtures, low voltage recessed lighting, laundryfacilities on-site, community Wi-Fi, and much more. The finishes on this property are similar to custom homes and high-rises, and the area offers premiumamenities. The exterior was designed to offer lush privacy along with minimal maintenance fees, through a new metal roof, energy-efficient windows, andbrand new everything. This property features virtually no maintenance and will produce cash-flow month after month without labor-intensive management.

Highlights

The Studios at 3rd Street were renovated in2019 and feature new plumbing, HVACsystems, fixtures, and high-end modernamenities.

Tenants enjoy easy access to a movie theater,bars, restaurants, courthouse and law offices,brand new main downtown public transit, andmore.

This street was selected to be a prototype forfuture redevelopment, with paver- and tree-lined streets and seamless connectivity toevents.

The property comes fully leased, and thisdesirable building has become so well-knownthere is a wait list to lease apartments.

The building exterior features a new metal roof,LOW E windows, coded gate access, andtrees for luxurious privacy in the heart ofeverything.

Unit Mix Information

Description No. Units Avg. Mo. Rent Sq. Ft.

0+1

Photos

1 715 S 3rd StLas Vegas, NV 89101

Map

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