8-unit multi-family Downtown Las Vegas
8-unit apartment building in the heart of downtown Las Vegas. The area has seen significant growth in the last decade and millions of dollars are being pumped into new developments in the downtown area.
• Built in 1978.
• 8 units total. All 1 bed/1 bath. 550 sf
• 100% Occupied
• All AC units and water heater replaced in 2019.
• B-class area, walking distance to Fremont Street, art galleries, restaurants and bars.
• All units will be renovated one by one as tenants turn over.
• The current below market rents will be raised to market.
• The exterior will be updated and a common area will be created with a fence around the property.
• Property will be marketed to mid-term/corporate rentals that will bring above market rents.
The property will be re-financed within 2 years to pay back all investors plus profit. The projected IRR over 3 years is 18-21%
Las Vegas continued its run as one of the nation's fastest-growing markets during the pandemic. Based on 2020 data, Clark County's population grew by nearly 2%, or 40,000 people, a top 10 finish among metros with at least 750,000 residents.
The rental demand is high.
3-5 year hold.
| Number of investors | 5 |
| Holding period | 3-5 years |
| Projected IRR | 18-22% |
| Minimum investment | $25,000 |