8335 S Nevada Highway 373

Presenting a compelling multifamily investment opportunity: a 15-unit property currently in receivership, offering significant value-add potential for the discerning investor. This diverse complex sits on an estimated 12,000-15,000 square foot lot, with a total living area of approximately 13,000-15,000 square feet. The property features a varied unit mix designed to cater to a wide range of tenants, comprising eight 3-bedroom/2-bathroom units (est. 1,000-1,200 sq ft each), three 2-bedroom/2-bathroom units (est. 850-950 sq ft each), two 2-bedroom/1-bathroom units (est. 750-850 sq ft each), one 1-bedroom/1-bathroom unit (est. 600-700 sq ft), and one additional unit with a configuration to be verified.
From a financial perspective, this property presents an attractive opportunity with a potential gross income ranging from $102,072 to $138,072 annually. This figure is derived from multiple income streams, including base rents, utility charges of $15 per unit, and electric fees ranging from $100 to $300 per unit. It's worth noting that one unit operates under Section 8 housing, providing a stable income source. The property's current receivership status opens the door for substantial value creation through strategic management and targeted improvements.
The diverse unit mix and additional income streams from utility and electric charges position this property favorably in the local rental market. Its current condition and receivership status present an opportunity for experienced investors to acquire a distressed asset with significant upside potential. With the right approach to management and possible unit upgrades, there's substantial room to increase both occupancy rates and rental income.
This multifamily complex is ideally suited for investors looking to expand their portfolio with a value-add opportunity. The combination of varied unit types, multiple income streams, and the potential for increased operational efficiency makes this property an attractive investment in the multifamily sector. Given the property's current status, interested parties are encouraged to conduct thorough due diligence, including a comprehensive property inspection and a detailed review of all financial records and receivership terms.
Prospective buyers should note that all square footage figures are estimates and should be independently verified. Additionally, while the potential gross income figures provide a useful baseline, actual performance may vary based on occupancy rates, market conditions, and the success of any implemented improvement strategies.