Address: 690 Field St, Sparks, NV 89431, USA
Created date: October 25, 2023
Date last updated: October 25, 2023
- Value add opportunity
- Upside in rents
- 8 Two bed one bath units, 2 one bed one bath units
- Priced below recent nearby comps
The FS Apartments at 690 Field Street consist of 10 total units throughout two buildings. The property features a very desirable unit mix of eight 2 bedroom one bath unit and two 1 bathrooms 1 bath units. Rents are below market and there is upside in completing in unit renovations and increasing rents. Each unit has on-site parking, large private patios or fenced yards, and dishwashers. The property is priced below recent comparable sales in the nearby area and is also priced below replacement cost at $206.86 a foot!!! Seller will entertain all offers.
690 Field Street is located in Sparks, NV with great access to main thoroughfares and bus lines. The property provides tenants great walkability to local parks, the Boys and Girls Club of the Truckee Meadows, the West Wind El Rancho Drive-In movies, local swap meets, local charter and public schools, and Interstate I-80 and Highway 395 which makes the location highly desirable to employees working in Tahoe Reno Industrial Center which is the largest industrial park in the world and also houses large companies such as Tesla, Panasonic, Google, Apple, Walmart, and much more.
Northern Nevada’s image is gaining national attention, and large employers are moving to our area, creating a flood of renters scrambling for housing. We believe the market will continue to be strong for landlords in 2024. The local industrial market is booming with warehouse and manufacturing jobs that are employing people from all over the country. Northern Nevada has brought an additional labor force to our area, and the employment rate is low and expected to be stable in 2024. These new employees become new renters and will continue to scramble for available apartments to move into.