Parkway Lodge

• Built in 1997
• Close to Greater Nevada Field Home of the Reno Aces
• Assumable WCHC Loan (Owner pays no property taxes)
• Value add deal (Upside in rents)
• Market priced (Owner will entertain all offers)

Property Description

The Parkway Lodge consists of a total of 51 studio units and is just outside the downtown corridor. The units are all studio style with a small kitchen area equipped with cooktops, microwaves, refrigerators, and sinks. Built in 1997 the property features a stucco exterior, metal stair rails, fire sprinklers, on-site parking, and zeroscape landscaping. Upside to renovating units and increasing rents to market rates. This asset’s location in Reno, Nevada offers tenants direct access to all of Reno’s major employers and events including Greater Nevada Field home of the Reno Ace’s which is a AAA affiliate of the Arizona Diamondbacks. The Downtown Reno submarket boasts easy access to Interstate 80 and public transportation and is just a mile southeast of The University of Nevada, Reno. This makes it an attractive option for tenants seeking convenience and accessibility with affordable housing options. The property also has an assumable Washoe County Home Consortium loan.

The Washoe County HOME Consortium (WCHC) is comprised of the City of Reno, the City of Sparks, and Washoe County. The WCHC makes loans available for the development of affordable housing units. Its primary goal is to assist lower income families and individuals, to obtain affordable housing. The WCHC also allocates funds to housing assistance programs, including down payment assistance to first time homebuyers, monthly rental assistance, rental and utility deposit assistance, and homeowner rehabilitation assistance. The directors of the WCHC are the city managers of Reno and Sparks and the manager of Washoe County. On Parkway Lodge, 11 of the units are subject to the terms of the Affordable Housing Municipal Loan Program (AHMLP) which currently restricts the rents for these 11 units to $1,100 +/- a month. The benefit to an owner to keep the loan in place is the owner gets the benefit of paying no property taxes on the property as long as the loan is in place. Additional information on this loan is available upon request.   Studio 360 tour available here: https://unbranded.youriguide.com/49_park_st_reno_nv/   The property’s close proximity to downtown Reno, Interstate I-80 and Highway 395 provide incredible access to tenants to the many great paying jobs located in the Tahoe Reno Industrial Center which is home to many employment opportunities with companies such as Telsa, Panasonic, Google, Apple, Walmart, Switch, and many more! Northern Nevada’s image is gaining national attention, and large employers are moving to the 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 unemployment rate is low and expected to remain stable in 2024. The influx of new employees into the market translates into an increased demand for rental properties, as these individuals actively seek available apartments to settle into while establishing their presence in the marketplace.