6.94 cap/Potential 10.3%-cap 211 E Mizpah Cir 30 Unit Apartment Building $2,460,690 CAD ($82,023 CAD/Unit) 6.80% Cap Rate Tonopah, NV 89049

Value-Add Townhome Investment | Price Reduction/ Potential Cap 10.3%
Well-located townhome property offering a brief value-add window with significant near-term upside. Ownership has completed major capital improvements, all new roofs. Remaining work like interior driveway paving and selective landscaping, units need updating, allowing a new owner to quickly stabilize and reposition.
Current rents average approximately $500 per unit, well below market, with tenants paying their own utilities. Property is zoned as individual townhomes, providing long-term flexibility.
Each unit features 2 bedrooms / 1.5 baths, two stories, fireplace, living and dining areas, breakfast bar, in-unit laundry, and private patio storage. Units average approximately 1,100 SF.
Market rents support:
• 1BR / 1BA: ~$700
• 2BR / 1BA: ~$800
Conservative pro forma rents underwritten at $675 per unit, reflecting a near-term rent correction rather than a long-term reposition.
this could bring your Cap Rate to 10.08%
Additional Upside:
Preliminary discussions with planning indicate potential for future individual unit sales, subject to survey, subdivision, and CC&Rs—creating an additional long-term value or exit strategy.