Parkway Lodge | 6.88% +/- Cap 49 Park St 51 Unit Apartment Building $8,026,540 CAD ($157,383 CAD/Unit) 6.88% Cap Rate Reno, NV 89502

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, onsite
parking, and zeroscape landscaping. Upside in 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.
There is also an assumable low interest low balance 2nd which is a Washoe County Home Consortium loan. 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.