211 Mizpah Cir Tonopah, NV 89049

Property Details for 211 Mizpah Cir

Property type

Residential income homes

Description

This exceptional 30-unit multifamily property in Tonopah, Nevada, presents a compelling investment opportunity. The complex comprises five two-story buildings, each unit offering approximately 1100 square feet of living space with two bedrooms and 1.5 bathrooms. Amenities include a fireplace, living room, dining area, breakfast bar, laundry area, and patio. Individual units feature separate meters and private parking. Currently boasting 98% occupancy, the property generates a Net Operating Income (NOI) of $123,000. A pro-forma NOI of $186,000 is projected based on a market rent increase to $675 per unit. The asking price is $2,100,000, representing a price per unit of $70,000 and a 5.85% cap rate. While some buildings require roof repairs and the interior driveway needs paving, this value-add opportunity offers significant upside potential. The property is zoned in a way that allows for potential future subdivision and individual unit sales, although additional surveying and CC&R development would be required. Current average rent is $500 per month, significantly below market rates, indicating substantial room for rent increases. This property is located at 211 Mizpah Cir, Tonopah, NV 89049.