937 Main St Tonopah, NV 89049
- Apartment buildings
- 79,900 SF
- 3.01 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 937 Main St
- Year built
- 1988
- Lot size
- 3.01 lot acres
- Property size
- 79,900 SF
- Property type
- Apartment buildings
Description
This 79,900 square foot, 105-unit apartment building in Tonopah, Nevada, presents a compelling value-add investment opportunity. The property, built in 1988 and extensively renovated in 2023, comprises four two-story buildings situated on a 3.01-acre lot (APN: 008-021-02 and 006-531-10). The unit mix includes 56 one-bedroom, 48 two-bedroom, and 1 five-bedroom units, totaling 105 units and 4 pads. Currently operating at 55% occupancy, the property offers significant upside potential. The asking price is $12,000,000, translating to $150.19 per square foot and $114,285.71 per unit. The pro-forma net operating income (NOI) is $855,141, yielding a 7.13% cap rate. The property is conveniently located off Highway 395, midway between Reno and Las Vegas, and benefits from its proximity to several lithium, boron, gold, and silver mines and processing plants, including the proposed TLC Lithium project (approximately 6 miles away). This strategic location contributes to high rental demand in the area. The property is zoned for multifamily use. All renovations are complete, and the property is currently undergoing stabilization.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tonopah
- County
- Nye
- State
- Nevada
- Longitude
- -117.248
- Latitude
- 38.0757
