MCR Apartments

224-241 W. St. Louis Ave, 210 W. Baltimore Ave, 2116 Fairfield Ave, Las Vegas, NV

$6,950,000

Price

5.64%

Cap Rate

$391,886

NOI

Overview
Cap Rate
5.64%
NOI
$391,886
Building Size
64,720 sqft
Lot Area
2.93 acres
Occupancy
92%
Units
111
Year Built
1955
Floors
2
Description

THE PROPERTY
MCR Apartments consists of 111 one and two bedroom floorplans averaging 583 sqft. The community was built in 1955 and sits on 2.93 acres centrally located one block from the Las Vegas Strip, directly behind The Strat Hotel and Casino. MCR features two swimming pools with convenient on-site laundry facilities and maintenance services. This property is ideal for investors targeting a value-add opportunity in an up and coming location.

THE PLAY
Neighboring communities have achieved higher than expected rents undergoing complete renovations to similar projects in immediate proximity. Its recommended that new branding, exterior paint, fully gated systems with electronic entry, energy efficient windows, new WiFi system, upgraded landscaping, and the creation of a courtyard lounge common area with BBQ and games will be exterior improvements best suited to attract new and higher paying tenants. Interior renovations typically include stainless appliances, granite countertops, energy efficient lighting, low flow water fixtures, new cabinets, vanities, flooring, floorboards, paint and updated electrical fixtures throughout. An improvement schedule of this detail could easily translate to a $20,000+ per unit increase in value.

THE PLACE
MCR Apartments are located in the emerging Northern Strip Gateway, which is quickly becoming a sustainable, urban environment. The City of Las Vegas has poured life back into the once popular streets seeding the way for restaurants, micro-breweries and new developments over the last several years. The central location provides easy access to the I-15 and I-95 Freeways making commutes to the edge of the city 15-20 minutes. Over the last 5 years, Downtown employment and population has been completely revitalized with the relocation of the Zappo’s headquarters to the former Las Vegas City Hall, and $350M capital injection from the Downtown Project. The northern part of the ‘The Strip’ has flourished as new casinos and complete renovations are bridging the gap through the historic Naked City District. This merge has been a catalyst to the gentrification of the Arts District corridor and surrounding areas of the MCR Apartments neighborhood.

Highlights
  • North “Strip” Central Location
  • Adjacent to The Strat
  • One Block From Las Vegas “Strip”
  • Walking distance to Arts District
  • Multiple Employment Centers Nearby
  • Two Private Community Swimming Pools
  • On-Site Laundry Facilities
  • On-Site Maintenance
Documents

Location
Gallery