FOR SALE
$8,550,000
Willow Springs Condominiums Immaculate Quality Showplace
48 Two Bedroom ~ Two Bath Residences
400 Willow Way, Fernley, NV
Listing Agent
Ed Killian
President, The Killian Company
775-771-7319
Willow Springs is located in an excellent and convenient neighborhood of
Fernley, Nevada. At just 15 miles east of the Tahoe-Reno Industrial Park, Fernley
is now the closest location to the biggest industrial park in the United States.
Tahoe-Reno is the home of several large companies including Tesla’s new five
million Sq. Ft. battery plant, Switch Communication’s new 2 million Sq. Ft.
facility, E Bay, Jet.com and several new companies including Google and Block
Chain.
Willow Springs is the nearest affordable residential community to the park.
Fernley itself has a large industrial park which is also attracting several large
companies.
The current rents at Willow Springs average $1,250 per month. The highest rent
being received is $1,375 per month.
Rents in the Reno/Sparks apartment communities for comparable projects
greatly exceed that amount and only have a 3% vacancy.
Consequently, rents in the Fernley market are expected to increase.
Willow Springs Condominiums are approximately 10 years old and although they were built as 48 individual condos, they have always been rented as an
apartment community. The 48 condominium units might be sold as individual units subject to the successful creation and city/county approval of an HOA which has not been completed in the past.
The project offers 48 high quality attractive units consisting of five two story buildings, four of which have ten units and one having eight units.
These appealing and functional residences come with a two bedroom, two bath floorplan of approximately 1,000 Sq. Ft. of living space, which include a deck or balcony.
Each condo has been maintained in an exceptional, if not immaculate condi-tion. In addition, Willow Springs provides 48 covered carport parking spaces within the property and an additional 40 uncovered spaces.
The 2.28 acre site has an attractive appeal with professionally landscaped
scenery and very well maintained grounds.
Financials - Actual
48 Units
INCOME
Rent
Less 7% Vacancy
NET OPERATING INCOME $ 469,260
Value $8,550,000 @ 5.5% Cap Rate
$8,779
33,007
34,200
33,956
10,698
41,712
2,406
3,283
3,600
21,348
6,595
685
$200,339
EXPENSES
Insurance
Taxes
Management ( 5%)
Repairs & Maintenance
Cleaning
Utilities
Supplies
Advertising
Legal & Accounting
Payroll
Payroll taxes / Insurance
Misc.
Potential New Financing
The current loan is a private loan and will be paid off upon sale.
New 1st Loan Quote
Amount Interest Rate Monthly Payment Maturity / Amortization
$6,000,000 3.87% $28,197 12 Yr. Term / 30 Year Amort.
$720,000
$669,600
$50,400
