The investment appeal of Elm Glen is driven by the current supply constrained market, with a current market vacancy rate of 3.18 percent as reported in the Q1 2021 Johnson Perkins Griffin Apartment Survey, coupled with the strong demand for apartment living sets the stage for a favorable yield for several years to come.Įlm Glen is located within close proximity to major employment centers including the Renown Regional Medical Center, the Grand Sierra Resort and Casino, the Reno-Tahoe International Airport, and Caesar's The Row Resorts. For example, improvements could include vinyl-plank flooring, upgraded appliance packages, cabinets and countertops, and installation of in-unit washers and dryers. The current in-place rents are approximately $380 per unit per month below market on average, with an additional $300 per unit per month that could be captured through various improvements. The complex also contains a laundry facility with six washing machines and six dryers, a manager’s office, and a 2,000 square foot basement for storage and maintenance.Įlm Glen is currently rented at 100 percent occupancy.Įlm Glen is primed for an investor to capture the value-add opportunity through the implementation of an interior improvement program to lift and position the asset to conform with market standards. All of the units are individually metered for gas and electric, paid by the tenants. Six of the downstairs, three-bedroom units have outdoor decks that are approximately 600 square feet. The 14 upstairs two-bedroom units each have exterior balconies, adding approximately 124 square feet of patio space. Each unit is positive pressurized individually due to exterior wrapping of all exterior walls with no non-authorized protrusions.Įlm Glen features favorably spacious units comprised of one 624 square foot one-bedroom unit, 28 864 square foot two-bedroom units, and 17 936 square foot three-bedroom units. Wall-mounted air conditioners are optioned out but mounting locations are available for each unit. Water heaters and forced air heaters are in installed in fully accessible mechanical rooms with exterior ventilation. Water heaters are secured, pressure vented to the exterior of each unit. Heating, ventilation, and air conditioning are hard mounted in each unit.Ĝable and land-line phone access are hard wired to each unit.Ğach unit is individually metered for natural gas and electricity.Ğlectrical wiring is encased in rigid, schedule 90 conduits from a central meter to distribution box and distributed to each appliance outlet via EMT conduit.Forced venting of stove and kitchen area are vented up through the roof via ducting as well. All bathrooms are force vented to the roof via ducting.
Ğach unit has two-hour fire wall separation both at the common wall as well as all exterior walls.Constructed in 1964/1965 with wood-framing and stucco exteriors, the condominium designation and plot map were established in 1984 as the Lewis Manor Condominiums, and subsequently changed to Elm Glen.Īs a requirement to receive the condominium designation, the improvements necessary were as follows: Marcus & Millichap is proud to present for sale the Elm Glen Condominiums, a 46-unit, six-building, two-story, ready built condominium complex.