Storelocal – Reno, Nevada

Property Location

1515 Sky Mountain Drive
Reno, NV 89523

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investment highlights

  • EXCELLENT LOCATION // The facility is positioned within one mile of canyon shopping center, Walmart Supercenter, Home Depot, Safeway, Kohls and other retail centers. There are 57 apartment complexes with a total of 12,686 apartments in its three-mile radius.
  • GREAT LEASE UP MOMENTUM // Storelocal Reno opened in June of 2018 and achieved 55 percent occupancy in less than six months. The property has maintained that momentum and is currently 92 percent occupied and exceeding both leasing and budget projections.
  • CLASS “A” CONVERSION WITH EXPANSION // Full Conversion completed in 2018 with interior drive aisles, mezzanine units, and interior vehicle storage. The property has best in class construction, technology, and amenities. The owners are currently working with the city to approve a 54,849 net rentable square foot expansion.
  • STRONG DEMOGRAPHICS // The three-mile population is currently 102,692 with 46,269 households, and a n Average Household Income of $90,762. The property is less than 10 minutes from University of Nevada Reno.
  • SOLAR POWER // In summer of 2020, a 492-kW rooftop solar array was installed. The solar energy should provide 93 percent of the electricity needed for the property. During the installation of the solar, the roofing material was completely replaced.

Broker Information

Jordan Farrer

Senior Associate

Phone: 801.736.2643
Email: jfarrer@marcusmillichap.com
License: NV S.0192979

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