219 Kingsbury Grade

Description

Mixed-use zoning allows for hospitality, multi-family and/or commercial. Top floor units have full baths, separate A/C system and mountain, meadow, and Lake Tahoe views. Would be excellent, high-end apartments or executive office suites. Minutes to Heavenly Ski Resort, Edgewood Golf Course and Stateline casino corridor. New convention center will be opening in Summer of 2023. Barton Memorial Hospital is also relocating nearby. Heavy traffic counts year round with a diverse & complementary tenant mix. Approximately 1 hour from Reno Tahoe Int'l airport. Take advantage of Nevada's business-friendly tax climate. No state income tax and low property tax which does NOT reassess on sale. Seller has completed a major renovation of the property including interior remodel of most units; interior & exterior paint, metal façade installed, railing replaced, new ceiling panels, parking lot sealed & striped, new light fixtures, and flooring throughout; boilers, elevators, and fire sprinklers have been inspected, serviced and certified. Seller has stabilized rents and updated most leases to include CAMs for shared utilities and maintenance. Total square footage includes 5,734sf basement garage/warehouse that is leased. 10,000lbs vehicle-lift to basement garage. Pro forma based on current leases and 2022 expenses with assumptions for professional management and capital expense reserves. Current owner self-manages. Restricted gaming license may be transferrable to new owner. On-site manager may be available for rent collection, maintenance and other tasks.