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Value-Add Multifamily Property in Opportunity Zone

Property Tours Available upon request. 
 

Sperry Commercial Global Affiliates, LLC, in conjunction with RealINSIGHT Marketplace, is pleased to offer Palos Verdes Apartments (“Property”), in Paradise, NV. The Property is a two story multi-family apartment building originally developed in 1962 for multi-family residential use with a building addition constructed on the original building in 1966. There are 7 units that total 5,838 SF of NRA, with an average unit size of 834 SF. Of the 7 units, four are 2 bedroom, 1 bath and three are 1 bedroom, 1 bath. The property is currently 100% vacant and windows are boarded up. The property consists of a 0.22-acre rectangular-shaped parcel of land located in Flood Zone “X”. The site includes 7 asphalt parking spaces at the East end of the Property. The Property is located within an Opportunity Zone. An Opportunity Zone created in the 2017 Tax Act gives substantial income tax benefits to sponsor.

The Property is located walking distance to the Las Vegas Monorail, which allows the community easy access to employment centers throughout the region. Additionally, the property is just one mile to the Las Vegas strip and two miles from Interstate 15.

PROPERTY HIGHLIGHTS
• The property is located within an opportunity zone
• Substantial tax benefits are given to a new sponsor for substantial improvements

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Interested buyers should be aware that Seller may have acquired the Property by foreclosure or deed in lieu of foreclosure, and that Seller is selling the Property in "AS IS" CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXCEPT WARRANTY OF TITLE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of buyer's choosing. Buyer shall not be entitled to, and should not, rely on Seller or its agents as to (i) the quality, nature, adequacy and physical condition of the Property including, but not limited to, the structural elements, foundation, roof, appurtenances, access, landscaping, parking facilities and the electrical, HVAC, plumbing, sewage, and utility systems, facilities and appliances, (ii) the quality, nature adequacy and physical condition of soils and geology and the existence of ground water, (iii) the existence, quality, nature adequacy and physical condition of utilities serving the Property, (iv) the development potential of the Property, its habitability, merchantability, or fitness, suitability or adequacy of the Property for any particular purpose, (v) the zoning or the legal status of the Property, (vi) the Property's or its operations' compliance with applicable codes, laws, regulations, statutes, ordinances, covenants, conditions and restrictions of any governmental, quasi-governmental entity or any other person or entity, (vii) the quality of any labor and materials, (viii) the compliance of the Property with any environmental protection, pollution or land use laws, rules, regulations, orders or requirements including but not limited to those pertaining to the handling, generating, storing or disposing of any hazardous materials, and (ix) except as expressly provided otherwise in an executed contract of sale, the condition of title and the nature, status and extent of any right-of-way, lease, right of redemption,
possession, lien, encumbrance, license, reservation, covenant, condition, restriction and any other matter
affecting the title. Although Seller’s predecessors may have performed work, or contracted for work
performed by third parties in connection with the Property, the agents shall not be responsible to buyer or
any successor on account of any errors or omissions or construction defects of such predecessors and/or
third parties.

Seller reserves the right to withdraw any Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent, (ii) incorporated in a formal written contract of purchase and sale to be prepared by or on behalf of Seller and executed by both parties, and (iii) approved by any applicable federal agencies regulating Seller, Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property.

The information provided and to be provided with respect to Property being marketed was obtained from a variety of sources and SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF THE INFORMATION PRESENTED OR TO BE PRESENTED WITH RESPECT TO THE PROPERTY. SELLER, AND ITS AGENTS MAKE NO REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION.

Palos Verdes Apartments

3782 Palos Verdes Street, Paradise, NV 89119

Sold Subject To

Asset Snapshot

  • Asset Type
  • Real Estate
  • Land Area
  • 0.22 Acres
  • Year Built
  • 1962
  • Number of Floors
  • 2
  • Number of Buildings
  • 1
  • Parking Count
  • 7
  • Occupancy
  • 0%
  • Occupancy as of
  • Apr 01, 2019
  • Multifamily Type
  • Garden
  • Number of Units
  • 7 Units
  • Property Size
  • 5,840 Sq Ft
  • Platform Fee

    Platform fee for this transaction is 5.00%.

  • Auctioneer

    1. Shane P. Jacob

      c/o Fisher Auction Company Inc.

      License: #NV20141327564; P63-000561