Excellent West Coast distribution location with direct access to US-395 and just 6 miles from the California state line, providing direct access to Sacramento and San Francisco to the west and Salt Lake City to the east. Proximity to numerous amenities, less than 10 minutes from the Reno Stead Airport, 15 minutes from Reno Tahoe International Airport, and proximity to Fed-Ex / UPS, and OnTrac hubs. Excellent business friendly environment with strong local labor pool, affordable housing, low business costs and no personal, corporate or inventory taxes are additional benefits for the tenants. Tesla Gigafactory - Tesla is building a $5 billion, 10 million square foot lithium battery manufacturing center in Reno, bringing over 7,000 jobs so far and an estimated $100 billion in economic impact.
Thanks to several years of unwavering supply growth, Reno's multifamily vacancy rate soared to almost 7% in 2019 and remained in line with that mark as of 20Q1. Reno's multifamily construction pipeline is one of the bulkiest in the nation. Demand for most of this cycle has been intense due to the metro's evolving economy, strong in-migration, and tight unemployment rate. Reno's multifamily construction pipeline is one of the bulkiest in the nation. Demand for most of this cycle has been intense due to the metro's evolving economy, strong in-migration, and tight unemployment rate. Jobs were traditionally skewed towards two sectors— trade and leisure and hospitality—but Reno has gained a number of tech giants, achieved prominence as a distribution hub, and won the presence of a noteworthy corporation. The local sales market again outperformed in 19:Investment volume soared past $300 million for only the second time on record. Pricing has similarly risen. Since 2015, the average transactional price per unit has virtually doubled.
Kevin Sigstad
RE/MAX Premier Properties
