The Mountain Vista apartment complex was built in 1979 and is located at 3950 South Mountain Vista Street, in Las Vegas, NV. The Paradise Valley East submarket is well situated to value-add opportunities and the Mountain Vista exemplifies this, given that nearly 50% of the units have been renovated, thus displaying clear upside to increase yields above the market. Amongst comparable rental properties in this submarket, the current asking rent of unrenovated units at the Mountain Vista are $57 per month lower than the average market rent & $218 per month lower than the highest comp in the submarket.
Renovated units are only asking $22 per month higher than the average of the comp set, proving that there is additional upside beyond the renovation plan that the current ownership has implemented. Additionally, the project has been well kept by ownership that owns other high-end assets in the market.
Approximately 30% of the A/C units have been recently replaced, and the common areas have been upgraded and maintained, thus encouraging the continuation of a renovation plan to boost rents.
Las Vegas, NV 89121