[mikecupertino]

Hello all:

This is my first time on this forum. We have just sold an apartment building in San Jose, CA and are considering buying the Merlayne Villas a 32 unit apartment on Merlayne Drive in Henderson (zip 89011). I would appreciate any feedback anyone can give me, especially re the following questions:

o Is this a good area?
o What is the rental market like in Henderson right now?
o The units are all 2bedroom/2 baths. Are these the most marketable type of apartments?
o Are rental rates in Henderson increasing? If so, by how much per year?

Thanks in advance for your help.

Mikecupertino

[cjski21]

I do not know much about real estate investment, but my fiance's dad is a real estate mogul/investor in both San Diego and Denver. I presented a question similar to this a while back (I too, would like to invest in real estate at some point). His response was something like this, the market in the Las Vegas valley is so over-saturated with rentals, you would have a hard time finding enough new tennants to fill the building. You would be fine if the current tennants stayed and renewed their leases. To fill an empty building though, would be a challenge. There are just so many nice rentals in nice areas for not alot of money right now.

I currently work for local law enforcement so if I could get the major cross streets, I will try and tell you is it is a nice area or not. And yes the 2/2 seem to be the hottest units now. I do not know about renal rates increasing, I assume they are because they are every where else. Or at least they were.

[mikecupertino]

The building is on Merlayne near Moser Drive. The mapquest map shows it across the street from Wells park. Anything you can tell me about this area will be appreciated.

Mikecupertino

[cjski21]

I will ask about it at work tonight and see what everyone has to say.

[toyojo]

well, my mom, dad, and uncle all worked in real estate at one point, and they all agree that this is the right time to buy because of the low prices. the only thing you have to think about is will you be able to hold onto it until the market goes back up ? i think its bad for the people who bought houses/property at the end of the real estate loop.

[cjski21]

It is a good time to buy, but he is looking for an investment property and I do not think it is a good time to have rentals on the market.

[olecapt]

I think it better than that...the people who ain't buying are going somewhere...

Apartment ratings shows a 3.5% or so increase in the rental for a 2/2 2007 over 2006. The GLVAR site shows a better lease to list ratio (84%) than last year and an increase of about $100 on both average and median...The median is at about $1300.

Been my experience, though I don't do a whole lot of rentals, that the good places go in less than 30 days. I am however working nice condos and single families not apartments.

The place in point is a reasonably new development in an area of middle class housing. The location is very nice with respect to a school and Henderson facilities. The school is in the middle of the pack...which is actually pretty good for across the street from a couple of apartment developments.

If the price is right sounds OK to me....

[tortoise]

Aerial link

Clark County indicates two 16-unit parcel numbers . .
178-01-604-009
178-01-604-010