Town Homes in Reno

Laguna Terrace is a "hidden" residential community of town homes in Reno consisting of only thirty-eight two-story town homes located on tranquil Virginia Lake. And while the location is peaceful and scenic, it's still only minutes from the excitement of downtown Reno, the Reno-Tahoe International Airport and many shops and restaurants in Reno and only a block away from the bustling Peppermill Casino. Located on the east side of Virginia Lake, there is a nearby park and walking paths all around the Lake.

This renovated residential town home community is nestled around a private landscaped lagoon creating peace and tranquility after a long day's work. Each two-story town home is approximately 1,267 square feet with 2 bedrooms, 1 ½ baths, an indoor laundry room, private patio outside of the living room facing the lagoon and an attached covered carport. On the main floor is the kitchen which opens to the dining room adjacent to the living room, a powder room and laundry area. The second floor has a large master bedroom with a view of the lagoon, large closets and storage and a secondary bedroom with ample closet space and a full bath with a separate vanity area. View our floor plans page.

On the exterior, fresh paint has been applied along with newly-styled roofs. In 2007 the entire interiors were gutted and redone with new vanities, kitchen granite countertops, dual stainless steel sinks, light fixtures and handset tile entry floors. The kitchens also have new gas ranges, microwaves, dishwashers and refrigerators.

The small size of the town homes makes them perfect for professional couples or small families seeking a low, entry-level price. The town home community is also great for those seeking freedom from typical homeownership duties and yard work. The homeowners association maintains the property and the building which makes it maintenance-free living. The town homes are zoned for excellent schools, with Jessie Beck Elementary, Swope Middle and Reno High school all nearby.

The Laguna Terrace town home community also features a community swimming pool and the current sales/leasing office will be remodeled in the future into an exercise facility for use by the community homeowners.

Virginia Lake itself is surrounded by a walking path and is adjacent to a playground and dog park, so outside activities are right outside the door.

View our Laguna Terrace Visual Tour.

For more information regarding the City of Reno, visit http://www.cityofreno.com/.

Currently, of the 38 town homes, 28 have been sold while the balance are leased. The lease terms and rates range from 6 to 12 months with rents from $1050 to $1,200. Some facts to consider in determining this investment are:

HOA dues: $155/month covers exterior painting, roof, siding, common area landscaping, water, lagoon maintenance, and a portion of pool maintenance and hazard insurance on the residence.
Real estate taxes paid quarterly approximately 0.7% of the purchase price.
Sewer fees approximately $62 per quarter & trash collection fee is $15 per month.
Transfer fee due on sale 0.410% of purchase price.
On above leases, tenant pays gas and electric.

Disclaimer: The aforementioned assumptions & rentals represent Seller's current market terms and best estimates on expenses. Information is subject to changes, errors and omissions. Potential investor should consult with their accountants, legal and financial advisors prior to making their investment decisions.

The renovated town homes at Laguna Terrace represents a special investment opportunity because the town home community sits in the middle of an apartment rental community which has been re-zoned and the future plan is to redevelop the apartment complex with new condominiums. The redevelopment has been approved by the City of Reno and will commence when the Reno economy strengthens.