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1508-1520 Locust St
Reno, NV 89502
The Flats at Locust St · Multifamily Property For Sale
·
6 Units
Investment Highlights
- In-Unit Laundry Hook Up
- Upside In The Rents
- Renovated Units
- The Wells Avenue District
- Diverse Unit Mix
Executive Summary
The Flats at Locust St consists of 6 total units, on a large lot, within the Wells Avenue District just east of MidTown Reno. The unit mix consists of 5 one bedroom 1 bath units and 1 three bedroom 1.5 bath unit. Most units have their own fenced yard area and all units have in unit washer/dryer hookups. Tenants pay gas and electric and a flat rate reimbursement for sewer, water, and trash. The asset offers affordable work force housing, located within the Wells rental submarket which offers great access to restaurants, downtown Reno, Renown Medical Center, retail centers, bus lines, and community events all just steps from their front door. The property is a short distance to the Reno Public Market which is one of Reno’s most popular retail shopping areas with many food choices and also has many entertainment options. This can also be sold in a portfolio sale with 210 Claremont St which is 6-unit multifamily opportunity in the nearby MidTown/Wells submarket and also listed for sale.
Property Facts
| Price Per Unit | $207,500 | Lot Size | 0.32 AC |
| Sale Type | Investment | Building Size | 4,060 SF |
| Cap Rate | 5.17% | Average Occupancy | 90% |
| No. Units | 6 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1957/2018 |
| Property Subtype | Apartment | Parking Ratio | 1.67/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | MF-30, Reno - Multifamily 30 units per acre | ||
| Price Per Unit | $207,500 |
| Sale Type | Investment |
| Cap Rate | 5.17% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 4,060 SF |
| Average Occupancy | 90% |
| No. Stories | 1 |
| Year Built/Renovated | 1957/2018 |
| Parking Ratio | 1.67/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | MF-30, Reno - Multifamily 30 units per acre |
Amenities
Unit Amenities
- Washer/Dryer Hookup
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,188 | 667 |
| 3+1.5 | 1 | $1,860 | 1,392 |
| 1+1 | 1 | $1,200 | 440 |
Property Taxes
| Parcel Number | 013-413-20 | Improvements Assessment | $48,498 |
| Land Assessment | $87,281 | Total Assessment | $135,779 |
Property Taxes
Parcel Number
013-413-20
Land Assessment
$87,281
Improvements Assessment
$48,498
Total Assessment
$135,779
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