H Street Six Plex 1947-1949 H St 6 Unit Apartment Building $1,299,000 ($216,500/Unit) 6.27% Cap Rate Sparks, NV 89431

Chase International is pleased to present this turnkey multifamily investment near downtown Sparks. This income producing rental property in the highly sought-after Reno market has a current cap rate yield 6.27% based on actuals. This six-unit multifamily property at 1947 & 1949 H Street in Sparks, Nevada features four spacious 2 bed / 1 bath units, and two 1 bed/ 1 bath units, presents an opportunity to acquire a stabilized income asset with long-term redevelopment upside in a growing Northern Nevada submarket. Situated on two parcels totaling approximately 0.345 acres (±15,028 square feet), the property consists of ±4,392 square feet of existing residential improvements supported by municipal gas, electric, water, and sewer. The asset is currently generating $102,000 in gross annual income and $81,422 in net operating income, offering a self managed 6.27% cap rate based on actuals (not pro forma) at the $1,299,000 asking price and a 5.8% cap rate based on 3rd party property management fees of 6% of gross rental income.
The property is 100% leased with the Landlord paying trash, water, and sewer. Tenants are responsible for gas and electricity through NV Energy, billed via individually metered service. Most appliances are newer. Five of the six units include dishwashers, and four feature built-in microwave ovens. Every unit has its own in-unit washer and dryer. The property has fully installed landscaping sprinkler and drip irrigation systems.
Together, 1947 & 1949 H Street offer a compelling blend of current income and future upside and is an ideal 1031 exchange replacement property. The combination of stabilized operations, development flexibility, and location within one of Northern Nevada’s most active growth markets positions this offering as an attractive opportunity for private investors, multifamily operators, and developers seeking both near-term returns and long-term appreciation potential.
Located within the DEDK multi-family land use area and zoned MUD (Mixed Use Development), the property benefits from flexible zoning that supports a range of residential and mixed-use development possibilities. The current configuration achieves approximately 17 units per acre, while the underlying zoning and neighborhood plan may allow for higher density redevelopment, subject to City of Sparks planning review and design standards. The dual-parcel setup further enhances optionality, allowing for phased development, assemblage strategies, or long-term land banking while maintaining in-place cash flow.
The asset is positioned in an established infill location within the Sparks/Reno corridor, an area experiencing sustained population growth, employment expansion, and continued demand for workforce and attainable housing. Proximity to major transportation routes, employment centers, and regional amenities supports tenant stability and long-term rental demand. Investors may capitalize on the property as a yield-oriented hold, implement a value-add strategy through renovations and operational efficiencies, or pursue a redevelopment concept aligned with the site’s mixed-use zoning. Note, the 2 parcels must be sold together and owner will not sell/separate individually
Asset Type: 6-unit multifamily property
Address: 1947 & 1949 H St, Sparks, NV 89431
APNs: 031-262-04 & 031-262-03
Total Lot Size: ±0.345 acres (±15,028 SF)
Existing Improvements: ±4,392 SF residential structures
Sale Type: Investment
Zoning: MUD – Mixed Use Development
Neighborhood: DEDK – Multi-Family (LUC 13, 30-33)
Utilities: Municipal Water, Sewer, Gas, & Electricity
Sales Price: $1,299,000
Gross Income: $102,000
Operating Expenses: $20,578
NOI: $81,422
Cap Rate: 6.27%
Price/SF: $295.77
WC Taxes: $2,753 (Based on combined $1,433.35 (for 1947) & $1,320.09 (for 1949)
The residential unit breakdown is as follows: (Four) 2 bed / 1 bath and (Two) 1 bed / 1 bath units with a detached garage
Levels: Ground Floor Single Story
Year Built: 1960/1962
Average Occupancy: 100%
Excellent Exchange Replacement Property