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University Heights 2028 W College Pky 207 Unit Apartment Building $18,100,000 ($87,440/Unit) 6.53% Cap Rate Carson City, NV 89703
Investment Highlights
- Scale and scarcity: 207-unit apartment community across six buildings in northwest Carson City.
- Established on-site operations: Includes management office, manager suite, recreation room, laundry facilities, BBQ area, and maintenance shop.
- Recent reinvestment: Roof replacements, exterior repainting, pavement and driveway repairs, water-heater and A/C replacements.
- Location advantages: Immediately adjacent to Western Nevada College, near Silver Oak Golf Course, retail, medical center, trails, and I-580.
Executive Summary
Income Assumptions: The 6.53% cap rate is a pro forma projection based on a stabilized 95% occupancy and an $835 average monthly rent across all 207 units. To maintain conservative underwriting, all potential ancillary income (application fees, refrigerator rentals, laundry/vending, late fees) has been completely excluded from the headline Net Operating Income. Current asking rent is $850/mo and there was a waitlist as on 8/14/2026.
Expense Normalization: Operating expenses are based on seller-provided 2025 actuals. These figures have been normalized to reflect a prospective buyer's operational baseline by removing the seller's existing debt service, one-time extraordinary vehicle repairs, and non-recurring capital expenditures (including exterior paint projects and asphalt). Management and maintenance are performed in-house and are reflected in payroll.
Expense Normalization: Operating expenses are based on seller-provided 2025 actuals. These figures have been normalized to reflect a prospective buyer's operational baseline by removing the seller's existing debt service, one-time extraordinary vehicle repairs, and non-recurring capital expenditures (including exterior paint projects and asphalt). Management and maintenance are performed in-house and are reflected in payroll.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $18,100,000 | Building Class | C |
| Price Per Unit | $87,440 | Lot Size | 4.30 AC |
| Sale Type | Investment | Building Size | 66,240 SF |
| Cap Rate | 6.53% | Average Occupancy | 95% |
| No. Units | 207 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1982 |
| Property Subtype | Apartment | Parking Ratio | 4.36/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | MFA - MFA - Multi-Family Apartments | ||
| Price | $18,100,000 |
| Price Per Unit | $87,440 |
| Sale Type | Investment |
| Cap Rate | 6.53% |
| No. Units | 207 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.30 AC |
| Building Size | 66,240 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1982 |
| Parking Ratio | 4.36/1,000 SF |
| Zoning | MFA - MFA - Multi-Family Apartments |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
Site Amenities
- 24 Hour Access
- Controlled Access
- Clubhouse
- Laundry Facilities
- Property Manager on Site
- Security System
- Tenant Controlled HVAC
- Grill
- Smoke Free
- Community-Wide WiFi
- Maintenance on site
- Multi Use Room
- Public Transportation
- Private Bathroom
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 207 | $850.00 | 320 |
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 007-331-01 | Total Assessment | $1,575,075 |
| Land Assessment | $674,590 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $900,485 | Tax Year | 2026 |
Property Taxes
Parcel Number
007-331-01
Land Assessment
$674,590
Improvements Assessment
$900,485
Total Assessment
$1,575,075
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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University Heights | 2028 W College Pky