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Maine St. 9 Units 372 Maine St 9 Unit Apartment Building $1,590,000 ($176,667/Unit) 5.55% Cap Rate Reno, NV 89502
INVESTMENT HIGHLIGHTS
- 2 bed units
- recent upgrades including exterior paint and a new roof
EXECUTIVE SUMMARY
5.55% CAP Rate on actuals / 7% proforma CAP Rate achievable by bringing rents to market rate. Current Gross Income = $88,213 / proforma Gross Income estimated at $111,284. Historically, the seller has benefited from low vacancy and stable income. Laundry hook-ups in all units. Property was freshly painted in 2025. Duplex building roof was replaced in 2025. Flexible MU (Mixed Use) zoning. Property was built in various stages - 1960 (2 units), 1962 (3 units), and 1984 (4 units). $176,667 per unit at asking price. APOD and Rent Roll are available. Property is tenant occupied - please, DO NOT disturb them.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$132,696
|
$20.04
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,981
|
$0.60
|
| Effective Gross Income |
$128,715
|
$19.44
|
| Taxes |
$5,017
|
$0.76
|
| Operating Expenses |
$35,485
|
$5.36
|
| Total Expenses |
$40,502
|
$6.12
|
| Net Operating Income |
$88,213
|
$13.32
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $132,696 |
| Annual Per SF | $20.04 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,981 |
| Annual Per SF | $0.60 |
| Effective Gross Income | |
|---|---|
| Annual | $128,715 |
| Annual Per SF | $19.44 |
| Taxes | |
|---|---|
| Annual | $5,017 |
| Annual Per SF | $0.76 |
| Operating Expenses | |
|---|---|
| Annual | $35,485 |
| Annual Per SF | $5.36 |
| Total Expenses | |
|---|---|
| Annual | $40,502 |
| Annual Per SF | $6.12 |
| Net Operating Income | |
|---|---|
| Annual | $88,213 |
| Annual Per SF | $13.32 |
PROPERTY FACTS
| Price | $1,590,000 | Apartment Style | Low-Rise |
| Price Per Unit | $176,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.36 AC |
| Cap Rate | 5.55% | Building Size | 6,621 SF |
| No. Units | 9 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1960/2025 |
| Zoning | MU - Mixed Use | ||
| Price | $1,590,000 |
| Price Per Unit | $176,667 |
| Sale Type | Investment |
| Cap Rate | 5.55% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 6,621 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1960/2025 |
| Zoning | MU - Mixed Use |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 9 | - | - |
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Maine St. 9 Units | 372 Maine St
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