Prime UNR Multifamily Redevelopment - Land 400 Minerva Ln 3 Unit Apartment Building $899,000 ($299,667/Unit) Reno, NV 89503

Prime Redevelopment Opportunity Near UNR — 400 & 0 Minerva Lane, Reno, NV
Positioned just minutes from the University of Nevada, Reno, St. Mary's Hospital, and downtown’s vibrant growth corridor, this rare dual-parcel offers both investors and developers a strategic redevelopment infill project with its favorable zoning, adjacency to UNR/St. Mary's, and flexible density potential.
With ±0.435 Acres or ±18,945 sq.ft.(APN's 007-201-22 & 007-201-23) and 2,939 sq.ft. of existing living space, these 2 contiguous parcels are zoned MF-30 within the West University Neighborhood Plan Overlay, making them ideal for a boutique multi-family redevelopment project that blends modern design with walkable, traditional neighborhood character. Existing Improvements: 3 Total Residential Units totaling ±2,939 sq.ft. comprised of a duplex main house with 2 Bed/1 Bath Upstairs/2 Bed/1 Bath Downstairs and a separate detached 1 Bedroom/Bath. Buyers can enjoy steady rental income from the three existing units while pursuing entitlements, planning, and permitting with the City of Reno. Cash flow this property until you're ready to begin development.
Under current zoning, developers can build up to 13 units, with substantial density bonuses available under RMC 18.04.504 (Note: Actual density capacity is subject to verification through slope analysis and may be reduced if the site is classified as hillside development):
Up to 23 units possible for smaller ( under 800 sq.ft.) unit designs (80% Bonus Density)
Up to 18 units for mid-sized (under 1,000 sq.ft.) layouts (45% Bonus Density)
Up to 17 units for larger (under 1,200 sq.ft.) formats (35% Bonus Density)
Whether you envision modern student housing, stylish urban apartments, or a mixed-use living community, this site delivers flexibility, scale, and proximity to one of Reno’s strongest rental markets.
Highlights:
Premier infill location near UNR & Downtown Reno
Zoned MF-30 with multiple density bonus options
Walkable to restaurants, retail, and campus amenities
Scalable Development Footprint: Two contiguous parcels being sold together totaling ±18,945 sq.ft. provide configuration flexibility for phased or unified development, accommodating a range of unit mixes and architectural concepts.
Address: 400 & 0 Minerva Lane, Reno, Nevada 89503
APNs: 007-201-22 & 007-201-23
Zoning: MF-30 (Multi-Family – 30 Units per Acre)
Overlay: West University Neighborhood Plan – Traditional Neighborhood
Total Lot Size: ±0.435 acres (±18,945 sq.ft.)
Utilities: Municipal Water (TMWA); Municipal Power (NV Energy - Electric & Natural Gas); & Municipal Sewer