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500 University Way 21 Unit Apartment Building $2,150,000 ($102,381/Unit) 7.10% Cap Rate Reno, NV 89501
INVESTMENT HIGHLIGHTS
- Beautifully renovated in 2019, this property offers the opportunity for a short-term rental income in the desirable Downtown Reno sub-market
- Premier downtown location on the intersection of E 5th St and University Wy
- Convenient location near major thoroughfares
EXECUTIVE SUMMARY
DCG is pleased to present 500 University Way for sale. This property is a multifamily complex located on the intersection of E 5th Street and University Way. The complex is located in close proximity to the Aces Ballpark, The Row, the University of Nevada, Reno, as well as several entertainment options in the heat of Downtown Reno. Zoned within the Mixed-Use Downtown Entertainment District, this multifamily property is perfect for a revitalization project, as well as an ideal location for student-living, or single family homes.
PROPERTY FACTS
| Price | $2,150,000 | Building Class | C |
| Price Per Unit | $102,381 | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 6,807 SF |
| Cap Rate | 7.10% | Average Occupancy | 100% |
| No. Units | 21 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1966/2019 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | MD-ED - MIXED-USE ENTERTAINMENT DISTRICT | ||
| Price | $2,150,000 |
| Price Per Unit | $102,381 |
| Sale Type | Investment |
| Cap Rate | 7.10% |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 6,807 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1966/2019 |
| Opportunity Zone |
Yes |
| Zoning | MD-ED - MIXED-USE ENTERTAINMENT DISTRICT |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 20 | - | 404 |
| 1+1 | 1 | - | 670 |
1 1
Walk Score®
Walker's Paradise (96)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 007-501-07 | Improvements Assessment | $95,614 |
| Land Assessment | $64,680 | Total Assessment | $160,294 |
PROPERTY TAXES
Parcel Number
007-501-07
Land Assessment
$64,680
Improvements Assessment
$95,614
Total Assessment
$160,294
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500 University Way
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