Center Street Flats 520 University Way 31 Unit Apartment Building $3,000,000 ($96,774/Unit) 8.83% Cap Rate Reno, NV 89501
INVESTMENT HIGHLIGHTS
- Incredible Location Blocks from UNR, The Row, and Interstate 80
- Common Area Laundry
- Opportunity Zone Location
- Fully Remodeled Property
- Hardwired High Speed Internet
EXECUTIVE SUMMARY
The Center Street Flats located in Reno, Nevada within the Downtown Reno submarket offer a total of 31 almost all nearly fully renovated motel units being used at monthly apartments. The units consist of four 1 bed 1 bath units and 27 studio units. Property features include hardwired Ubiquiti router system for fast internet, finished common laundry area, resurfaced parking lot, new exterior paint, and much more. The property is located in the heart of Downtown Reno offering multiple transit options, direct assess to major employers, just a few blocks south of the University of Nevada Reno, and 2 blocks east of The Row featuring the Silver Legacy, El Dorado, and Circus Circus Casino’s. It could be run as it currently is as monthly apartments or it can be leased as a motel or short term AirBNB units. Current certificate of occupancy shows use as motel. Do not disturb the tenants.
FINANCIAL SUMMARY (PRO FORMA - 2023) 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
|
PROPERTY FACTS
| Price | $3,000,000 |
| Price Per Unit | $96,774 |
| Sale Type | Investment |
| Cap Rate | 8.83% |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 9,492 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1965/2022 |
| Opportunity Zone |
Yes |
| Zoning | MD-ED - Mixed Use Downtown Entertainment District |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | $1,200 | - |
| Studios | 27 | $1,097 | - |
1 of 1
Walk Score®
Walker's Paradise (94)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 007-501-08 | Total Assessment | $229,439 (2025) |
| Land Assessment | $97,020 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $132,419 (2025) | Tax Year | 2023 |
