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542 Flats - 2024 Construction MF Asset 542 7th St 14 Unit Apartment Building $3,895,000 ($278,214/Unit) 4.58% Cap Rate Sparks, NV 89431
INVESTMENT HIGHLIGHTS
- 2024 Construction
- Close to I-80 and Downtown Sparks, NV
- 100% Leased
- Great 100% Bonus Depreciation Candidate
- Great Unit Mix (9 One Bed 5 Two Bed Units)
- Upside in Rents
EXECUTIVE SUMMARY
542 Flats is a unique brand-new construction 14-unit multifamily asset located between the Sparks Marina and Victorian Square. This property offers a buyer a warrantied new modern design building with a popular unit mix. 9 one-bedroom one-bathroom units, 5 two-bedroom two-bathroom units each featuring new washer dryer combos, larger closets, shaker style kitchen cabinets, quartz counters, ceiling fans, mini splits, and much more. The two-bedroom units are well designed to look and feel like a stand-alone house with larger kitchens with islands, dining spaces, private living areas, and class A fixtures throughout the unit. The asset has two buildings the main building houses 12 total units and the duplex building house 2 total units. The duplex building has high ceilings and a wrap around fenced yard space. The common area is designed to enjoy the private outdoor space for all Northern Nevada’s great weather. Great opportunity to acquire a well-built, low maintenance asset and is a great exchange property for an investor looking to reset their depreciation schedule and own multifamily units in a landlord friendly state.
542 Flats is located in Sparks, NV with easy access to the Sparks Marina, Victorian Square, Interstate 80 and major thoroughfares like Pyramid Hwy and McCarran Blvd. This popular location provides easy access to all of Northern Nevada’s events like Hot August Nights, The Best In West Rib Cookoff, major Concerts at the outdoor stadium, and is a 25 minute commute to the Tahoe Reno Industrial Center.
542 Flats is located in Sparks, NV with easy access to the Sparks Marina, Victorian Square, Interstate 80 and major thoroughfares like Pyramid Hwy and McCarran Blvd. This popular location provides easy access to all of Northern Nevada’s events like Hot August Nights, The Best In West Rib Cookoff, major Concerts at the outdoor stadium, and is a 25 minute commute to the Tahoe Reno Industrial Center.
FINANCIAL SUMMARY (ACTUAL - 2025) 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 (ACTUAL - 2025) 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 | $3,895,000 | Building Class | B |
| Price Per Unit | $278,214 | Lot Size | 0.27 AC |
| Sale Type | Investment | Building Size | 11,398 SF |
| Cap Rate | 4.58% | Average Occupancy | 100% |
| No. Units | 14 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | Parking Ratio | 2.38/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | MUD - Mixed Use Development Multi-Family | ||
| Price | $3,895,000 |
| Price Per Unit | $278,214 |
| Sale Type | Investment |
| Cap Rate | 4.58% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.27 AC |
| Building Size | 11,398 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2024 |
| Parking Ratio | 2.38/1,000 SF |
| Zoning | MUD - Mixed Use Development Multi-Family |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
- Double Pane Windows
- Island Kitchen
- Linen Closet
- Vinyl Flooring
- Window Coverings
SITE AMENITIES
- 24 Hour Access
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 9 | $1,375 | 518 - 594 |
| 2+2 | 5 | $1,763 | 860 |
Walk Score®
Very Walkable (82)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 033-242-14 | Total Assessment | $631,296 (2026) |
| Land Assessment | $82,845 (2026) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $548,451 (2026) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
033-242-14
Land Assessment
$82,845 (2026)
Improvements Assessment
$548,451 (2026)
Total Assessment
$631,296 (2026)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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542 Flats - 2024 Construction MF Asset | 542 7th St
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