
251 East Arroyo Street
Midtown Reno | 6-unit multi-family property
Marketing description
Exceptional investment opportunity in the heart of Midtown Reno. This well-maintained 6-unit multi-family property offers the perfect blend of character, location, and long-term upside just moments from Wells Avenue, local restaurants, coffee shops, boutiques, and some of Reno's most vibrant neighborhood amenities. The property consists of a charming brick building featuring four 1-bedroom units, plus a separate 2-story duplex off the alley with two spacious 2-bedroom units and off-street parking. Ownership has continued to thoughtfully maintain and improve the property over time, with upgrades including newer roofs on both buildings, vinyl windows, furnace, hot water heater, and additional system improvements. Additional features include a shared laundry area, bike storage, and an unfinished basement offering additional storage space not included in the square footage. With one 2-bedroom unit and one 1-bedroom unit currently vacant, investors have immediate flexibility for market-rate leasing, owner-occupancy potential, or future value-add opportunities. Located in one of Reno's most walkable and rapidly evolving neighborhoods, this is a rare chance to own a multi-unit asset in highly desirable Midtown Reno with strong rental appeal and future growth potential.
Investment highlights
Rare 6-unit multifamily asset in the heart of Midtown Reno, one of Nevada's most walkable, high-demand rental neighborhoods steps from Wells Avenue dining, retail, and coffee shops
Dual-structure configuration: classic brick building with four (4) one-bedroom units plus a separate two-story alley duplex with two (2) spacious two-bedroom units and off-street parking
Two units immediately vacant (1BD + 2BD), lease at market rate at close, owner-occupy, or renovate for premium rents
Significant capital improvements in place: newer roofs on both buildings, vinyl windows, updated furnace and hot water heater, plus additional system upgrades ~ reduced CapEx burden from day one
Resident amenities include shared laundry, bike storage, and unfinished basement storage
Strong Reno multifamily fundamentals ~ sustained in-migration, constrained supply, and growing employment base support durable occupancy and long-term rent growth
Ideal for buy-and-hold investors, 1031 exchange buyers, and owner-occupants seeking income offset in a high-appreciation Midtown submarket
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