Listed by Marcus & Millichap - Reno
$1,925,000
521 Sinclair
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,840
Net Rentable (SqFt) 3,840
Units 8
Cap Rate 4.77%
NOI $91,761
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 5.95%
Pro-Forma NOI $114,623
Price per SqFt $501
Year Built 1984
Year Renovated 2022
Buildings 1
Stories 2
Acreage 0.160
Zoning Unknown
Multifamily | 8 Units | Midtown Location
Marketing description
Marcus & Millichap is proud to present for sale 521 Sinclair Street, an eight-unit multifamily investment property located in the heart of MidTown. The Asset has been well-cared for by the current ownership, having undergone full renovation to match the MidTown vibe. The unit mix consists of 8 one-bed/one-bath units with new LVP flooring, recessed can lights, reclaimed wood accent walls, updated cabinets & countertops, and in-unit washer & dryers. The units feature a either a white or stainless steel kitchen appliance package, wall-unit A/Cs, and gas heater, as well as new bathroom vanities. The asset offers off-street parking, a gated courtyard, and mature landscaping.
Investment highlights
- Outstanding Location & Nearby Redevelopment - Residents of 521 Sinclair benefit from its location and proximity to major redevelopments, and the ease of access to the amenities, jobs, and lifestyle that Northern Nevada has to offer. The location is within walking distance of both Reno's MidTown & Wells Avenue Districts that offer dining, nightlife, and boutique shopping experiences for the entire City. Once a blighted area of Reno, the two Districts are now home to some of Reno's best restaurants and bring people from all over the city to experience the best Reno has to offer. Other attractions, all walking distance to 521 Sinclair, are The Discovery Museum, Nevada Museum of Art, the Truckee River, and the Pioneer Center for the Performing Arts.
- Downtown Reno is currently undergoing several developments that are considerably improving the submarket. Most significant is the Neon Line District, a one-billion-dollar investment that stretches from downtown Reno's West Street to Keystone Avenue, and from Interstate-80 South to West Second Street. The Neon Line District is designed to be an arts and entertainment zone that will include a mix of retail, dining, and living options. The developer has acquired dozens of properties and parcels of land, and has over $400 million currently invested, including over $300 million into the renovation of the Sands Regency Casino Hotel, now J Resort, and another $130 million committed to further improvements to J Resort.
- Strong Economic Drivers - The Reno-Sparks region has seen robust economic growth driven by the expansion of numerous nationally recognized companies such as Tesla, Apple, Google, Amazon, Panasonic, Switch Digital, and Blockchain LLC, as well as dozens of lesser-known employers that are creating thousands of jobs in the market. Many of these companies operate out of the Tahoe-Reno Industrial Center (TRI Center), the largest industrial park in the U.S., located just a short drive from the property.
- Outdoor Lifestyle & Recreation - 521 Sinclair is ideally situated for residents seeking an active lifestyle, offering quick access to premier outdoor destinations with a 45-minute drive to Lake Tahoe offering world-class skiing, beaches, hiking, and mountain biking. And a 30-minute drive to Boca, Stampede, and Frenchman Lake, ideal for fishing, boating, and camping. Other outdoor recreational locations such as golf courses, local parks, the Truckee River, and many more are all within close proximity to the property.
- Investor-Friendly Tax Environment - Nevada's favorable tax structure enhances the asset's investment appeal. The state levies no personal income tax, corporate tax, franchise tax, inventory tax, or gift tax. Additionally, the property is located within a federally designated Opportunity Zone and is being offered free and clear of existing debt.
Listing Contacts
Listed by Marcus & Millichap - Reno
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$91,761.00
$7,646.75/mo
Valuation Metrics
0
DSCR
4.77%
Cap Rate
4.77%
ROI
Map
Zoning
MU-MC MixedMixed UseMixed Use Midtown Commercial
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View all 152 uses Last updated Apr 11, 2026 For deeper zoning details, reports are available at Zoneomics
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