Listed by CBRE Reno, CBRE - Reno
$1,550,000
929 WILLOW ST RENO NV 89502-1383
Details
APN 1214350
Property Type Multifamily, Mixed Use
Square Footage 4,872
Net Rentable (SqFt) 4,872
Units 10
Cap Rate 5.02%
NOI $77,787
Occupancy 100%
Pro-Forma Cap Rate 5.76%
Pro-Forma NOI $89,301
Price per SqFt $318
Class C
Year Built 1966
Buildings 1
Stories 2
Acreage 0.150
Zoning MU
Ground Lease No
10-Unit Value Add in Renown Medical District
Marketing description
The Willow Street Apartments feature 10-units consisting of all one bedroom one bathroom workforce housing units. The property is located in Reno, NV with excellent access to Mill Street, Renown Medical Center, and Interstate 80. This value-add deal has upside in rents once exterior renovations and interior remodels are complete. Current rents are well below market.
Multifamily property owners continue to see rising rental rates from the shrinking supply, increased demand, and incoming major employers. Investors buying in Nevada benefit from competitive cap rates, landlord-friendly laws, and Nevada’s lack of a state income tax.
Investment highlights
- Close to the Renown Medical District
- Value add deal - upside in rents
- Located in the Renown Medical District
Listing Contacts
Listed by CBRE Reno, CBRE - Reno
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$77,787.00
$6,482.25/mo
Valuation Metrics
0
DSCR
5.02%
Cap Rate
5.02%
ROI
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