Multifamily Property With Three
For Sale
$2,323,000
1002 S Arlington Avenue, Reno, NV 89509
Commercial Sale, Reno, NV
Property Size6,500 SF
Lot Size0.29 Acres
Price / SF$357.38
Days on Market18
Property Features for 1002 S Arlington Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MF14
Parking
10
Window features
Double Pane Windows
Subdivision
Park Lawn
Lot features
Landscaped
Directions
La Rue
Standard status
Active
APN
011-313-13
Size
6,500 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
4096
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Natural Gas, Electric (Heating), Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
1937
Floors in Building
2
Number of units
11
Flooring type
Carpet, Vinyl, Varies
Building materials
Frame, Wood Siding
Roof type
Composition, Shingle
Listing Agency:
Engel & Volkers Lake Tahoe · Engel & Völkers
(775) 588-7710
Listed By:
Jean Merkelbach · License #B.12934
(775) 901-0704
Added: Aug 15
Changed: Aug 24
Last Checked: Sep 1 at 10:06AM
MLS# 260010820
Copyright © 2026 Northern Nevada Regional MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property includes three buildings across two parcels totaling 0.29 acres, with 6,500 square feet of property size. The residential improvements include a four-unit apartment building with two three-bedroom apartments and two two-bedroom apartments. Each unit has one full bathroom, a full kitchen, an individual water heater, and a separate furnace. The property also includes two former single-family homes that have been converted for boarding-house use. One building has operated as supportive housing under an approved use, while the other contains an office and food storage associated with the current operation.
The property is located at 1002 S. Arlington Avenue and 562 La Rue Avenue in Reno’s Old Southwest neighborhood. The Arlington parcel is zoned MF-14. The La Rue parcel remains single-family zoned, with grandfathered boarding-house use continuing under the current supportive-housing operation. Public water and sewer serve the property, with natural gas available. Improvements date to 1937 and include frame construction, wood siding, composition and shingle roofing, varied flooring, forced-air heating, and electric cooling.
The property is located at 1002 S. Arlington Avenue and 562 La Rue Avenue in Reno’s Old Southwest neighborhood. The Arlington parcel is zoned MF-14. The La Rue parcel remains single-family zoned, with grandfathered boarding-house use continuing under the current supportive-housing operation. Public water and sewer serve the property, with natural gas available. Improvements date to 1937 and include frame construction, wood siding, composition and shingle roofing, varied flooring, forced-air heating, and electric cooling.
Key Highlights
- Three buildings across two parcels totaling 0.29 acres
- 6,500 square feet of property size
- Four‑unit apartment building with two 3‑bedroom and two 2‑bedroom units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$83,987
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,679,740
$1.7M
Cap Rate 7%
$1,199,814
$1.2M
Cap Rate 9%
$933,189
$933.2K
Market Conditions
NOI Build-Up for 6,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$159.9K $24.60/SF
− Vacancy
−$7.2K −$1.11/SF
EGI
$152.7K $23.49/SF
− OpEx
−$68.7K −$10.57/SF
NOI
$84.0K $12.92/SF
Area
Reno, NV
Vacancy
4.50%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,679,740
Cap Rate 7%
$1,199,814
Cap Rate 9%
$933,189
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $83,987 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.00M
$1.75M – $2.34M
NOI $140,225 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,993
Businesses Nearby
Explore this area
Business Placement
Demographics for 89509, NV
34,817
Population
18,290
Households
1.9
Avg Household Size
44
Median Age
50%
College-Educated
95%
High-School Grad
8.8 sq mi
ZIP Area
3,956
Density / Sq Mi
$81,751
Median Household Income
$47,546
Median Earnings
$1,443
Median Rent
$670,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three-building residential property with MF-14 zoning, apartment units, and established boarding-house and supportive-housing uses.
Where is this multifamily property located?
The property is located at 1002 S Arlington Avenue Reno, NV.
What is the asking price?
The asking price for this property is $2,323,000.
What are key features of this property?
This property features: Three buildings across two parcels totaling 0.29 acres; 6,500 square feet of property size; Four‑unit apartment building with two 3‑bedroom and two 2‑bedroom units
