Top-Floor End Unit Co-Op
For Sale
$133,000
1940 4th Street, Sparks, NV 89431
MULTI_FAMILY - Sparks, NV
Property Size940 SF
Price / SF$141.49
Days on Market185
Property Features for 1940 4th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF-4
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bathroom 1, Bedroom 1
Parking
1
Parking features
Garage
Window features
Vinyl Frames, Double Pane Windows
Interior features
Ceiling Fan(s), Primary Downstairs
Exterior features
Rain Gutters
Appliances
Dishwasher, Disposal, Electric Cooktop, Refrigerator
Lot features
Common Area, Landscaped, Level, Sprinklers In Front, Sprinklers In Rear
Elementary school
Greenbrae
Middle school
Dilworth
High school
Sparks
Directions
Greenbrae to 4th
Standard status
Active
APN
028-321-01
Size
940 SF
Taxes and HOA fees
HOA Fee
$450 Monthly
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1960
Floors in Building
2
Flooring type
Carpet
Building materials
Asbestos
Roof type
Shingle, Composition
Listing Agency:
Hello Real Estate Center
(775) 622-6688
Listed By:
Tiffany Perkins · License #S.187876
(775) 343-9624
Added: Feb 5
Changed: Jul 15
Last Checked: Aug 9 at 1:06PM
MLS# 260001319
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 top-floor end unit is located in a well-kept 55+ co-op community that may qualify for age 50+. The home features two bedrooms and one bathroom, with brand-new carpet and plantation shutters in the living and dining areas. Storage is supported by closet organizers and an extra closet in one bedroom, and a portable window A/C is included.
A detached garage provides covered vehicle parking. The property is described as being within a neighborhood primarily surrounded by single-family homes, and a bus stop is noted right out front.
The shared-ownership co-op includes a monthly co-op fee that covers most everyday expenses, including property taxes, water, sewer, trash, exterior and grounds maintenance, insured structure, furnace and water heater maintenance, laundry facility, and snow removal. Cash purchase is required, and buyer approval is required through co-op credit and background review. The community is owner-occupied, with no pets or rentals, and buyer and buyer’s agent are instructed to verify all information, including square footage. Zoning is listed as MF-4.
A detached garage provides covered vehicle parking. The property is described as being within a neighborhood primarily surrounded by single-family homes, and a bus stop is noted right out front.
The shared-ownership co-op includes a monthly co-op fee that covers most everyday expenses, including property taxes, water, sewer, trash, exterior and grounds maintenance, insured structure, furnace and water heater maintenance, laundry facility, and snow removal. Cash purchase is required, and buyer approval is required through co-op credit and background review. The community is owner-occupied, with no pets or rentals, and buyer and buyer’s agent are instructed to verify all information, including square footage. Zoning is listed as MF-4.
Key Highlights
- 55+ (age 50+ may qualify) top‑floor end unit in a co‑op community, with buyer approval required
- 2‑bedroom, 1‑bath layout with primary downstairs and ceiling fan(s)
- New carpet and plantation shutters in the living and dining areas
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
$10,460
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
7.86%
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%
$209,200
$209.2K
Cap Rate 7%
$149,429
$149.4K
Cap Rate 9%
$116,222
$116.2K
Market Conditions
NOI Build-Up for 940 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
$19.9K $21.12/SF
− Vacancy
−$834 −$0.89/SF
EGI
$19.0K $20.23/SF
− OpEx
−$8.6K −$9.10/SF
NOI
$10.5K $11.13/SF
Area
Sparks, NV
Vacancy
4.20%
Lease Rate
$21.12 /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%
$209,200
Cap Rate 7%
$149,429
Cap Rate 9%
$116,222
Alternative Uses
Best Use
Apartment 5plus
$149.4K
$130.8K – $174.3K
NOI $10,460 @ 7.0% cap · market cap 7.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$332.7K
$291.1K – $388.2K
NOI $23,291 @ 7.0% cap · market cap 17.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
Explore this area
Business Placement
Demographics for 89431, NV
40,219
Population
16,858
Households
2.4
Avg Household Size
35
Median Age
14%
College-Educated
76%
High-School Grad
9.2 sq mi
ZIP Area
4,372
Density / Sq Mi
$64,496
Median Household Income
$39,589
Median Earnings
$1,276
Median Rent
$332,000
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 - Top-floor end unit in a 55+ co-op community with new carpet, plantation shutters, and a detached garage.
Where is this multifamily property located?
The property is located at 1940 4th Street Sparks, NV.
What is the asking price?
The asking price for this property is $133,000.
What are key features of this property?
This property features: 55+ (age 50+ may qualify) top‑floor end unit in a co‑op community, with buyer approval required; 2‑bedroom, 1‑bath layout with primary downstairs and ceiling fan(s); New carpet and plantation shutters in the living and dining areas
