Reno Multifamily Investment
For Sale
$1,862,000
921 Willow Street, Reno, NV 89502
COMMERCIAL - Reno, NV
Property Size5,549 SF
Lot Size0.29 Acres
Price / SF$335.56
Days on Market100
Property Features for 921 Willow Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MU
Parking
12
Parking features
Off Street, On Street
Security features
Security Lighting
Window features
Vinyl Frames, Blinds, Single Pane Window(s), Double Pane Windows, Wood Frames
Fencing
Fenced
Basement
Unfinished
Subdivision
Aitken Addition
Lot features
Level
Standard status
Active
APN
012-143-51
Size
5,549 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
4103
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Natural Gas, Forced Air, Wall Furnace
Cooling system
Electric, Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1957
Floors in Building
2
Number of units
12
Flooring type
Vinyl, Varies, Wood, Tile, Carpet, Laminate, Tile - Ceramic
Building materials
Attic/Crawl Hatchway(s) Insulated, Batts Insulation, Brick, Wood Siding
Roof type
Asphalt, Flat, Shingle
Listing Agency:
Dickson Realty - Downtown
(775) 324-7000
Listed By:
Jacqueline Lescott · License #S.187479
(775) 360-0060
Added: Apr 29
Changed: Jul 2
Last Checked: Aug 6 at 4:06PM
MLS# 260005217
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 twelve-unit investment property has a history of producing consistent income. The property consists of four buildings: a four-plex, a two-plex, and two three-plexes. The units include studios and two-bedroom apartments, with two units featuring private yards. A fully fenced yard area is located in the center of the property. One of the three-plexes had a new roof installed within the past two years. The property's location offers convenient access to Midtown and Downtown Reno, I-80 and I-580 freeways, Renown Hospital, and the VA Hospital. The University of Nevada, Reno, is 2.6 miles away. All units have been updated in the last four years. The property generates nearly $150,000 in gross rental income. Current rents are below market rates, offering the potential to increase income upon lease expiration. The self-managed property has a CAP rate of just over six percent. The lot size is 0.29 acres, and the property size is 5549 square feet.
Key Highlights
- Twelve‑unit multifamily investment with 4 buildings: one 4‑plex, one 2‑plex, and two 3‑plexes
- Unit mix includes studios through two‑bedrooms; two units have private yards and the site includes a fully fenced central yard area
- New roof installed on one 3‑plex within the last 2 years; roof types include asphalt, flat, and shingle
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
$71,699
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
3.85%
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%
$1,433,980
$1.4M
Cap Rate 7%
$1,024,271
$1.0M
Cap Rate 9%
$796,656
$796.7K
Market Conditions
NOI Build-Up for 5,549 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
$136.5K $24.60/SF
− Vacancy
−$6.1K −$1.11/SF
EGI
$130.4K $23.49/SF
− OpEx
−$58.7K −$10.57/SF
NOI
$71.7K $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%
$1,433,980
Cap Rate 7%
$1,024,271
Cap Rate 9%
$796,656
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$896.2K – $1.19M
NOI $71,699 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,709 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
4,664
Businesses Nearby
Explore this area
Business Placement
Demographics for 89502, NV
47,062
Population
20,781
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
21.5 sq mi
ZIP Area
2,189
Density / Sq Mi
$62,719
Median Household Income
$36,796
Median Earnings
$1,243
Median Rent
$389,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Twelve-unit property near Midtown and Downtown Reno with income potential.
Where is this apartment building located?
The property is located at 921 Willow Street Reno, NV.
What is the asking price?
The asking price for this property is $1,862,000.
What are key features of this property?
This property features: Twelve‑unit multifamily investment with 4 buildings: one 4‑plex, one 2‑plex, and two 3‑plexes; Unit mix includes studios through two‑bedrooms; two units have private yards and the site includes a fully fenced central yard area; New roof installed on one 3‑plex within the last 2 years; roof types include asphalt, flat, and shingle
