Three-Building Multifamily
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 Market54
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
Forced Air, Electric (Heating), Natural Gas
Cooling system
Electric
Water source
Public
Building Details
Year built
1937
Floors in Building
2
Number of units
11
Flooring type
Vinyl, Varies, Carpet
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: Oct 2
Last Checked: Oct 7 at 7:06PM
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 on two parcels totaling 0.29 acres, with 6,500 square feet of property size. The 1002 S. Arlington Avenue parcel contains a converted single-family residence historically used as a boarding house and currently operated as supportive housing, plus a four-unit apartment building. The apartment building includes two three-bedroom units and two two-bedroom units; each has one full bathroom, a full kitchen, a dedicated water heater, and its own furnace.
The third building, at 562 La Rue Avenue, is a single-story home converted for boarding-house use. It contains the existing operation’s office and food storage. The Arlington parcel is zoned MF-14, while the La Rue property remains single-family zoned with grandfathered boarding-house use. Historical Board approval supports the boarding-house use at the Arlington residence. The property was built in 1937 and has public water and sewer, natural gas availability, forced-air heating, and electric cooling.
The third building, at 562 La Rue Avenue, is a single-story home converted for boarding-house use. It contains the existing operation’s office and food storage. The Arlington parcel is zoned MF-14, while the La Rue property remains single-family zoned with grandfathered boarding-house use. Historical Board approval supports the boarding-house use at the Arlington residence. The property was built in 1937 and has public water and sewer, natural gas availability, 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 / Yr
$83,987
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
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
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 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
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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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two parcels combine apartment units with boarding-house and supportive-housing uses in an established residential configuration.
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
