3-Unit Multifamily
For Sale
$995,000
1220 Wright St, Reno, NV 89509
House and duplex configuration includes updated interiors, furnished duplex units, and occupancy across all three units.
Property Size2,268 SF
Price / SF$438.71
Days on Market16
Property Features for 1220 Wright St
General Information
Standard status
Active
Size
2,268 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Furnished
Yes
Building Details
Year Built
1956
Buildings
2
Listing Agency:
Desert Rose Realty
(775) 737-2022
Listed By:
LPT Realty
(775) 737-2022
Source:
Nevadarealestatehub
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 28 at 10:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Desert Rose Realty
Investment Insights
Based on property information with market context.
This multifamily property combines a house and a duplex on one parcel, creating three residential units in a single ownership configuration. The house offers two bedrooms, one bathroom, an updated kitchen and bath, a landscaped yard, and a two-car garage with storage. The duplex contains two furnished one-bedroom, one-bath units.
All three units are currently rented. Built in 1956, the property is located at 1220 Wright St in Reno’s Old Southwest area, near Midtown. The duplex fronts a tree-lined street, while the house is positioned off the alley for added separation. The property size is 2,268.
All three units are currently rented. Built in 1956, the property is located at 1220 Wright St in Reno’s Old Southwest area, near Midtown. The duplex fronts a tree-lined street, while the house is positioned off the alley for added separation. The property size is 2,268.
Key Highlights
- Three total units—one house and one duplex—on a single parcel
- House includes 2 bedrooms, 1 bath, and a 2‑car garage
- Duplex contains two furnished 1‑bedroom, 1‑bath 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
$33,740
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
3.39%
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%
$674,800
$674.8K
Cap Rate 7%
$482,000
$482.0K
Cap Rate 9%
$374,889
$374.9K
Market Conditions
NOI Build-Up for 2,268 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
$50.3K $22.20/SF
− Vacancy
−$2.1K −$0.95/SF
EGI
$48.2K $21.25/SF
− OpEx
−$14.5K −$6.38/SF
NOI
$33.7K $14.88/SF
Area
Reno, NV
Vacancy
4.27%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$674,800
Cap Rate 7%
$482,000
Cap Rate 9%
$374,889
Alternative Uses
Best Use
Multifamily LT 5
$482.0K
$421.8K – $562.3K
NOI $33,740 @ 7.0% cap · market cap 3.39%
Second Best
Apartment 5plus
$418.6K
$366.3K – $488.4K
NOI $29,305 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$699.0K
$611.6K – $815.5K
NOI $48,928 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,583
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 - House and duplex configuration includes updated interiors, furnished duplex units, and occupancy across all three units.
Where is this multifamily property located?
The property is located at 1220 Wright St Reno, NV.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Three total units—one house and one duplex—on a single parcel; House includes 2 bedrooms, 1 bath, and a 2‑car garage; Duplex contains two furnished 1‑bedroom, 1‑bath units
