Three-Unit Multifamily
New
For Sale
$995,000
1220 Wright Street, Reno, NV 89509
MULTI_FAMILY - Reno, NV
Property Size2,268 SF
Lot Size0.16 Acres
Price / SF$438.71
Days on Market3
Property Features for 1220 Wright Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Mf14
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 3
Parking
3
Parking features
Alley
Window features
Double Pane Windows, Vinyl Frames
Patio and Porch features
Patio
Appliances
Dishwasher, Dryer, Electric Range, Washer
Lot features
Level, Sprinklers In Front, Sprinklers In Rear
Elementary school
Mt. Rose
Middle school
Swope
High school
Reno
Standard status
Active
APN
014-045-16
Size
2,268 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
2517
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1956
Floors in Building
1
Number of units
3
Flooring type
Varies, Vinyl, Tile, Wood
Building materials
Brick Veneer, Frame
Roof type
Composition, Shingle
Listing Agency:
Ferrari-Lund R.E. Sparks
(775) 685-7788
Listed By:
Vincent Rossi · License #B.18862
(775) 762-4762
Added: Aug 12
Last Checked: Aug 14 at 5:06AM
MLS# 260010396
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 combines a detached house with a duplex on a 0.16-acre parcel, creating three units within 2,268 square feet. The house includes two bedrooms, one bathroom, an updated kitchen and bath, a landscaped yard, and a two-car garage with storage. Each duplex unit offers one bedroom and one bathroom, and both duplex units are furnished.
All three units are currently rented. The property is located in Reno’s Old Southwest area near Midtown, with the duplex positioned along a tree-lined street and the house accessed from the alley. Construction includes brick veneer and frame components, with varied flooring that includes vinyl, tile, and wood. Additional features include a patio, central air, forced-air natural gas heating, public water, and public sewer. The property was built in 1956 and is zoned Mf14.
All three units are currently rented. The property is located in Reno’s Old Southwest area near Midtown, with the duplex positioned along a tree-lined street and the house accessed from the alley. Construction includes brick veneer and frame components, with varied flooring that includes vinyl, tile, and wood. Additional features include a patio, central air, forced-air natural gas heating, public water, and public sewer. The property was built in 1956 and is zoned Mf14.
Key Highlights
- Three total units: one two‑bedroom house and a two‑unit duplex
- 2,268 square feet on a 0.16‑acre parcel
- All units are currently rented
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
1,232
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?
Triplex - A detached residence and duplex provide three occupied units on one parcel.
Where is this triplex located?
The property is located at 1220 Wright Street 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 two‑bedroom house and a two‑unit duplex; 2,268 square feet on a 0.16‑acre parcel; All units are currently rented
