Multifamily Property with
For Sale
$995,000
1220 Wright Street, Reno, NV 89509
Three residential units combine a house and duplex on one parcel, with all units currently rented.
Property Size2,268 SF
Days on Market12
Property Features for 1220 Wright Street
General Information
Standard status
Active
Size
2,268 SF
Total Parking Spaces
3
Property subtype
Multi Family Home
Zoning
Mf14
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,517
Building Details
Building Size
2,268 SF
Year Built
1956
Buildings
2
Stories
1
Units
3
Listing Agency:
Ferrari-Lund R.E. Sparks
(775) 762-4762
Listed By:
Vincent Rossi · License #B.18862
(775) 762-4762
Source:
Fernleynvhomes
Added: Aug 12
Changed: Aug 20
Last Checked: Aug 23 at 12:29PM
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 Ferrari-Lund R.E. Sparks
Investment Insights
Based on property information with market context.
This multifamily property combines a detached house and a duplex on one parcel, providing three residential units in total. The house includes 2 bedrooms, 1 bath, an updated kitchen and bath, a landscaped yard, and a 2-car garage with storage. The duplex contains two furnished 1-bedroom, 1-bath units. The property was built in 1956 and is zoned Mf14.
All units are rented. The duplex sits along a tree-lined street, while the house is positioned off the alley for added privacy. The property is located in Old-Southwest near Midtown at 1220 Wright Street in Reno, Nevada.
All units are rented. The duplex sits along a tree-lined street, while the house is positioned off the alley for added privacy. The property is located in Old-Southwest near Midtown at 1220 Wright Street in Reno, Nevada.
Key Highlights
- Three residential units: one house and a duplex on one parcel
- House includes 2 bedrooms, 1 bath, and a 2‑car garage
- House features an updated kitchen, updated bath, and landscaped yard
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 - Three residential units combine a house and duplex on one parcel, with all units currently rented.
Where is this multifamily property 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 residential units: one house and a duplex on one parcel; House includes 2 bedrooms, 1 bath, and a 2‑car garage; House features an updated kitchen, updated bath, and landscaped yard
