Triplex With Private
For Sale
$650,000
1301 Faland Way #1 2 3, Reno, NV 89503
Three separately entered residences include a detached cottage, an upstairs unit, and a lower-level unit undergoing cosmetic improvements.
Property Size2,040 SF
Days on Market54
Property Features for 1301 Faland Way #1 2 3
General Information
Standard status
Active
Size
2,040 SF
Total Parking Spaces
10
Property subtype
Multi Family Home
Zoning
MF14
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,188
Building Details
Building Size
2,040 SF
Year Built
1941
Buildings
1
Stories
2
Units
3
Listing Agency:
RE/MAX Professionals-Reno
(775) 233-7356
Listed By:
Nicholas Abe · License #S.174613
(775) 233-7356
Source:
Fernleynvhomes
Added: Jun 19
Changed: Aug 11
Last Checked: Aug 11 at 1:29PM
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 RE/MAX Professionals-Reno
Investment Insights
Based on property information with market context.
This MF14-zoned triplex, built in 1941, contains three distinct residences with separate private entrances. The detached one-bedroom, one-bath cottage includes a side yard with raised garden beds. Above it, a two-bedroom, one-bath unit receives substantial natural light, while the lower one-bedroom, one-bath residence offers an oversized bedroom and is vacant during cosmetic improvements.
The property is within walking distance of the University of Nevada, Reno and Downtown Reno. Its Reno location, separate unit access, and varied residential layouts provide a clearly defined multifamily configuration. The address includes units 1, 2, and 3 at 1301 Faland Way.
The property is within walking distance of the University of Nevada, Reno and Downtown Reno. Its Reno location, separate unit access, and varied residential layouts provide a clearly defined multifamily configuration. The address includes units 1, 2, and 3 at 1301 Faland Way.
Key Highlights
- Three‑unit multifamily property with separate private entrances
- Detached 1‑bedroom, 1‑bath cottage with side yard and raised garden beds
- Upstairs 2‑bedroom, 1‑bath unit with abundant natural light
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
$30,348
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
4.67%
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%
$606,960
$607.0K
Cap Rate 7%
$433,543
$433.5K
Cap Rate 9%
$337,200
$337.2K
Market Conditions
NOI Build-Up for 2,040 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
$45.3K $22.20/SF
− Vacancy
−$1.9K −$0.95/SF
EGI
$43.4K $21.25/SF
− OpEx
−$13.0K −$6.38/SF
NOI
$30.3K $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%
$606,960
Cap Rate 7%
$433,543
Cap Rate 9%
$337,200
Alternative Uses
Best Use
Multifamily LT 5
$433.5K
$379.4K – $505.8K
NOI $30,348 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$376.6K
$329.5K – $439.3K
NOI $26,359 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$628.7K
$550.1K – $733.5K
NOI $44,009 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,779
Businesses Nearby
Explore this area
Business Placement
Demographics for 89503, NV
28,737
Population
13,938
Households
2.1
Avg Household Size
33
Median Age
36%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
4,635
Density / Sq Mi
$66,956
Median Household Income
$37,352
Median Earnings
$1,336
Median Rent
$441,800
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 - Three separately entered residences include a detached cottage, an upstairs unit, and a lower-level unit undergoing cosmetic improvements.
Where is this triplex located?
The property is located at 1301 Faland Way #1 2 3 Reno, NV.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three‑unit multifamily property with separate private entrances; Detached 1‑bedroom, 1‑bath cottage with side yard and raised garden beds; Upstairs 2‑bedroom, 1‑bath unit with abundant natural light
