Triplex with Private
For Sale
$650,000
1301 Faland Way, Reno, NV 89503
MULTI_FAMILY - Reno, NV
Property Size2,040 SF
Lot Size0.10 Acres
Price / SF$318.63
Days on Market49
Property Features for 1301 Faland Way
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
MF14
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 1
Parking
10
Patio and Porch features
Patio
Appliances
Dishwasher, Dryer, Electric Range, Refrigerator, Washer
Subdivision
University Terrace
Lot features
Corner Lot, Landscaped
Elementary school
Elmcrest
Middle school
Clayton
High school
Reno
Directions
GPS
Standard status
Active
APN
007-101-12
Size
2,040 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
1188
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Oil
Water source
Public
Building Details
Year built
1941
Floors in Building
2
Number of units
3
Flooring type
Carpet, Tile, Vinyl, Laminate
Building materials
Wood Siding
Roof type
Shingle
Listing Agency:
RE/MAX Professionals-Reno · RE/MAX International
(775) 345-3070
Listed By:
Nicholas Abe · License #S.174613
(775) 233-7356
Added: Jun 19
Changed: Jul 18
Last Checked: Aug 6 at 10:06AM
MLS# 260007966
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 3-unit triplex offers separate, private entrances for each unit. One detached 1-bedroom, 1-bath “cottage” includes a generous side yard with raised garden beds. The upstairs unit is a 2-bedroom, 1-bath with natural light and comfortable living space, presented as move-in ready. The downstairs unit is a spacious 1-bedroom, 1-bath with an oversized bedroom and is currently vacant while undergoing cosmetic improvements.
Located in Reno, Nevada, the property is described as within walking distance of the University of Nevada, Reno and Downtown Reno. The property is zoned MF14, providing a residential multifamily framework for continued use as an income-producing triplex.
The layout is well suited for tenants who prefer separate entry and privacy, with unit mix that includes both 1-bedroom and 2-bedroom living options. For buyers seeking a straightforward three-tenant setup, the combination of a detached cottage, a move-in-ready upstairs unit, and a downstairs unit undergoing cosmetic updates supports a practical leasing plan while the property’s finishes are finalized.
Located in Reno, Nevada, the property is described as within walking distance of the University of Nevada, Reno and Downtown Reno. The property is zoned MF14, providing a residential multifamily framework for continued use as an income-producing triplex.
The layout is well suited for tenants who prefer separate entry and privacy, with unit mix that includes both 1-bedroom and 2-bedroom living options. For buyers seeking a straightforward three-tenant setup, the combination of a detached cottage, a move-in-ready upstairs unit, and a downstairs unit undergoing cosmetic updates supports a practical leasing plan while the property’s finishes are finalized.
Key Highlights
- 3‑unit multifamily with a detached 1‑bedroom, 1‑bath “cottage” plus separate upstairs and downstairs units
- Each unit has its own private entrance for added privacy
- Cottage includes a generous side yard with raised garden beds
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.3k | $22.20 |
| − Vacancy | −$1.9k | −$0.95 |
| EGI | $43.4k | $21.25 |
| − OpEx | −$13.0k | −$6.38 |
| NOI | $30.3k | $14.88 |
2,040 SF · lease $22.20/SF/yr · vacancy 4.27% · expense 30.00%
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
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
798
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 units each with a private entrance, including a detached 1-bedroom cottage with side yard.
Where is this triplex located?
The property is located at 1301 Faland Way 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: 3‑unit multifamily with a detached 1‑bedroom, 1‑bath “cottage” plus separate upstairs and downstairs units; Each unit has its own private entrance for added privacy; Cottage includes a generous side yard with raised garden beds
