Mixed-Urban Commercial
For Sale
$3,990,000
2091 West 4th Street, Reno, NV 89503
Corner development site with multiple curb cuts, sewer connections, and on-site utilities.
Property Size43,995 SF
Price / SF$90.69
Days on Market570
Property Features for 2091 West 4th Street
General Information
Standard status
Active
Size
43,995 SF
Property subtype
Land
Zoning
MU
Taxes and HOA fees
Annual Taxes
$5,572
Amenities
0.0
Chain Link, Fenced, Wood
No
Yes
Outbuilding
Listing Agency:
Marshall Realty
(775) 232-1762
Listed By:
Lori Gemme · License #B.29552
(775) 232-1762
Source:
Compass
Added: Feb 6, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:36PM
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 Marshall Realty
Investment Insights
Based on property information with market context.
This commercial land parcel at 2091 West 4th Street is a corner site zoned MU (Mixed Urban). The property is identified for midrise retail and multifamily development, including affordable housing, and includes an existing motel that the seller may consider removing as part of redevelopment. Two sewer lines, four curb-cut entrances, and on-site utilities support future site planning. Chain-link and wood fencing, along with an outbuilding, are also present.
The property is near downtown Reno, Nevada, at the intersection-oriented location of West 4th Street. Its MU zoning and stated midrise development potential provide a basis for evaluating a combined commercial and multifamily concept, subject to applicable approvals.
The property is near downtown Reno, Nevada, at the intersection-oriented location of West 4th Street. Its MU zoning and stated midrise development potential provide a basis for evaluating a combined commercial and multifamily concept, subject to applicable approvals.
Key Highlights
- MU (Mixed Urban) zoning with stated midrise retail and multifamily development potential
- 43,995 property‑size measurement
- Corner parcel near downtown Reno
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
$251,474
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
6.30%
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%
$5,029,480
$5.0M
Cap Rate 7%
$3,592,486
$3.6M
Cap Rate 9%
$2,794,156
$2.8M
Market Conditions
NOI Build-Up for 43,995 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
$607.1K $13.80/SF
− Vacancy
−$77.7K −$1.77/SF
EGI
$529.4K $12.03/SF
− OpEx
−$277.9K −$6.32/SF
NOI
$251.5K $5.72/SF
Area
Reno, NV
Vacancy
12.80%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
52.50%
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%
$5,029,480
Cap Rate 7%
$3,592,486
Cap Rate 9%
$2,794,156
Alternative Uses
Best Use
Hotel Hospitality
$3.59M
$3.14M – $4.19M
NOI $251,474 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.56M
$11.86M – $15.82M
NOI $949,109 @ 7.0% cap · market cap 23.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
796
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Corner development site with multiple curb cuts, sewer connections, and on-site utilities.
Where is this commercial land located?
The property is located at 2091 West 4th Street Reno, NV.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: MU (Mixed Urban) zoning with stated midrise retail and multifamily development potential; 43,995 property‑size measurement; Corner parcel near downtown Reno
