Renovated 5-Unit Apartment
For Sale
$875,000
519 Elko Avenue, Reno, NV 89512
Multifamily property with a five-unit layout near the University of Nevada Reno.
Property Size2,856 SF
Price / SF$306.37
Days on Market1073
Property Features for 519 Elko Avenue
General Information
Standard status
Active
Size
2,856 SF
Property subtype
Multi-Family / Apartment Building (up to 8 Units)
Net Operating Income
$53,021
Units
Unit Mix
4 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
5
Additional Details
Cap Rate
5.89%
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,792
Amenities
0, 0, 0, 1, 3, 1, 2, 0, 0, 0, 0, 0, 576, 570, 0, 0, 0, 1160, 1425, 0, 0, 0
Common, Varies Per Unit
Double Pane, Varies by Unit
Laminate, Varies by Unit
Refrigerator, Oven/Range, Dishwasher, Microwave, Varies Per Unit
Electric
Patio/Deck, Varies Per Unit
Evap Cooling, Natural Gas, Radiant Heat-Ceiling, Varies by Unit
Separated Meters-Gas, Separate Meters-Electric, Primary Meter-Water
Pitched
Full
Masonry Veneer, Vinyl Siding
City/County Water, City Sewer, Electricity, Natural Gas, Internet Available, Cellular Coverage Avail
Basement/Finished, Concrete/Crawl Space
Fully Landscaped
Yes
Building Details
Year Built
1915
Year Renovated
2021
Buildings
3
Stories
2
Units
5
Listing Agency:
Reno Real Estate
Listed By:
Cristopher Garcia · License #S.0199314
(775) 247-9615
Source:
Compass
Added: Nov 8, 2023
Changed: Oct 13
Last Checked: Oct 16 at 11:30AM
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 Reno Real Estate
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Investment Insights
Based on property information with market context.
This five-unit apartment property was renovated in 2021 and includes updated appliances and amenities. The unit mix consists of two duplex buildings, each containing two 2-bedroom, 1-bathroom residences, plus a separate 1-bedroom, 1-bathroom unit. The configuration offers a combination of larger and smaller apartments within one multifamily asset.
Located in downtown Reno at 519 Elko Avenue, the property is within walking distance of the University of Nevada Reno and minutes from the main highway. Stores, outlets, and schools are also nearby. The property carries a 5.89% cap rate.
Located in downtown Reno at 519 Elko Avenue, the property is within walking distance of the University of Nevada Reno and minutes from the main highway. Stores, outlets, and schools are also nearby. The property carries a 5.89% cap rate.
Key Highlights
- Five‑unit multifamily property with two duplexes and one separate unit
- Renovated in 2021 with updated appliances and amenities
- Two 2‑bedroom, 1‑bathroom units in each duplex
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,903
Cap Rate
4.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$738,060
$738.1K
Cap Rate 7%
$527,186
$527.2K
Cap Rate 9%
$410,033
$410.0K
Market Conditions
NOI Build-Up for 2,856 SF
Gross rent
$70.3K $24.60/SF
− Vacancy
−$3.2K −$1.11/SF
EGI
$67.1K $23.49/SF
− OpEx
−$30.2K −$10.57/SF
NOI
$36.9K $12.92/SF
Area
Reno, NV
Vacancy
4.50%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$738,060
Cap Rate 7%
$527,186
Cap Rate 9%
$410,033
Alternative Uses
Best Use
Apartment 5plus
$527.2K
$461.3K – $615.1K
NOI $36,903 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$880.2K
$770.2K – $1.03M
NOI $61,613 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,613
Businesses Nearby
Explore this area
Business Placement
Demographics for 89512, NV
30,148
Population
12,374
Households
2.4
Avg Household Size
30
Median Age
18%
College-Educated
76%
High-School Grad
6.2 sq mi
ZIP Area
4,863
Density / Sq Mi
$45,284
Median Household Income
$34,587
Median Earnings
$1,113
Median Rent
$318,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with a five-unit layout near the University of Nevada Reno.
Where is this apartment building located?
The property is located at 519 Elko Avenue Reno, NV.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Five‑unit multifamily property with two duplexes and one separate unit; Renovated in 2021 with updated appliances and amenities; Two 2‑bedroom, 1‑bathroom units in each duplex
