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 Market512
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
(775) 247-9615
Listed By:
Cristopher Garcia · License #S.199314
(775) 247-9615
Source:
Compass
Added: Apr 8, 2025
Changed: Aug 31
Last Checked: Aug 31 at 10:14PM
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
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 = 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
$36,903
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
4.22%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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
