Updated 6-Unit Apartment
For Sale
$899,000
Pending
1385 W 6th Street, Reno, NV 89503
Commercial Sale, Reno, NV
Property Size4,094 SF
Lot Size0.18 Acres
Days on Market318
Property Features for 1385 W 6th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MF30
Parking features
Parking Lot
Window features
Blinds, Aluminum Frames
Lot features
Sloped Down
Directions
W 7th to eight st then on 6th
Standard status
Pending
APN
006-162-09
Size
4,094 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
2940
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1975
Floors in Building
2
Number of units
6
Flooring type
Carpet, Vinyl, Laminate
Building materials
Frame, Wood Siding
Roof type
Shingle
Listing Agency:
Clark Real Estate & Inv.
(775) 828-3355
Listed By:
Isaac Conde · License #BS.143361
(775) 830-0535
Added: Oct 27, 2025
Changed: Aug 26
Last Checked: Sep 9 at 3:06AM
MLS# 250057547
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 6-unit apartment property contains six approximately 682-square-foot one-bedroom residences within a 4,094-square-foot building. Four units have received updated paint and flooring. Downstairs residences feature private rear patios, while upper-level units offer balconies. The building was professionally painted in 2022 and includes frame construction with wood siding, shingle roofing, carpet, laminate, and vinyl flooring.
The property occupies 0.18 acres in Northwest Reno, with freeway access and nearby grocery stores, pharmacies, schools, and everyday services. A parking lot serves the residents. Public water and public sewer are in place, with cable availability noted. Natural gas and forced-air heating support the building, which was constructed in 1975 and carries MF30 zoning.
The property occupies 0.18 acres in Northwest Reno, with freeway access and nearby grocery stores, pharmacies, schools, and everyday services. A parking lot serves the residents. Public water and public sewer are in place, with cable availability noted. Natural gas and forced-air heating support the building, which was constructed in 1975 and carries MF30 zoning.
Key Highlights
- 6‑unit apartment property with six approximately 682‑square‑foot one‑bedroom units
- 4 units updated with paint and new flooring
- 4,094‑square‑foot building on 0.18 acres
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
$52,899
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
5.88%
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%
$1,057,980
$1.1M
Cap Rate 7%
$755,700
$755.7K
Cap Rate 9%
$587,767
$587.8K
Market Conditions
NOI Build-Up for 4,094 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
$100.7K $24.60/SF
− Vacancy
−$4.5K −$1.11/SF
EGI
$96.2K $23.49/SF
− OpEx
−$43.3K −$10.57/SF
NOI
$52.9K $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%
$1,057,980
Cap Rate 7%
$755,700
Cap Rate 9%
$587,767
Alternative Uses
Best Use
Apartment 5plus
$755.7K
$661.2K – $881.7K
NOI $52,899 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,320 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
938
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?
Apartment building - Six one-bedroom units with select interior improvements, private outdoor areas, parking, and public utilities in Northwest Reno.
Where is this apartment building located?
The property is located at 1385 W 6th Street Reno, NV.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 6‑unit apartment property with six approximately 682‑square‑foot one‑bedroom units; 4 units updated with paint and new flooring; 4,094‑square‑foot building on 0.18 acres
