12-Unit Apartment
For Sale
$3,000,000
15 Gentry Way Unit 12, Reno, NV 89502
Built in 2020, the property offers separately metered utilities and individual heating and cooling.
Property Size8,844 SF
Price / SF$339.21
Days on Market551
Property Features for 15 Gentry Way Unit 12
General Information
Standard status
Active
Size
8,844 SF
Property subtype
Multi-Family / Apartment Complex
Net Operating Income
$113,177
Units
Unit Mix
12 x 2BR/1BA
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$13,215
Amenities
wrought iron security fencing with three programmable gates
0, 0, 0, 0, 0, 1, 12, 0, 0, 0, 0, 0, 0, 810, 0, 0, 0, 0, 1315, 0, 0, 0
Hall
Single Pane
Carpet, Sheet Vinyl, Varies by Unit
Dishwasher, Disposal, Oven/Range, Refrigerator
Natural Gas
Blinds/Shades, Drapes/Curtains, Patio/Deck, Smoke Detector, Varies Per Unit
BBQ/Picnic Area, Fire Alarm
Central Refrig A/C, Electric, Natural Gas, Forced Air
Separate Heating/Cooling, Separate Meters-Electric, Separate Water Heaters, Separated Meters-Gas, Tenant Pays Utilities
Composition/Shingle, Pitched
Partial
Wood Siding
City/County Water, City Sewer, Electricity, Natural Gas, Varies by Unit, Internet Available
Concrete Slab
Partially Landscaped, Yes
Yes
Building Details
Year Built
2020
Buildings
1
Stories
3
Units
12
Listing Agency:
RE/MAX Gold
(775) 544-0808
Listed By:
Eric Crosby · License #B.1887
(775) 544-0808
Source:
Compass
Added: Feb 25, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:08PM
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 RE/MAX Gold
Investment Insights
Based on property information with market context.
This 12-unit apartment property contains 8,844 square feet and was completed in 2020. Each residence is configured with two bedrooms and one bathroom, with finishes varying by unit. Interior features include dishwashers, disposals, oven/ranges, refrigerators, blinds or shades, and patios or decks. Central refrigerated air conditioning, forced-air systems, natural gas, separate electric meters, separate water heaters, separated gas meters, and tenant-paid utilities support individual unit operations.
The property is located at 15 Gentry Way, Unit 12, in Reno’s Reno Experience District, between two casinos identified in the property information. Exterior improvements include wrought iron security fencing and three programmable gates. The site also includes a BBQ and picnic area, fire alarm, partial landscaping, city water, city sewer, electricity, natural gas, and internet availability.
The property is located at 15 Gentry Way, Unit 12, in Reno’s Reno Experience District, between two casinos identified in the property information. Exterior improvements include wrought iron security fencing and three programmable gates. The site also includes a BBQ and picnic area, fire alarm, partial landscaping, city water, city sewer, electricity, natural gas, and internet availability.
Key Highlights
- 12‑unit apartment property with 8,844 square feet
- Two‑bedroom, one‑bath unit configuration
- Built in 2020
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
$114,275
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
3.81%
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%
$2,285,500
$2.3M
Cap Rate 7%
$1,632,500
$1.6M
Cap Rate 9%
$1,269,722
$1.3M
Market Conditions
NOI Build-Up for 8,844 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
$217.6K $24.60/SF
− Vacancy
−$9.8K −$1.11/SF
EGI
$207.8K $23.49/SF
− OpEx
−$93.5K −$10.57/SF
NOI
$114.3K $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%
$2,285,500
Cap Rate 7%
$1,632,500
Cap Rate 9%
$1,269,722
Alternative Uses
Best Use
Apartment 5plus
$1.63M
$1.43M – $1.90M
NOI $114,275 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.73M
$2.38M – $3.18M
NOI $190,793 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,302
Businesses Nearby
Explore this area
Business Placement
Demographics for 89502, NV
47,062
Population
20,781
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
21.5 sq mi
ZIP Area
2,189
Density / Sq Mi
$62,719
Median Household Income
$36,796
Median Earnings
$1,243
Median Rent
$389,200
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 - Built in 2020, the property offers separately metered utilities and individual heating and cooling.
Where is this apartment building located?
The property is located at 15 Gentry Way Unit 12 Reno, NV.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 12‑unit apartment property with 8,844 square feet; Two‑bedroom, one‑bath unit configuration; Built in 2020
