6-Unit Apartment
1508 Locust St Reno, NV 89502
For Sale
Contact for pricing
Six-unit multifamily property with in-unit washer/dryer hookups and fenced yard areas for most units.
Property Size4,060 SF
Price / SF$306.65
Days on Market101
Property Features for 1508 Locust St
General Information
- Standard status
- Active
- Size
- 4,060 SF
- Property subtype
- Multifamily
Listing Agency:
CBRE Reno
(775) 356-6118
Listed By:
Ben Galles · License #S.47543
Source:
Crexi
Added: Apr 14
Changed: Jul 23
Last Checked: Jul 23 at 11:26AM
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 CBRE Reno
Investment Insights
Based on property information with market context.
The Flats at Locust St is a six-unit apartment building on a large lot. The unit mix includes five one-bedroom, one-bath units and one three-bedroom, one-and-a-half-bath unit. Most units feature their own fenced yard area, and all units have in-unit washer/dryer hookups.
Tenants pay gas and electric, along with a flat-rate reimbursement for sewer, water, and trash. The property is located within the Wells Avenue District, just east of Midtown Reno, with stated nearby access to restaurants, downtown Reno, Renown Medical Center, retail centers, bus lines, and community events.
The offering includes a mention that it may be sold as part of a portfolio with 210 Claremont St, a nearby six-unit multifamily opportunity in the MidTown/Wells submarket.
Tenants pay gas and electric, along with a flat-rate reimbursement for sewer, water, and trash. The property is located within the Wells Avenue District, just east of Midtown Reno, with stated nearby access to restaurants, downtown Reno, Renown Medical Center, retail centers, bus lines, and community events.
The offering includes a mention that it may be sold as part of a portfolio with 210 Claremont St, a nearby six-unit multifamily opportunity in the MidTown/Wells submarket.
Key Highlights
- 6‑unit multifamily property within the Wells Avenue District just east of Midtown Reno
- Unit mix: five 1 bed / 1 bath units and one 3 bed / 1.5 bath unit
- Most units include their own fenced yard area
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $99.9k | $24.60 |
| − Vacancy | −$4.5k | −$1.11 |
| EGI | $95.4k | $23.49 |
| − OpEx | −$42.9k | −$10.57 |
| NOI | $52.5k | $12.92 |
4,060 SF · lease $24.60/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$749.4K
$655.8K – $874.3K
NOI $52,460 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,587 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Six-unit multifamily property with in-unit washer/dryer hookups and fenced yard areas for most units.
Where is this apartment building located?
The property is located at 1508 Locust St Reno, NV.
What is the asking price?
The asking price for this property is $1,245,000.
What are key features of this property?
This property features: 6‑unit multifamily property within the Wells Avenue District just east of Midtown Reno; Unit mix: five 1 bed / 1 bath units and one 3 bed / 1.5 bath unit; Most units include their own fenced yard area
