6-Unit Apartment
For Sale
Contact for pricing
1508 Locust St, Reno, NV 89502
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 Market149
Property Features for 1508 Locust St
General Information
Standard status
Active
Size
4,060 SF
Class
B
Property subtype
Multifamily
Zoning
MF-30
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$64,412
Additional Details
Multifamily Units
6
Amenities
in-unit washer/dryer hookups
fenced yard
Building Details
Year Built
1942
Year Renovated
2018
Buildings
3
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
CBRE Reno
Listed By:
Ben Galles · License #47543
(775) 750-6429
Source:
Crexi
Added: Apr 14
Changed: Aug 28
Last Checked: Sep 8 at 8:16AM
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
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
$52,460
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
4.21%
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%
$1,049,200
$1.0M
Cap Rate 7%
$749,429
$749.4K
Cap Rate 9%
$582,889
$582.9K
Market Conditions
NOI Build-Up for 4,060 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
$99.9K $24.60/SF
− Vacancy
−$4.5K −$1.11/SF
EGI
$95.4K $23.49/SF
− OpEx
−$42.9K −$10.57/SF
NOI
$52.5K $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%
$1,049,200
Cap Rate 7%
$749,429
Cap Rate 9%
$582,889
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,425
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 - 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
