Willow Crossing Apartment
For Sale
Contact for pricing
175 Locust Street, Reno, NV 89502
Ten market-rate units offer gated access, on-site parking, in-unit laundry, and modern interior finishes.
Property Size9,568 SF
Lot Size0.30 Acres
Price / SF$339.67
Days on Market67
Property Features for 175 Locust Street
General Information
Standard status
Active
Size
9,568 SF
Class
A
Total Parking Spaces
10
Lot size
0.30 Acres
Property subtype
Multifamily
Zoning
MU
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$134,991
Units
Unit Mix
10 x 2BR/2BA
Multifamily Units
10
Amenities
in-unit laundry
balconies
gated access
Building Details
Year Built
2005
Buildings
1
Stories
2
Units
10
Tenancy
Multi
Listing Agency:
CBRE Reno
Listed By:
Ben Galles · License #47543
(775) 750-6429
Source:
Crexi
Added: Aug 3
Changed: Sep 23
Last Checked: Oct 7 at 11:55AM
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.
Willow Crossing is a 9,568-square-foot apartment building completed in 2005 on a 0.30-acre lot. The property contains 10 two-bedroom, two-bathroom units with in-unit laundry, balconies, LVP flooring, granite countertops, gas stoves, and tiled bathroom showers. A security fence, gated access points, and secure on-site parking serve the community. The property is zoned MU.
The building is located in Reno’s Renown Medical District, with walking access to Reno Medical Center. Its setting also provides convenience to downtown, MidTown, and the University of Nevada Reno. The units are described as market-rate housing and are positioned within a medical district that includes healthcare-related employment and other residential demand.
The building is located in Reno’s Renown Medical District, with walking access to Reno Medical Center. Its setting also provides convenience to downtown, MidTown, and the University of Nevada Reno. The units are described as market-rate housing and are positioned within a medical district that includes healthcare-related employment and other residential demand.
Key Highlights
- 10 two‑bedroom, two‑bathroom market‑rate apartment units
- 9,568 SF building on a 0.30‑acre lot
- Built in 2005 and zoned MU
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$123,630
Cap Rate
3.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,472,600
$2.5M
Cap Rate 7%
$1,766,143
$1.8M
Cap Rate 9%
$1,373,667
$1.4M
Market Conditions
NOI Build-Up for 9,568 SF
Gross rent
$235.4K $24.60/SF
− Vacancy
−$10.6K −$1.11/SF
EGI
$224.8K $23.49/SF
− OpEx
−$101.2K −$10.57/SF
NOI
$123.6K $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 Rate 5%
$2,472,600
Cap Rate 7%
$1,766,143
Cap Rate 9%
$1,373,667
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.06M
NOI $123,630 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,412 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
4,664
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Ten market-rate units offer gated access, on-site parking, in-unit laundry, and modern interior finishes.
Where is this apartment building located?
The property is located at 175 Locust Street Reno, NV.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 10 two‑bedroom, two‑bathroom market‑rate apartment units; 9,568 SF building on a 0.30‑acre lot; Built in 2005 and zoned MU
