8-Unit Apartment
For Sale
$1,350,000
190 Locust Street, Reno, NV 89502
Two-story multifamily property with consistent one-bedroom layouts and a basement area.
Property Size4,048 SF
Lot Size0.13 Acres
Price / SF$333.50
Days on Market40
Property Features for 190 Locust Street
General Information
Standard status
Active
Size
4,048 SF
Lot size
0.13 Acres
Property subtype
Income
Zoning
MU
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$2,470
Building Details
Building Size
4,048 SF
Year Built
1964
Buildings
1
Stories
2
Construction
concrete block
Listing Agency:
Marmont Properties
Listed By:
Kirsch Real Estate Team · License #S.176875
(775) 391-9076
Source:
Kirschrealestateteam
Added: Sep 22
Changed: Oct 27
Last Checked: Oct 27 at 3:28AM
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 Marmont Properties
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Investment Insights
Based on property information with market context.
Built in 1964, this two-story apartment property contains eight one-bedroom, one-bath units, each measuring 506 SF. The 4,048 SF building has concrete block construction with masonry bearing walls and sits on a 5,461 SF lot zoned Mixed-Use (MU). A 276 SF basement area is currently used for storage and includes plumbing. The property is offered separately from a nearby sister building.
The address is minutes from Renown Regional Medical Center. Midtown Reno, the South Wells Avenue corridor, downtown, the Truckee Riverwalk, and the University of Nevada are also within easy reach.
The address is minutes from Renown Regional Medical Center. Midtown Reno, the South Wells Avenue corridor, downtown, the Truckee Riverwalk, and the University of Nevada are also within easy reach.
Key Highlights
- Eight 506 SF one‑bedroom, one‑bath units
- 4,048 SF building on a 5,461 SF lot
- 276 SF basement area used for storage, with plumbing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,305
Cap Rate
3.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,046,100
$1.0M
Cap Rate 7%
$747,214
$747.2K
Cap Rate 9%
$581,167
$581.2K
Market Conditions
NOI Build-Up for 4,048 SF
Gross rent
$99.6K $24.60/SF
− Vacancy
−$4.5K −$1.11/SF
EGI
$95.1K $23.49/SF
− OpEx
−$42.8K −$10.57/SF
NOI
$52.3K $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 Rate 5%
$1,046,100
Cap Rate 7%
$747,214
Cap Rate 9%
$581,167
Alternative Uses
Best Use
Apartment 5plus
$747.2K
$653.8K – $871.8K
NOI $52,305 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.46M
NOI $87,328 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
4,664
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story multifamily property with consistent one-bedroom layouts and a basement area.
Where is this apartment building located?
The property is located at 190 Locust Street Reno, NV.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Eight 506 SF one‑bedroom, one‑bath units; 4,048 SF building on a 5,461 SF lot; 276 SF basement area used for storage, with plumbing
