Remodeled Residential Income
For Sale
$149,900
1940 4th Street, Sparks, NV 89431
Residential, Sparks, NV
Property Size940 SF
Lot Size0.02 Acres
Price / SF$159.47
Days on Market52
Property Features for 1940 4th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF4
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bathroom 1, Bedroom 1
Parking
1
Parking features
Garage
Window features
Blinds, Vinyl Frames, Drapes, Double Pane Windows
Patio and Porch features
Patio, Porch
Interior features
Breakfast Bar, Ceiling Fan(s), Pantry
Fireplace
1
Appliances
Dishwasher, Disposal, Electric Cooktop, Electric Oven, Electric Range, Microwave, Refrigerator
Lot features
Common Area, Greenbelt, Landscaped, Level, Sprinklers In Front, Sprinklers In Rear
View
City, Park
Elementary school
Greenbrae
Middle school
Dilworth
High school
Sparks
Directions
Pyramid to Greenbrae to 4th st
Standard status
Active
APN
028-321-02
Size
940 SF
Lot size
0.02 Acres
Taxes and HOA fees
HOA Fee
$500 Monthly
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Wall Furnace, Fireplace(s)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Flooring type
Wood
Roof type
Composition, Shingle
Listing Agency:
Ferrari-Lund Real Estate Reno
(775) 688-4000
Listed By:
Jennifer Scott · License #S.171194
(775) 772-7098
Added: Jul 14
Changed: Aug 29
Last Checked: Sep 3 at 11:06AM
MLS# 260008999
Copyright © 2026 Northern Nevada Regional MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This remodeled first-floor condominium offers approximately 940 square feet with two bedrooms and one bathroom. The interior includes wood flooring, a breakfast bar, pantry, ceiling fan, fireplace, wall furnace, and wall or window-unit cooling. The kitchen is equipped with a dishwasher, disposal, electric cooktop, electric oven, electric range, microwave, and refrigerator. A patio and porch extend the usable living area, while garage parking is also provided.
The property is located in a senior community with mature landscaping and shared community upkeep. The HOA includes property taxes, and the community does not permit pets. Occupancy is restricted to the owner, so the unit cannot be rented. Public water and sewer serve the property, with cable available. Built in 1960, the condominium also features a shingle and composition roof.
The property is located in a senior community with mature landscaping and shared community upkeep. The HOA includes property taxes, and the community does not permit pets. Occupancy is restricted to the owner, so the unit cannot be rented. Public water and sewer serve the property, with cable available. Built in 1960, the condominium also features a shingle and composition roof.
Key Highlights
- Approximately 940 square feet with 2 bedrooms and 1 bathroom
- Remodeled first‑floor condominium in a senior community
- Owner occupancy required; unit cannot be rented
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
$10,460
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
6.98%
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%
$209,200
$209.2K
Cap Rate 7%
$149,429
$149.4K
Cap Rate 9%
$116,222
$116.2K
Market Conditions
NOI Build-Up for 940 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
$19.9K $21.12/SF
− Vacancy
−$834 −$0.89/SF
EGI
$19.0K $20.23/SF
− OpEx
−$8.6K −$9.10/SF
NOI
$10.5K $11.13/SF
Area
Sparks, NV
Vacancy
4.20%
Lease Rate
$21.12 /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%
$209,200
Cap Rate 7%
$149,429
Cap Rate 9%
$116,222
Alternative Uses
Best Use
Apartment 5plus
$149.4K
$130.8K – $174.3K
NOI $10,460 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$332.7K
$291.1K – $388.2K
NOI $23,291 @ 7.0% cap · market cap 15.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
Explore this area
Business Placement
Demographics for 89431, NV
40,219
Population
16,858
Households
2.4
Avg Household Size
35
Median Age
14%
College-Educated
76%
High-School Grad
9.2 sq mi
ZIP Area
4,372
Density / Sq Mi
$64,496
Median Household Income
$39,589
Median Earnings
$1,276
Median Rent
$332,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated first-floor condominium in a senior community with private outdoor space and owner-occupancy requirements.
Where is this residential income property located?
The property is located at 1940 4th Street Sparks, NV.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Approximately 940 square feet with 2 bedrooms and 1 bathroom; Remodeled first‑floor condominium in a senior community; Owner occupancy required; unit cannot be rented
