Corner Residential Income
For Sale
$129,000
1940 4th Street, Sparks, NV 89431
Residential, Sparks, NV
Property Size841 SF
Price / SF$153.39
Days on Market48
Property Features for 1940 4th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MF-4
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bathroom 1, Bedroom 1
Parking
1
Parking features
Open, Garage
Window features
Vinyl Frames, Double Pane Windows
Interior features
Ceiling Fan(s)
Appliances
Dishwasher, Electric Range, Microwave, Refrigerator
Lot features
Level
Elementary school
Greenbrae
Middle school
Dilworth
High school
Sparks
Directions
Pyramid to Greenbrae to 4th St
Standard status
Active
APN
028-321-01
Size
841 SF
Taxes and HOA fees
HOA Fee
$525 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Flooring type
Carpet, Laminate
Building materials
Asbestos, Brick
Roof type
Shingle, Composition
Listing Agency:
Dickson Realty - Caughlin
(775) 746-7000
Listed By:
Wendy McPhail · License #S.174972
(775) 338-4463
Added: Jul 24
Changed: Aug 20
Last Checked: Sep 9 at 1:06AM
MLS# 260009559
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 841-square-foot residential income property is a corner unit in a 55+ owner-occupied co-op. The layout includes two bedrooms and one bathroom, with an updated kitchen featuring quartz countertops, an electric range, dishwasher, microwave, and refrigerator. The bathroom has also been updated. Newer energy-efficient double-pane vinyl windows complement carpet and laminate flooring, ceiling fans, electric heating, and wall or window unit cooling. A detached garage and open parking are included.
Constructed in 1960, the property has public water and public sewer service, a shingle and composition roof, and MF-4 zoning. HOA fees include water, garbage, taxes, and sewer.
Constructed in 1960, the property has public water and public sewer service, a shingle and composition roof, and MF-4 zoning. HOA fees include water, garbage, taxes, and sewer.
Key Highlights
- 841‑square‑foot corner unit in a 55+ owner‑occupied co‑op
- Two bedrooms and one bathroom with updated kitchen and bathroom
- Quartz countertops with electric range, dishwasher, microwave, and refrigerator
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
$9,359
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
7.26%
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%
$187,180
$187.2K
Cap Rate 7%
$133,700
$133.7K
Cap Rate 9%
$103,989
$104.0K
Market Conditions
NOI Build-Up for 841 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
$17.8K $21.12/SF
− Vacancy
−$746 −$0.89/SF
EGI
$17.0K $20.23/SF
− OpEx
−$7.7K −$9.10/SF
NOI
$9.4K $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%
$187,180
Cap Rate 7%
$133,700
Cap Rate 9%
$103,989
Alternative Uses
Best Use
Apartment 5plus
$133.7K
$117.0K – $156.0K
NOI $9,359 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$297.7K
$260.5K – $347.3K
NOI $20,838 @ 7.0% cap · market cap 16.15%
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 kitchen and bathroom with quartz countertops, plus a detached garage and energy-efficient windows.
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 $129,000.
What are key features of this property?
This property features: 841‑square‑foot corner unit in a 55+ owner‑occupied co‑op; Two bedrooms and one bathroom with updated kitchen and bathroom; Quartz countertops with electric range, dishwasher, microwave, and refrigerator
