Renovated 6-Unit Apartment
For Sale
Contact for pricing
210 Claremont Street, Reno, NV 89502
Market-rate multifamily property with varied unit layouts and updated finishes across most residences.
Property Size4,208 SF
Price / SF$279.23
Days on Market139
Property Features for 210 Claremont Street
General Information
Standard status
Active
Size
4,208 SF
Property subtype
Multifamily
Zoning
MF 30
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$61,275
Additional Details
Public Transit
Yes
Multifamily Units
6
Building Details
Year Built
1962
Buildings
1
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
CBRE Reno
(775) 356-6118
Listed By:
Ben Galles · License #S.47543
Source:
Crexi
Added: Apr 15
Changed: Aug 29
Last Checked: Aug 29 at 11:39PM
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.
This 6-unit apartment property contains a mix of studio, one-bedroom, two-bedroom, and three-bedroom residences within 4,208 square feet. Built in 1962, the property includes units that have been refreshed with LVP flooring, upgraded fixtures, countertops, and lighting. The residences are offered as market-rate housing and are located in the Wells rental submarket.
At 210 Claremont Street, the property borders the MidTown Reno and Wells Avenue districts. Restaurants, downtown Reno, Renown Medical Center, retail centers, bus lines, and community events are identified in the surrounding area. The property is zoned MF 30 and may also be sold as part of a portfolio with the separately listed 6-unit multifamily property at 1508 Locust Street.
At 210 Claremont Street, the property borders the MidTown Reno and Wells Avenue districts. Restaurants, downtown Reno, Renown Medical Center, retail centers, bus lines, and community events are identified in the surrounding area. The property is zoned MF 30 and may also be sold as part of a portfolio with the separately listed 6-unit multifamily property at 1508 Locust Street.
Key Highlights
- 6 total apartment units with studio, 1‑bedroom, 2‑bedroom, and 3‑bedroom layouts
- 4,208 square feet on 210 Claremont Street
- Most units renovated with LVP flooring, upgraded fixtures, countertops, and lighting
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
$54,372
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
4.63%
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%
$1,087,440
$1.1M
Cap Rate 7%
$776,743
$776.7K
Cap Rate 9%
$604,133
$604.1K
Market Conditions
NOI Build-Up for 4,208 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
$103.5K $24.60/SF
− Vacancy
−$4.7K −$1.11/SF
EGI
$98.9K $23.49/SF
− OpEx
−$44.5K −$10.57/SF
NOI
$54.4K $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%
$1,087,440
Cap Rate 7%
$776,743
Cap Rate 9%
$604,133
Alternative Uses
Best Use
Apartment 5plus
$776.7K
$679.7K – $906.2K
NOI $54,372 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,780 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
3,713
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 - Market-rate multifamily property with varied unit layouts and updated finishes across most residences.
Where is this apartment building located?
The property is located at 210 Claremont Street Reno, NV.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: 6 total apartment units with studio, 1‑bedroom, 2‑bedroom, and 3‑bedroom layouts; 4,208 square feet on 210 Claremont Street; Most units renovated with LVP flooring, upgraded fixtures, countertops, and lighting
