Back to Search

Turnkey Multifamily Investment Opportunity

2151 Patton Drive Reno, NV 89512

2151 Patton Drive, Reno, NV, 89512

$1,450,000

For Sale

$1,450,000

Fully occupied 8-unit property with strong income and recent upgrades.

Property Size6,816 SF

Price / SF$212.73

AddedSep 25, 2025

Days on Market295

Last RefreshJul 16 at 1:49 am

Property Features for 2151 Patton Drive

General Information

Standard status: Active
Size: 6,816 SF
Property subtype: Multi-Family

Building Details

Year Built: 1964

Listing office RE/MAX

Listing date Sep 25, 2025

Source Remaxcommercial

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 RE/MAX

Investment Insights

Based on property information with market context.

This fully occupied 8-unit multi-family property consists of two 4-plexes, each on its own parcel, and qualifies for conventional financing. The unit mix includes seven 2-bedroom/1.5-bath units and one 1-bedroom/1-bath unit. The property generates $119,460 in gross annual income, with a Net Operating Income (NOI) of $87,997, and a 6.06% CAP rate. Building 2151-2157 received a new roof in October 2023 with a 25-year transferable warranty, and Building 2159-2165 had a new roof installed in March 2025 with a 20-year transferable warranty. Exterior repainting was completed in March-April 2025, and the parking lot was resealed and painted in June 2024. New gutters were installed in April 2025, and new siding was added to the back of 2151-2157 in April 2025. Nearly all windows (except two in Unit 2159) and all balcony sliders have been replaced. Two security cameras offer remote internet access. Select unit upgrades include a full downstairs remodel and granite kitchen counters in Unit 2165, new downstairs flooring in Unit 2163 (2025), new luxury LVP flooring in the living room of Unit 2159 (2025), and LVP flooring installed in Unit 2155 two years ago. Units are individually metered for Power & Gas. Seller financing is available with 50% down, terms negotiable, and the seller may also consider a smaller 2nd loan, terms negotiable. The sale includes a property website domain and dedicated phone number for marketing ease. The property size is 6816 square feet.

Key Highlights

High‑performing, fully occupied 8‑unit multi‑family property boasting $119,460 gross income, $87,997 NOI, and a 6.06% CAP rate.
Qualifies for conventional financing due to each 4‑plex being on its own parcel.
Seller financing available with 50% down, terms negotiable.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$167.7k	$24.60
− Vacancy	−$7.5k	−$1.11
EGI	$160.1k	$23.49
− OpEx	−$72.1k	−$10.57
NOI	$88.1k	$12.92

6,816 SF · lease $24.60/SF/yr · vacancy 4.50% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$1.26M

$1.10M – $1.47M (±1% cap)

NOI $88,071 @ 7.0% cap · market cap 6.07%

Second Best

—

no second resolved use

Theoretical Best

Office A

$2.10M

$1.84M – $2.45M (±1% cap)

NOI $147,042 @ 7.0% cap · market cap 10.14%

Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Similar For Sale Nearby

$800,000

100 SF

Four-Bay Coin-Operated Car Wash

Well-maintained four-bay car wash with coin-operated wash bays and vacuum stations, offered with included land.

2125 Sutro Street, Reno, NV 89512

View Details
$1,090,000

2,548 SF

Remodeled Fourplex Income Property

Fully remodeled fourplex with two one-bedroom and two two-bedroom units, including mini-splits and in-unit washers/dryers.

50 Berrum Place, Reno, NV 89509

View Details
$650,000

2,040 SF

Triplex with Private Entrances

Three units each with a private entrance, including a detached 1-bedroom cottage with side yard.

1301 Faland Way, Reno, NV 89503

View Details
$1,862,000

5,549 SF

Reno Multifamily Investment Opportunity

Twelve-unit property near Midtown and Downtown Reno with income potential.

921 Willow Street, Reno, NV 89502

View Details
$4,500,000

4,900 SF

Mixed-Use Development Parcel

Zoned MU MD with two tenant-occupied buildings across three parcels, totaling 1.24 acres.

1496 S Virginia Street, Reno, NV 89502

View Details
$599,000

1,442 SF

Two-Unit Duplex with Courtyard

Well-updated 2-unit duplex with separate entries, courtyard, fenced side-yard, and secured features near VA facilities.

824 Locust Street, Reno, NV 89502

View Details
$1,050,000

2,485 SF

Charming Multifamily Property in Reno

Investment property in Old Southwest Reno with income potential.

665 La Rue Avenue, Reno, NV 89509

View Details
$740,000

2,966 SF

Reno Fourplex Investment Opportunity

Four-unit property near UNR with immediate cash flow.

650 Denslowe Drive lot: A, B, C, D, Reno, NV 89512

View Details
$949,000

4,094 SF

Updated Six-Unit Multifamily Property

Updated six-unit multifamily with partially renovated interiors and outdoor patios/balconies in Reno’s northwest.

1385 W 6th Street, Reno, NV 89503

View Details
$1,350,000

3,822 SF

Reno Multifamily Investment Opportunity

Nine-unit property near Midtown and Downtown Reno with income potential.

747 Willow Street, Reno, NV 89502

View Details
$1,500,000

3,504 SF

High-Visibility Reno Retail Facility

Profitable Reno retail facility with high visibility and foot traffic.

2490 Wrondel Way, Reno, NV 89502

View Details
$4,600,000

19,440 SF

Three-Tenant Automotive Retail Building

Fully occupied three-tenant automotive building on 1.325 acres with in-place NOI and projected cap rates.

9728 South Virginia Street, Reno, NV 89511

View Details

For sale
Apartment buildings
NV
Reno
89512
2151 Patton Drive

What type of property is this?

Apartment building - Fully occupied 8-unit property with strong income and recent upgrades.

Where is this apartment building located?

The property is located at 2151 Patton Drive Reno, NV.

What is the asking price?

The asking price for this property is $1,450,000.

What are key features of this property?

This property features: High‑performing, fully occupied 8‑unit multi‑family property boasting $119,460 gross income, $87,997 NOI, and a 6.06% CAP rate.; Qualifies for conventional financing due to each 4‑plex being on its own parcel.; Seller financing available with 50% down, terms negotiable.