Turnkey Multifamily Investment
2151 Patton Drive, Reno, NV 89512
Fully occupied 8-unit property with strong income and recent upgrades.
Type:Multi-Family
Property size:
6,816 SFPrice / SF:
$212/SF- Added:
- Sep 25, 2025
- Days on Market:
- 249
- Last Refresh:
- May 9 at 3:20 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 agent Joshua Talayka
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
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.
- New roofs (2023/2025) with warranties, fresh exterior paint, updated windows/sliders, and resealed parking lot.
- Turnkey investment with strong cash flow and individually metered units for Power & Gas.
- Select units feature modern upgrades such as granite counters and LVP flooring.
Overview
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.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $151.3k | $22.20 |
| − Vacancy | −$6.5k | −$0.95 |
| EGI | $144.9k | $21.25 |
| − OpEx | −$43.5k | −$6.38 |
| NOI | $101.4k | $14.88 |
6,816 SF · lease $22.20/SF/yr · vacancy 4.27% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.45M
$1.27M – $1.69M
NOI $101,398 @ 7.0% cap · market cap 6.99%
Second Best
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,071 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $147,042 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Reno
- County
- Washoe
- State
- Nevada
- Longitude
- -119.797
- Latitude
- 39.5505
Nearby Similar for Sale
FAQs
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.
