Turnkey Multifamily Investment
For Sale
$1,450,000
2151 Patton Drive, Reno, NV 89512
Fully occupied 8-unit property with strong income and recent upgrades.
Property Size6,816 SF
Price / SF$212.73
Days on Market384
Property Features for 2151 Patton Drive
General Information
Standard status
Active
Size
6,816 SF
Class
B
Total Parking Spaces
10
Property subtype
Multi-Family
Zoning
MF30
Net Operating Income
$87,997
Building Details
Building Size
6,816 SF
Year Built
1964
Listing Agency:
RE/MAX
Listed By:
Joshua Talayka
Source:
Remaxcommercial
Added: Sep 25, 2025
Changed: Oct 4
Last Checked: Oct 12 at 4:37PM
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$88,071
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,761,420
$1.8M
Cap Rate 7%
$1,258,157
$1.3M
Cap Rate 9%
$978,567
$978.6K
Market Conditions
NOI Build-Up for 6,816 SF
Gross rent
$167.7K $24.60/SF
− Vacancy
−$7.5K −$1.11/SF
EGI
$160.1K $23.49/SF
− OpEx
−$72.1K −$10.57/SF
NOI
$88.1K $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 Rate 5%
$1,761,420
Cap Rate 7%
$1,258,157
Cap Rate 9%
$978,567
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
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
NOI $147,042 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
424
Businesses Nearby
Explore this area
Business Placement
Demographics for 89512, NV
30,148
Population
12,374
Households
2.4
Avg Household Size
30
Median Age
18%
College-Educated
76%
High-School Grad
6.2 sq mi
ZIP Area
4,863
Density / Sq Mi
$45,284
Median Household Income
$34,587
Median Earnings
$1,113
Median Rent
$318,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
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.
