6-Unit Apartment
2308 Wedekind, Reno, NV 89512
For Sale
New
$1,150,000
Units have washer and dryer hookups, and gas and electricity are individually metered.
Property Size3,456 SF
Price / SF$332.75
Days on Market5
Property Features for 2308 Wedekind
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Units
Multifamily Units
Individually Metered Utilities
Additional Details
Cap Rate
Amenities
in-unit washer & dryer hookups
security camera system
deck
mini-split heating/cooling units
Building Details
Year Built
Buildings
Listing Agency:
DL Realty
Listed By:
Chris McCain · License #B.1003301
(775) 225-1144
Source:
Ferrari-lund
Added: Nov 2
Changed: Nov 6
Last Checked: Nov 6 at 9:46AM
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 DL Realty
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Investment Insights
Based on property information with market context.
This 3,456-square-foot apartment property contains six units and dates to 1987. Improvements include a replacement roof in 2022, exterior paint in 2023, and renovations completed in 2024 and 2025. Three mini-split heating and cooling units, a deck, a security camera system, and nearly all appliances have also been replaced. Each unit has washer and dryer hookups. Gas and electricity are individually metered; the owner pays for water, sewer, and trash. The property has 10 tenant parking spaces. Its in-place cap rate is 5.35, with a stated pro forma cap rate of 6.8.
Key Highlights
- Six units in a 3,456‑square‑foot apartment building, constructed in 1987
- In‑place cap rate of 5.35; pro forma cap rate of 6.8
- 10 tenant parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,655
Cap Rate
3.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$893,100
$893.1K
Cap Rate 7%
$637,929
$637.9K
Cap Rate 9%
$496,167
$496.2K
Market Conditions
NOI Build-Up for 3,456 SF
Gross rent
$85.0K $24.60/SF
− Vacancy
−$3.8K −$1.11/SF
EGI
$81.2K $23.49/SF
− OpEx
−$36.5K −$10.57/SF
NOI
$44.7K $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%
$893,100
Cap Rate 7%
$637,929
Cap Rate 9%
$496,167
Alternative Uses
Best Use
Apartment 5plus
$637.9K
$558.2K – $744.3K
NOI $44,655 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$932.0K – $1.24M
NOI $74,557 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
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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
$318,400
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Reno, NV
Properties on Market for Apartment buildings in Reno
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Units have washer and dryer hookups, and gas and electricity are individually metered.
Where is this apartment building located?
The property is located at 2308 Wedekind Reno, NV.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Six units in a 3,456‑square‑foot apartment building, constructed in 1987; In‑place cap rate of 5.35; pro forma cap rate of 6.8; 10 tenant parking spaces
