Six-Unit Apartment
For Sale
Contact for pricing
2440 SUTRO ST, Reno, NV 89512
Townhome-style residences feature private balconies, spacious kitchens, and on-site parking near transportation and area amenities.
Property Size5,184 SF
Price / SF$202.55
Days on Market126
Property Features for 2440 SUTRO ST
General Information
Standard status
Active
Size
5,184 SF
Class
C
Property subtype
Multifamily
Zoning
MF-30
Occupancy
100%
Net Operating Income
$52,841
Building Details
Year Built
1964
Stories
2
Units
6
Listing Agency:
CBRE Reno
(775) 356-6118
Listed By:
Ben Galles · License #S.47543
Source:
Crexi
Added: Apr 27
Changed: Aug 29
Last Checked: Aug 29 at 3:25PM
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 1964 apartment property contains six townhome-style residences totaling 5,184 square feet. Each two-bedroom, one-bathroom unit measures approximately 864 square feet and includes a generously sized kitchen, private balcony, and access to on-site parking. The property is designated MF-30.
Located at 2440 Sutro Street in Reno, the asset offers access to bus lines and Interstate 80, with shopping and employers also identified nearby. The configuration combines individual residential layouts with shared site parking across a compact multifamily property.
Located at 2440 Sutro Street in Reno, the asset offers access to bus lines and Interstate 80, with shopping and employers also identified nearby. The configuration combines individual residential layouts with shared site parking across a compact multifamily property.
Key Highlights
- Six‑unit apartment property with townhome‑style layouts
- Six 2‑bedroom, 1‑bathroom residences
- 5,184 square feet total; approximately ±864 sq ft per unit
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
$66,983
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
6.38%
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%
$1,339,660
$1.3M
Cap Rate 7%
$956,900
$956.9K
Cap Rate 9%
$744,256
$744.3K
Market Conditions
NOI Build-Up for 5,184 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
$127.5K $24.60/SF
− Vacancy
−$5.7K −$1.11/SF
EGI
$121.8K $23.49/SF
− OpEx
−$54.8K −$10.57/SF
NOI
$67.0K $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%
$1,339,660
Cap Rate 7%
$956,900
Cap Rate 9%
$744,256
Alternative Uses
Best Use
Apartment 5plus
$956.9K
$837.3K – $1.12M
NOI $66,983 @ 7.0% cap · market cap 6.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,835 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - Townhome-style residences feature private balconies, spacious kitchens, and on-site parking near transportation and area amenities.
Where is this apartment building located?
The property is located at 2440 SUTRO ST Reno, NV.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Six‑unit apartment property with townhome‑style layouts; Six 2‑bedroom, 1‑bathroom residences; 5,184 square feet total; approximately ±864 sq ft per unit
