Six-Unit Multifamily
2908 Salem Place Reno, NV 89509
For Sale
$1,298,000
Versatile 6-plex apartment building offered for sale in Reno’s Virginia Lake neighborhood.
Property Size2,880 SF
Price / SF$450.69
Days on Market537
Property Features for 2908 Salem Place
General Information
- Standard status
- Active
- Size
- 2,880 SF
- Property subtype
- Multi-Family / Apartment Building (up to 8 Units)
Building Details
- Year Built
- 1978
Listing Agency:
Sierra Nevada Properties-Reno
(775) 772-7573
Listed By:
Henry Huang · License #S.176961
(775) 772-7573
Source:
Compass
Added: Feb 1, 2025
Changed: Jul 22
Last Checked: Jul 22 at 12:31PM
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 Sierra Nevada Properties-Reno
Investment Insights
Based on property information with market context.
For sale: a versatile 6-plex multifamily property. The building is presented as a value-add opportunity, with the PublicRemarks noting room for strategic renovations.
The property is located at 2908 Salem Place in Reno, Nevada, in the Virginia Lake neighborhood.
This offering is structured as a six-unit residential income building and is being marketed for investors seeking both immediate cash flow and renovation-driven upside, as described in the remarks.
The property is located at 2908 Salem Place in Reno, Nevada, in the Virginia Lake neighborhood.
This offering is structured as a six-unit residential income building and is being marketed for investors seeking both immediate cash flow and renovation-driven upside, as described in the remarks.
Key Highlights
- 6‑plex apartment building in Reno’s Virginia Lake neighborhood (built in 1978)
- Separate meters: electric, gas, and water; tenant pays utilities
- Utilities include city/county water, city sewer, electricity, and natural gas
Financial Insights For Apartment 5plus
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 | $70.8k | $24.60 |
| − Vacancy | −$3.2k | −$1.11 |
| EGI | $67.7k | $23.49 |
| − OpEx | −$30.4k | −$10.57 |
| NOI | $37.2k | $12.92 |
2,880 SF · lease $24.60/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$531.6K
$465.2K – $620.2K
NOI $37,213 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$887.6K
$776.6K – $1.04M
NOI $62,131 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Versatile 6-plex apartment building offered for sale in Reno’s Virginia Lake neighborhood.
Where is this apartment building located?
The property is located at 2908 Salem Place Reno, NV.
What is the asking price?
The asking price for this property is $1,298,000.
What are key features of this property?
This property features: 6‑plex apartment building in Reno’s Virginia Lake neighborhood (built in 1978); Separate meters: electric, gas, and water; tenant pays utilities; Utilities include city/county water, city sewer, electricity, and natural gas
