Three-Unit Multifamily
For Sale
Contact for pricing
326 Stewart St, Reno, NV 89502
Zoned MF30, this established property combines updated and classic residential units in Midtown Reno.
Property Size2,736 SF
Price / SF$350.88
Days on Market10
Property Features for 326 Stewart St
General Information
Standard status
Active
Size
2,736 SF
Property subtype
Multifamily
Zoning
MF30
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$39,273
Additional Details
Multifamily Units
3
Building Details
Year Built
1955
Year Renovated
2020
Buildings
2
Units
3
Tenancy
Multi
Listing Agency:
Marmot Properties, Llc
(775) 313-1544
Listed By:
Joe Nalley · License #S.0193439
Source:
Crexi
Added: Jul 29
Changed: Aug 5
Last Checked: Aug 7 at 10:30AM
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 Marmot Properties, Llc
Investment Insights
Based on property information with market context.
Built in 1955, this 2,736-square-foot triplex contains three residential units with a combination of renovated and classic interiors. The property is zoned MF30 and offers an established multifamily configuration in an urban setting.
The building is located in Midtown Reno, where the surrounding area includes 150+ businesses and dining establishments, 70+ murals, and the Nevada Museum of Art. Downtown Reno and the Truckee River are approximately 5–10 minutes away, with UNR, Virginia Lake Park, Reno-Tahoe Airport, and area tech employers also identified nearby. The neighborhood has a reported Walk Score of 85–90.
The building is located in Midtown Reno, where the surrounding area includes 150+ businesses and dining establishments, 70+ murals, and the Nevada Museum of Art. Downtown Reno and the Truckee River are approximately 5–10 minutes away, with UNR, Virginia Lake Park, Reno-Tahoe Airport, and area tech employers also identified nearby. The neighborhood has a reported Walk Score of 85–90.
Key Highlights
- Three‑unit multifamily property
- 2,736 SF building constructed in 1955
- MF30 zoning
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
$40,702
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
4.24%
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%
$814,040
$814.0K
Cap Rate 7%
$581,457
$581.5K
Cap Rate 9%
$452,244
$452.2K
Market Conditions
NOI Build-Up for 2,736 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
$60.7K $22.20/SF
− Vacancy
−$2.6K −$0.95/SF
EGI
$58.1K $21.25/SF
− OpEx
−$17.4K −$6.38/SF
NOI
$40.7K $14.88/SF
Area
Reno, NV
Vacancy
4.27%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$814,040
Cap Rate 7%
$581,457
Cap Rate 9%
$452,244
Alternative Uses
Best Use
Multifamily LT 5
$581.5K
$508.8K – $678.4K
NOI $40,702 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$505.0K
$441.9K – $589.2K
NOI $35,352 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$843.2K
$737.8K – $983.7K
NOI $59,024 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,603
Businesses Nearby
Explore this area
Business Placement
Demographics for 89502, NV
47,062
Population
20,781
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
21.5 sq mi
ZIP Area
2,189
Density / Sq Mi
$62,719
Median Household Income
$36,796
Median Earnings
$1,243
Median Rent
$389,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Zoned MF30, this established property combines updated and classic residential units in Midtown Reno.
Where is this triplex located?
The property is located at 326 Stewart St Reno, NV.
What is the asking price?
The asking price for this property is $960,000.
What are key features of this property?
This property features: Three‑unit multifamily property; 2,736 SF building constructed in 1955; MF30 zoning
