Four-Unit Quadplex with
New
For Sale
$1,100,000
3271 Gypsum Road, Reno, NV 89503
Residential Income, Reno, NV
Property Size4,608 SF
Lot Size0.40 Acres
Price / SF$238.72
Days on Market1
Property Features for 3271 Gypsum Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
MF30
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 7, Bedroom 2, Bedroom 6, Bedroom 3, Bedroom 8, Bathroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 1
Parking
8
Parking features
Garage
Window features
Vinyl Frames, Blinds, Aluminum Frames, Single Pane Window(s)
Exterior features
Balcony
Fireplace
1
Appliances
Dishwasher, Electric Range
Subdivision
Reno Foothills 1
Lot features
Cul-De-Sac
Elementary school
Elmcrest
Middle school
Clayton
High school
McQueen
Standard status
Active
APN
003-275-06
Size
4,608 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Annual Amount
2735
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Wall Furnace
Water source
Public
Amenities
wood-burning fireplace
Building Details
Year built
1964
Floors in Building
2
Number of units
4
Flooring type
Vinyl, Carpet
Building materials
Brick Veneer, Wood Siding
Roof type
Shingle, Composition
Listing Agency:
Dickson Realty - Sparks
(775) 685-8800
Listed By:
Felisa Cusimano-Martin · License #S.67423
(775) 250-8033
Added: Sep 23
Last Checked: Sep 23 at 9:06PM
MLS# 260012260
Copyright © 2026 Northern Nevada Regional MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,608-square-foot quadplex contains four 2-bedroom, 1-bathroom residences on a 0.4-acre site. Built in 1964, the property is currently fully tenant occupied, with long-term residents in place. Each residence includes a wood-burning fireplace and an assigned 1-car garage, while balconies provide additional exterior features. Interior finishes include carpet and vinyl flooring, with wall-furnace heating, dishwashers, and electric ranges.
Located at 3271 Gypsum Road in Reno, the property is near the University of Nevada, Reno and the surrounding university housing area. Shopping, dining, public transportation, and other nearby amenities are accessible from the property. The site has MF30 zoning, public water, public sewer, and water available.
Located at 3271 Gypsum Road in Reno, the property is near the University of Nevada, Reno and the surrounding university housing area. Shopping, dining, public transportation, and other nearby amenities are accessible from the property. The site has MF30 zoning, public water, public sewer, and water available.
Key Highlights
- Four 2‑bedroom, 1‑bathroom residences in a quadplex configuration
- 4,608 square feet on a 0.4‑acre site
- All four units are currently tenant occupied with long‑term tenants in place
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
$68,551
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
6.23%
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%
$1,371,020
$1.4M
Cap Rate 7%
$979,300
$979.3K
Cap Rate 9%
$761,678
$761.7K
Market Conditions
NOI Build-Up for 4,608 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
$102.3K $22.20/SF
− Vacancy
−$4.4K −$0.95/SF
EGI
$97.9K $21.25/SF
− OpEx
−$29.4K −$6.38/SF
NOI
$68.6K $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%
$1,371,020
Cap Rate 7%
$979,300
Cap Rate 9%
$761,678
Alternative Uses
Best Use
Multifamily LT 5
$979.3K
$856.9K – $1.14M
NOI $68,551 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$850.6K
$744.3K – $992.4K
NOI $59,541 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,409 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
Explore this area
Business Placement
Demographics for 89503, NV
28,737
Population
13,938
Households
2.1
Avg Household Size
33
Median Age
36%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
4,635
Density / Sq Mi
$66,956
Median Household Income
$37,352
Median Earnings
$1,336
Median Rent
$441,800
Median Home Value
Check the figures for this property
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?
Quadplex - Tenant-occupied residences near the University of Nevada, Reno, with assigned garage parking, fireplaces, and established occupancy.
Where is this quadplex located?
The property is located at 3271 Gypsum Road Reno, NV.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bathroom residences in a quadplex configuration; 4,608 square feet on a 0.4‑acre site; All four units are currently tenant occupied with long‑term tenants in place
