Value-Add Studio Motel
For Sale
$590,000
340 6th St, Elko, NV 89801
A 33-unit motel conversion offering studio apartments with available vacancies for lease-up.
Property Size13,672 SF
Price / SF$43.15
Days on Market60
Property Features for 340 6th St
General Information
Standard status
Active
Size
13,672 SF
Additional Details
Cap Rate
9.5%
Multifamily Units
33
Taxes and HOA fees
Annual Taxes
$6,270
Listing Agency:
Robinhood Realty Elko LLC
(775) 299-1680
Listed By:
Tony Odeh
(775) 340-8730
Source:
Exprealty
Added: Jul 9
Changed: Aug 31
Last Checked: Sep 5 at 2:11PM
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 Robinhood Realty Elko LLC
Investment Insights
Based on property information with market context.
This property is a 33-unit motel that has been converted into studio units. It is positioned as a value-add opportunity with vacant units available for lease-up.
The property is offered for sale under a multifamily investment framing, and the public remarks cite a CAP rate of 9.5% with an NOI of $61,750 at current in-place rents.
The asset’s current configuration consists entirely of studio apartments converted from the original motel format, creating a straightforward unit mix for stabilization through occupancy improvements.
The property is offered for sale under a multifamily investment framing, and the public remarks cite a CAP rate of 9.5% with an NOI of $61,750 at current in-place rents.
The asset’s current configuration consists entirely of studio apartments converted from the original motel format, creating a straightforward unit mix for stabilization through occupancy improvements.
Key Highlights
- 33‑unit motel conversion in Wells, Nevada with studio apartment units
- Value‑add setup with currently vacant units available for lease‑up
- 9.5% cap rate with in‑place NOI of $61,750
Property Analytics
Current Use
Lease Details
33
Residential units
Location Intelligence
Trade Area within ½ mile
1,274
Businesses Nearby
Explore this area
Business Placement
Demographics for 89801, NV
26,250
Population
11,079
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
87%
High-School Grad
1,212.7 sq mi
ZIP Area
22
Density / Sq Mi
$83,777
Median Household Income
$48,886
Median Earnings
$1,185
Median Rent
$278,700
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 - A 33-unit motel conversion offering studio apartments with available vacancies for lease-up.
Where is this apartment building located?
The property is located at 340 6th St Elko, NV.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: 33‑unit motel conversion in Wells, Nevada with studio apartment units; Value‑add setup with currently vacant units available for lease‑up; 9.5% cap rate with in‑place NOI of $61,750
