Duplex with Detached
New
For Sale
$575,000
353 Wheeler, Reno, NV 89502
Two dwellings share an MF-43-zoned parcel, with a detached garage and substantial basement space in each building.
Property Size1,859 SF
Price / SF$309.31
Days on Market5
Property Features for 353 Wheeler
General Information
Standard status
Active
Size
1,859 SF
Property subtype
Multi-family
Zoning
mf43
Additional Details
Multifamily Units
2
Tenant in Place
Yes
Building Details
Year Built
1924
Buildings
3
Listing Agency:
Ferrari-Lund Real Estate Reno
Listed By:
Karen Walker-Hill · License #S.14934
(775) 830-1770
Source:
Ferrari-lund
Added: Oct 28
Changed: Oct 31
Last Checked: Nov 1 at 6:19AM
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 Ferrari-Lund Real Estate Reno
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This duplex property contains two separate houses and a detached garage on an MF-43-zoned parcel. The front residence is a brick home built in 1914, while the rear unit has received some updates, including a newer kitchen and flooring. Both buildings have large basements, offering substantial below-grade space; the front home's basement may support additional use, and the rear basement is used for storage. Newer gas furnaces serve the property.
The property is located at 353 Wheeler in Reno, Nevada. The recorded building size is 1,859 square feet, and the property record gives a year built of 1924.
The property is located at 353 Wheeler in Reno, Nevada. The recorded building size is 1,859 square feet, and the property record gives a year built of 1924.
Key Highlights
- Two houses and a detached garage on one MF‑43‑zoned parcel
- Front residence is a brick home built in 1914
- Large basement in each house; rear basement provides storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,655
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$553,100
$553.1K
Cap Rate 7%
$395,071
$395.1K
Cap Rate 9%
$307,278
$307.3K
Market Conditions
NOI Build-Up for 1,859 SF
Gross rent
$41.3K $22.20/SF
− Vacancy
−$1.8K −$0.95/SF
EGI
$39.5K $21.25/SF
− OpEx
−$11.9K −$6.38/SF
NOI
$27.7K $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 Rate 5%
$553,100
Cap Rate 7%
$395,071
Cap Rate 9%
$307,278
Alternative Uses
Best Use
Multifamily LT 5
$395.1K
$345.7K – $460.9K
NOI $27,655 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$343.1K
$300.3K – $400.3K
NOI $24,020 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$572.9K
$501.3K – $668.4K
NOI $40,104 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
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
Frequently Asked Questions
What type of property is this?
Duplex - Two dwellings share an MF-43-zoned parcel, with a detached garage and substantial basement space in each building.
Where is this duplex located?
The property is located at 353 Wheeler Reno, NV.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two houses and a detached garage on one MF‑43‑zoned parcel; Front residence is a brick home built in 1914; Large basement in each house; rear basement provides storage
