Eight-Unit Apartment
New
For Sale
$1,695,000
357 Roberts Street, Reno, NV 89502
COMMERCIAL - Reno, NV
Property Size5,128 SF
Lot Size0.24 Acres
Price / SF$330.54
Days on Market2
Property Features for 357 Roberts Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MF30
Parking
9
Parking features
Alley, Parking Lot, Off Street
Window features
Double Pane Windows, Vinyl Frames
Basement
Unfinished
Subdivision
Wells Addition
Lot features
Landscaped
Standard status
Active
APN
013-091-12
Size
5,128 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
3605
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air, Ductless (Heating), Natural Gas
Cooling system
Electric, Zoned, Ductless, Central Air
Water source
Public
Building Details
Year built
1926
Floors in Building
2
Number of units
8
Flooring type
Vinyl, Carpet
Building materials
Block, Vinyl Siding
Roof type
Shingle, Flat, Composition, Membrane
Listing Agency:
Ferrari-Lund R.E. Sparks
(775) 685-7788
Listed By:
Vincent Rossi · License #B.18862
(775) 762-4762
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 6 at 1:06PM
MLS# 260010119
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 apartment property includes eight units across a duplex and a six-unit building on a 0.24-acre parcel. The 5,128-square-foot improvements include a two-bedroom, one-bath apartment and a one-bedroom, one-bath apartment in the duplex, with laundry in both units. The six-unit building contains six one-bedroom, one-bath apartments, each with closet space. A basement may accommodate future on-site laundry, subject to verification.
The duplex dates to 1926, while the six-plex was built in 1963. All units have designated off-street parking, with access through an alley, parking lot, and off-street spaces. The property is served by public water and public sewer and includes block and vinyl siding, vinyl and carpet flooring, and a combination of electric, forced-air, ductless, and natural-gas heating systems. Cooling includes central air, ductless, zoned, and electric systems. The property is zoned MF30 and is located in Midtown Reno near restaurants, shopping, and nightlife.
The duplex dates to 1926, while the six-plex was built in 1963. All units have designated off-street parking, with access through an alley, parking lot, and off-street spaces. The property is served by public water and public sewer and includes block and vinyl siding, vinyl and carpet flooring, and a combination of electric, forced-air, ductless, and natural-gas heating systems. Cooling includes central air, ductless, zoned, and electric systems. The property is zoned MF30 and is located in Midtown Reno near restaurants, shopping, and nightlife.
Key Highlights
- Eight apartment units on one 0.24‑acre parcel
- 5,128 SF property with a duplex and six‑unit building
- Unit mix includes one- and two‑bedroom apartments
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
$76,286
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
4.50%
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%
$1,525,720
$1.5M
Cap Rate 7%
$1,089,800
$1.1M
Cap Rate 9%
$847,622
$847.6K
Market Conditions
NOI Build-Up for 5,128 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
$113.8K $22.20/SF
− Vacancy
−$4.9K −$0.95/SF
EGI
$109.0K $21.25/SF
− OpEx
−$32.7K −$6.38/SF
NOI
$76.3K $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%
$1,525,720
Cap Rate 7%
$1,089,800
Cap Rate 9%
$847,622
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$953.6K – $1.27M
NOI $76,286 @ 7.0% cap · market cap 4.50%
Second Best
Apartment 5plus
$946.6K
$828.3K – $1.10M
NOI $66,260 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,627 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
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?
Apartment building - Two buildings offer a mix of one- and two-bedroom apartments with designated off-street parking.
Where is this apartment building located?
The property is located at 357 Roberts Street Reno, NV.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Eight apartment units on one 0.24‑acre parcel; 5,128 SF property with a duplex and six‑unit building; Unit mix includes one- and two‑bedroom apartments
