Mixed-Use Income
For Sale
Contact for pricing
3890 Neil Rd, Reno, NV 89502
For sale mixed-use asset with 7 duplexes plus a convenience store and maintenance shop in Mixed-Employment zoning.
Property Size13,075 SF
Lot Size0.99 Acres
Price / SF$282.22
Days on Market160
Property Features for 3890 Neil Rd
General Information
Standard status
Active
Size
13,075 SF
Class
C
Lot size
0.99 Acres
Property subtype
Multifamily
Zoning
ME
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$186,000
Additional Details
Multifamily Units
14
Building Details
Year Built
1969
Buildings
8
Stories
1
Units
15
Listing Agency:
CHASE International
Listed By:
Gabriel Larkins · License #NV62147
Source:
Crexi
Added: Apr 2
Changed: Aug 13
Last Checked: Sep 8 at 4:29AM
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 CHASE International
Investment Insights
Based on property information with market context.
3890 Neil Rd is a mixed-use income property positioned to serve a high-demand rental corridor. The site includes 7 duplexes, totaling 14 residential units, along with a convenience store and a maintenance shop. Each unit is a single-level 2-bedroom, 1-bath layout, and the property provides covered carport parking for residents.
The property sits on a 0.99-acre parcel and is described as having Mixed-Employment zoning. The offering benefits from its accessible location near Reno-Tahoe International Airport, Highway 580, and major retail and employment centers, including Meadowood Mall and surrounding amenities. The seller also notes historically low vacancy.
Overall, the configuration combines residential income with an on-site commercial component under the same ownership, supported by functional unit layouts and established occupancy performance as described in the listing materials.
The property sits on a 0.99-acre parcel and is described as having Mixed-Employment zoning. The offering benefits from its accessible location near Reno-Tahoe International Airport, Highway 580, and major retail and employment centers, including Meadowood Mall and surrounding amenities. The seller also notes historically low vacancy.
Overall, the configuration combines residential income with an on-site commercial component under the same ownership, supported by functional unit layouts and established occupancy performance as described in the listing materials.
Key Highlights
- 1969‑built mixed‑use property on 0.99 acres with 7 duplexes (14 total units) plus a convenience store and maintenance shop
- All residential units are single‑level 2 bed, 1 bath layouts with 840 SF each
- Mixed‑Employment 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
$194,509
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
5.27%
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%
$3,890,180
$3.9M
Cap Rate 7%
$2,778,700
$2.8M
Cap Rate 9%
$2,161,211
$2.2M
Market Conditions
NOI Build-Up for 13,075 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
$290.3K $22.20/SF
− Vacancy
−$12.4K −$0.95/SF
EGI
$277.9K $21.25/SF
− OpEx
−$83.4K −$6.38/SF
NOI
$194.5K $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%
$3,890,180
Cap Rate 7%
$2,778,700
Cap Rate 9%
$2,161,211
Alternative Uses
Best Use
Multifamily LT 5
$2.78M
$2.43M – $3.24M
NOI $194,509 @ 7.0% cap · market cap 5.27%
Second Best
Specialty Retail
$2.71M
$2.37M – $3.16M
NOI $189,869 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$4.03M
$3.53M – $4.70M
NOI $282,069 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
598
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?
Duplex - For sale mixed-use asset with 7 duplexes plus a convenience store and maintenance shop in Mixed-Employment zoning.
Where is this duplex located?
The property is located at 3890 Neil Rd Reno, NV.
What is the asking price?
The asking price for this property is $3,690,000.
What are key features of this property?
This property features: 1969‑built mixed‑use property on 0.99 acres with 7 duplexes (14 total units) plus a convenience store and maintenance shop; All residential units are single‑level 2 bed, 1 bath layouts with 840 SF each; Mixed‑Employment zoning
