Multi-Family Redevelopment
400 Minerva Lane Reno, NV 89503
400 Minerva Lane, Reno, NV, 89503
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For Sale
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Two contiguous parcels zoned MF-30 with three existing residential units, offering redevelopment options near UNR and St. Mary’s.
Property Size2,939 SF
Price / SF$305.89
Days on Market45
Property Features for 400 Minerva Lane
General Information
- Standard status
- Active
- Size
- 2,939 SF
- Property subtype
- Land
Listing agency
Chase International
Listed by
Corry Castaneda · License #BS.1001732
Source
Crexi
Added: Jun 9 Updated: Jul 10 at 2:00PM Checked: Jul 19 at 6:38AM
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.
This two-parcel redevelopment site includes existing residential improvements totaling three units and 2,939 sq. ft. of living space. The property features a duplex main house with two upstairs bedrooms and one bathroom, plus two downstairs bedrooms and one bathroom, along with a separate detached one-bedroom, one-bath unit. The site is configured for redevelopment planning while maintaining existing housing in place.
The parcels are located at 400 Minerva Lane, with a combined lot size of 18,945 sq. ft. Both APNs (007-201-22 and 007-201-23) are zoned MF-30 under the West University Neighborhood Plan Overlay. The setting is described as being just minutes from the University of Nevada, Reno, St. Mary’s Hospital, and downtown’s growth corridor.
For buyers and developers, the MF-30 zoning with the neighborhood plan overlay supports flexible multi-family redevelopment planning. The current three-unit setup allows an owner to hold the existing residential income stream while pursuing the City of Reno entitlements, permitting, and design planning for a renewed boutique multi-family project. The proximity to major employment and medical/education anchors may be appealing for tenant-focused housing concepts within a traditional neighborhood character.
The parcels are located at 400 Minerva Lane, with a combined lot size of 18,945 sq. ft. Both APNs (007-201-22 and 007-201-23) are zoned MF-30 under the West University Neighborhood Plan Overlay. The setting is described as being just minutes from the University of Nevada, Reno, St. Mary’s Hospital, and downtown’s growth corridor.
For buyers and developers, the MF-30 zoning with the neighborhood plan overlay supports flexible multi-family redevelopment planning. The current three-unit setup allows an owner to hold the existing residential income stream while pursuing the City of Reno entitlements, permitting, and design planning for a renewed boutique multi-family project. The proximity to major employment and medical/education anchors may be appealing for tenant-focused housing concepts within a traditional neighborhood character.
Key Highlights
- Two contiguous parcels totaling 18,945 SF (APNs 007‑201‑22 & 007‑201‑23)
- Zoned MF‑30 within the West University Neighborhood Plan Overlay
- 3 total residential units totaling 2,939 SF of existing living space
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $65.2k | $22.20 |
| − Vacancy | −$2.8k | −$0.95 |
| EGI | $62.5k | $21.25 |
| − OpEx | −$18.7k | −$6.38 |
| NOI | $43.7k | $14.88 |
2,939 SF · lease $22.20/SF/yr · vacancy 4.27% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$624.6K
$546.5K – $728.7K
NOI $43,722 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$542.5K
$474.7K – $632.9K
NOI $37,975 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$905.8K
$792.5K – $1.06M
NOI $63,403 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Two contiguous parcels zoned MF-30 with three existing residential units, offering redevelopment options near UNR and St. Mary’s.
Where is this triplex located?
The property is located at 400 Minerva Lane Reno, NV.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Two contiguous parcels totaling 18,945 SF (APNs 007‑201‑22 & 007‑201‑23); Zoned MF‑30 within the West University Neighborhood Plan Overlay; 3 total residential units totaling 2,939 SF of existing living space
