Multi-Family Redevelopment
For Sale
Contact for pricing
400 Minerva Lane, Reno, NV 89503
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 Market64
Property Features for 400 Minerva Lane
General Information
Standard status
Active
Size
2,939 SF
Property subtype
Land
Zoning
MF-30 (Multi-Family - 30 Units per Acre)
Investment Type
Redevelopment
Additional Details
Multifamily Units
3
Building Details
Units
3
Tenancy
Multi
Listing Agency:
Chase International
(775) 745-2194
Listed By:
Corry Castaneda · License #BS.1001732
Source:
Crexi
Added: Jun 9
Changed: Aug 8
Last Checked: Aug 11 at 2:16PM
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
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
$43,722
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
4.86%
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%
$874,440
$874.4K
Cap Rate 7%
$624,600
$624.6K
Cap Rate 9%
$485,800
$485.8K
Market Conditions
NOI Build-Up for 2,939 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
$65.2K $22.20/SF
− Vacancy
−$2.8K −$0.95/SF
EGI
$62.5K $21.25/SF
− OpEx
−$18.7K −$6.38/SF
NOI
$43.7K $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 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%
$874,440
Cap Rate 7%
$624,600
Cap Rate 9%
$485,800
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,556
Businesses Nearby
Explore this area
Business Placement
Demographics for 89503, NV
28,737
Population
13,938
Households
2.1
Avg Household Size
33
Median Age
36%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
4,635
Density / Sq Mi
$66,956
Median Household Income
$37,352
Median Earnings
$1,336
Median Rent
$441,800
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?
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
