MF-30 Multifamily Redevelopment
For Sale
$899,000
400 Minerva Lane, Reno, NV 89503
Commercial Sale, Reno, NV
Property Size2,939 SF
Lot Size0.44 Acres
Price / SF$305.89
Days on Market328
Property Features for 400 Minerva Lane
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MF-30
Parking
2
Window features
Single Pane Window(s)
Subdivision
Ward`S Addition
Lot features
Landscaped
Directions
University Terrace to Ralston to Minerva
Standard status
Active
APN
007-201-22 / 007-201-23
Size
2,939 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Annual Amount
3221
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1949
Floors in Building
2
Number of units
3
Flooring type
Varies
Building materials
Block, Brick, Concrete, Frame, Wood Siding
Roof type
Composition, Shingle
Listing Agency:
Chase International-Damonte
(775) 850-5900
Listed By:
Corry Castaneda · License #B.1001732
(775) 745-2194
Added: Oct 7, 2025
Changed: Aug 20
Last Checked: Aug 30 at 3:06PM
MLS# 250057352
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 multifamily property includes two contiguous parcels at 400 Minerva Lane with an existing 2,939-square-foot structure containing three units. The improvements comprise a duplex with two 2-bedroom, 1-bath units and a detached 1-bedroom, 1-bath unit. Built in 1949, the property has block, brick, concrete, frame, and wood siding construction, along with natural gas heat, central air, public water, public sewer, and a composition and shingle roof.
The site is zoned MF-30 and falls within the West University Neighborhood Plan Overlay. It is positioned near the University of Nevada, Reno, downtown Reno, restaurants, and other downtown amenities. Current zoning allows development of up to 13 units, while density bonuses described in the source materials may permit additional units subject to verification, including slope analysis and possible hillside-development limitations.
The site is zoned MF-30 and falls within the West University Neighborhood Plan Overlay. It is positioned near the University of Nevada, Reno, downtown Reno, restaurants, and other downtown amenities. Current zoning allows development of up to 13 units, while density bonuses described in the source materials may permit additional units subject to verification, including slope analysis and possible hillside-development limitations.
Key Highlights
- MF‑30 zoning within the West University Neighborhood Plan Overlay
- Two contiguous parcels at 400 Minerva Lane
- Existing 2,939‑square‑foot structure with 3 units
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
$37,975
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
4.22%
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%
$759,500
$759.5K
Cap Rate 7%
$542,500
$542.5K
Cap Rate 9%
$421,944
$421.9K
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
$72.3K $24.60/SF
− Vacancy
−$3.3K −$1.11/SF
EGI
$69.0K $23.49/SF
− OpEx
−$31.1K −$10.57/SF
NOI
$38.0K $12.92/SF
Area
Reno, NV
Vacancy
4.50%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$759,500
Cap Rate 7%
$542,500
Cap Rate 9%
$421,944
Alternative Uses
Best Use
Apartment 5plus
$542.5K
$474.7K – $632.9K
NOI $37,975 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
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
Yes
Paved road access
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?
Multifamily property - Two contiguous parcels near UNR include an existing three-unit structure and public water and sewer service.
Where is this multifamily property 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: MF‑30 zoning within the West University Neighborhood Plan Overlay; Two contiguous parcels at 400 Minerva Lane; Existing 2,939‑square‑foot structure with 3 units
