Renovated
New
For Sale
$605,000
417 Wheeler Ave, Reno, NV 89502
Two updated units offer separate living spaces, with major electrical work completed throughout the property.
Property Size1,352 SF
Price / SF$447.49
Days on Market6
Property Features for 417 Wheeler Ave
General Information
Standard status
Active
Size
1,352 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1916
Buildings
1
Listing Agency:
Silver State Homes Of Nevada
Listed By:
Deni Wilson RE Team
(775) 240-3060
Source:
Renotahoenvlistings
Added: Oct 24
Changed: Oct 27
Last Checked: Oct 28 at 8:08AM
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 Silver State Homes Of Nevada
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Investment Insights
Based on property information with market context.
This 1,352-square-foot duplex contains two renovated units. Improvements include refreshed interior and exterior paint, refinished hardwood flooring, new carpet and LVP, plus replacement appliances, countertops, cabinetry, and window coverings. Electrical service was replaced, with two new panels installed, and each unit has a new water heater.
The roof was replaced in 2023. Built in 1916, the property is located at 417 Wheeler Ave in Reno.
The roof was replaced in 2023. Built in 1916, the property is located at 417 Wheeler Ave in Reno.
Key Highlights
- Two‑unit duplex with 1,352 square feet
- New electrical system and two new panels
- A new water heater in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,113
Cap Rate
3.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$402,260
$402.3K
Cap Rate 7%
$287,329
$287.3K
Cap Rate 9%
$223,478
$223.5K
Market Conditions
NOI Build-Up for 1,352 SF
Gross rent
$30.0K $22.20/SF
− Vacancy
−$1.3K −$0.95/SF
EGI
$28.7K $21.25/SF
− OpEx
−$8.6K −$6.38/SF
NOI
$20.1K $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 Rate 5%
$402,260
Cap Rate 7%
$287,329
Cap Rate 9%
$223,478
Alternative Uses
Best Use
Multifamily LT 5
$287.3K
$251.4K – $335.2K
NOI $20,113 @ 7.0% cap · market cap 3.32%
Second Best
Apartment 5plus
$249.6K
$218.4K – $291.2K
NOI $17,469 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$416.7K
$364.6K – $486.1K
NOI $29,167 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
5,603
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two updated units offer separate living spaces, with major electrical work completed throughout the property.
Where is this duplex located?
The property is located at 417 Wheeler Ave Reno, NV.
What is the asking price?
The asking price for this property is $605,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,352 square feet; New electrical system and two new panels; A new water heater in each unit
