Five-Unit Income
For Sale
Contact for pricing
Pending
429 10th Street, Sparks, NV 89431
Five well-maintained units across a 1907 duplex and a 1982 triplex, with in-unit laundry and recent roof and exterior updates.
Property Size4,009 SF
Lot Size0.16 Acres
Days on Market135
Property Features for 429 10th Street
General Information
Standard status
Pending
Size
4,009 SF
Class
A
Lot size
0.16 Acres
Property subtype
Multifamily
Zoning
MUD
Occupancy
100%
Investment Type
Core+
Additional Details
Cap Rate
6%
Highway Access
Yes
Multifamily Units
5
Building Details
Year Built
1982
Buildings
2
Units
5
Tenancy
Multi
Listing Agency:
Marmot Properties, Llc
Listed By:
Chris Moton · License #BS.145493
Source:
Crexi
Added: Apr 24
Changed: Aug 8
Last Checked: Jul 24 at 5:22PM
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 Marmot Properties, Llc
Investment Insights
Based on property information with market context.
This five-unit income property includes two buildings on a single parcel: a 1907 single-story duplex and a two-story triplex built in 1982. Both buildings feature in-unit laundry. The duplex offers Unit A as a 2-bed/1-bath with a spacious layout and Unit B as a recently renovated studio with a mini-split system, refinished tub and shower, new tile, bathroom fan, and fresh carpet. The roof is approximately five years old and the duplex has new gutters.
The triplex consists of three 2-bed/1.5-bath units, each with in-unit laundry. Unit 423 received renovation work including new paint, flooring, carpet, mini-blinds, and LED lighting. Recent improvements across the triplex include a new roof and driveway (about one year ago), new exterior paint, and new gutters.
Recent capital improvements also include new roofs on both buildings, new rear driveway, reinforced fencing with metal posts, and landscaping updates, along with a sewer line replacement in 2014. Public remarks note $7,150 per month gross scheduled rent on an actual rent and expense basis, with a 6% cap rate.
The triplex consists of three 2-bed/1.5-bath units, each with in-unit laundry. Unit 423 received renovation work including new paint, flooring, carpet, mini-blinds, and LED lighting. Recent improvements across the triplex include a new roof and driveway (about one year ago), new exterior paint, and new gutters.
Recent capital improvements also include new roofs on both buildings, new rear driveway, reinforced fencing with metal posts, and landscaping updates, along with a sewer line replacement in 2014. Public remarks note $7,150 per month gross scheduled rent on an actual rent and expense basis, with a 6% cap rate.
Key Highlights
- 5‑unit multifamily on a single 0.16‑acre parcel in Victorian Square: 1907 duplex plus 1982‑built triplex
- Unit mix includes duplex 2BD/1BA (1,081 SF) and a renovated studio, plus triplex three 2BD/1.5BA units
- All units have in‑unit laundry; studio includes a new mini‑split and refreshed finishes from a renovation about a year ago
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
$49,848
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
4.33%
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%
$996,960
$997.0K
Cap Rate 7%
$712,114
$712.1K
Cap Rate 9%
$553,867
$553.9K
Market Conditions
NOI Build-Up for 4,009 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
$74.6K $18.60/SF
− Vacancy
−$3.4K −$0.84/SF
EGI
$71.2K $17.76/SF
− OpEx
−$21.4K −$5.33/SF
NOI
$49.8K $12.43/SF
Area
Sparks, NV
Vacancy
4.50%
Lease Rate
$18.60 /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%
$996,960
Cap Rate 7%
$712,114
Cap Rate 9%
$553,867
Alternative Uses
Best Use
Multifamily LT 5
$712.1K
$623.1K – $830.8K
NOI $49,848 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$637.3K
$557.7K – $743.6K
NOI $44,613 @ 7.0% cap · market cap 3.88%
Theoretical Best
Specialty Retail
$1.42M
$1.24M – $1.66M
NOI $99,335 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
988
Businesses Nearby
Explore this area
Business Placement
Demographics for 89431, NV
40,219
Population
16,858
Households
2.4
Avg Household Size
35
Median Age
14%
College-Educated
76%
High-School Grad
9.2 sq mi
ZIP Area
4,372
Density / Sq Mi
$64,496
Median Household Income
$39,589
Median Earnings
$1,276
Median Rent
$332,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Five well-maintained units across a 1907 duplex and a 1982 triplex, with in-unit laundry and recent roof and exterior updates.
Where is this duplex located?
The property is located at 429 10th Street Sparks, NV.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 5‑unit multifamily on a single 0.16‑acre parcel in Victorian Square: 1907 duplex plus 1982‑built triplex; Unit mix includes duplex 2BD/1BA (1,081 SF) and a renovated studio, plus triplex three 2BD/1.5BA units; All units have in‑unit laundry; studio includes a new mini‑split and refreshed finishes from a renovation about a year ago
