Multifamily Complex Near Downtown
For Sale
$2,150,000
500 University Way, Reno, NV 89501
Multifamily property near Aces Ballpark, The Row, and UNR.
Property Size6,807 SF
Price / SF$315.85
Days on Market264
Property Features for 500 University Way
General Information
Standard status
Active
Size
6,807 SF
Class
C
Property subtype
Multifamily
Building Details
Building Size
6,807 SF
Year Built
1966
Listed By:
Gerrit Hillebrand · License #NV #S.186721
(775) 525-4202
Source:
Corfac
Added: Jan 26
Changed: Oct 11
Last Checked: Oct 16 at 7:20AM
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 Gerrit Hillebrand
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Investment Insights
Based on property information with market context.
The property at 500 University Way is a multifamily complex located at the intersection of E 5th Street and University Way. Situated in the heart of Downtown Reno, the complex is near the Aces Ballpark, The Row, the University of Nevada, Reno, and various entertainment venues. Zoned within the Mixed-Use Downtown Entertainment District, this 6,807 square foot multifamily property is suitable for a revitalization project and is an ideal location for student housing or single-family homes.
Key Highlights
- Located in the heart of Downtown Reno, offering access to entertainment options.
- Close proximity to the University of Nevada, Reno.
- Zoned within the Mixed‑Use Downtown Entertainment District.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,954
Cap Rate
4.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,759,080
$1.8M
Cap Rate 7%
$1,256,486
$1.3M
Cap Rate 9%
$977,267
$977.3K
Market Conditions
NOI Build-Up for 6,807 SF
Gross rent
$167.5K $24.60/SF
− Vacancy
−$7.5K −$1.11/SF
EGI
$159.9K $23.49/SF
− OpEx
−$72.0K −$10.57/SF
NOI
$88.0K $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 Rate 5%
$1,759,080
Cap Rate 7%
$1,256,486
Cap Rate 9%
$977,267
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $87,954 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,848 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,495
Businesses Nearby
Explore this area
Business Placement
Demographics for 89501, NV
3,948
Population
2,975
Households
1.3
Avg Household Size
50
Median Age
40%
College-Educated
91%
High-School Grad
0.6 sq mi
ZIP Area
6,580
Density / Sq Mi
$32,990
Median Household Income
$28,774
Median Earnings
$1,089
Median Rent
$379,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Multifamily property near Aces Ballpark, The Row, and UNR.
Where is this multifamily property located?
The property is located at 500 University Way Reno, NV.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Located in the heart of Downtown Reno, offering access to entertainment options.; Close proximity to the University of Nevada, Reno.; Zoned within the Mixed‑Use Downtown Entertainment District.
