Multifamily Complex Near Downtown
500 University Way Reno, NV 89501
500 University Way, Reno, NV, 89501
$2,150,000
For Sale
$2,150,000
Multifamily property near Aces Ballpark, The Row, and UNR.
Property Size6,807 SF
Price / SF$315.85
Days on Market171
Property Features for 500 University Way
General Information
- Standard status
- Active
- Size
- 6,807 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1966
Listing Agency
(775) 525-4202
Listed by
Gerrit Hillebrand · License #NV #S.186721
Source
Corfac
Added: Jan 26 Checked: Jul 16 at 4:26 am
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
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $167.5k | $24.60 |
| − Vacancy | −$7.5k | −$1.11 |
| EGI | $159.9k | $23.49 |
| − OpEx | −$72.0k | −$10.57 |
| NOI | $88.0k | $12.92 |
6,807 SF · lease $24.60/SF/yr · vacancy 4.50% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Isalis
(Bike/Boat/Book/etc) Store
Party City
Party Supply Store
Skunk Funk
Big Box & Wholesale Store
Carl's Trading Co
Hat Shop
Bushka's Kitchen LLC
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
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.
