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    Two-Unit Duplex with Courtyard Title is generated by Realmo AI

    824/828 locust Locust Street, Reno, NV 89502

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    New
    For Sale
    $599,000

    MULTI_FAMILY - Reno, NV

    Property size:
    1,442 SF
    Lot size:
    0.09 Acres
    Price / SF:
    $415/SF
    Added:
    Jun 2, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 4 at 11:06 pm

    Property Features for 824/828 locust Locust Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    MF14
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 4
    Parking features
    Alley, Assigned
    Window features
    Double Pane Windows, Blinds
    Interior features
    Ceiling Fan(s), No Interior Steps
    Appliances
    Dishwasher, Dryer, Electric Oven, Electric Range, Refrigerator, Washer
    Standard status
    Active
    APN
    013-124-23
    Size
    1,442 SF
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Annual Amount
    883

    Utilities

    Utilities
    Phone Available
    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Natural Gas, Forced Air
    Cooling system
    Evaporative Cooling
    Water source
    Public

    Building Details

    Year built
    1940
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Tile, Wood, Carpet
    Building materials
    Wood Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Devin Murphy

    Listing agent Devin Murphy License #BS.146179

    Listing office Dickson Realty - Gardnerville 1470 N. Hwy. 395, Carson City, NV

    Listing date Jun 2, 2026

    MLS# 260007119 Listing URL

    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.

    HighLights

    • 2‑unit property built in 1940: one 1BD/1BA and one 3BD/1BA
    • Newer updates in both units, including a brand new kitchen and updated bathrooms; newer kitchen flooring, cabinets, and counters
    • Laundry included in the 3BD unit with full‑size washer & dryer; additional washer/dryer appliances listed for the property
    • Evaporative cooling for both units, plus newer systems including a new evaporative cooler in 2021
    • Furnace replaced in 2018 and new carpet installed in 2018; hardwood floors refinished and LVP added in the kitchen in 2018
    • Tenant‑occupied unit with 1‑year lease at $1,350/month; gated parking off the alley plus designated street parking

    Overview

    This two-unit duplex includes one 1-bedroom, 1-bath home and one 3-bedroom, 1-bath home, with both units featuring brand-new or updated kitchen and bathroom improvements. The 1-bedroom unit has a newer kitchen with flooring, cabinets, and counters, along with updated bath finishes. The 3-bedroom unit includes a newer kitchen and updated bathroom, plus a dedicated laundry room with full-size washer and dryer. Shared exterior features include a courtyard between the units and a fenced side-yard with a shed. Both units are equipped with evaporative coolers, with a newer evaporative cooler noted for the 1-bedroom unit in 2021. Interior updates also include newer flooring in the laundry room, hardwood floors refinished, new LVP in the kitchen, interior painting in 2018, newer carpet installed in 2018, and ceiling fans and built-in storage elements in the bedroom and living areas. Additional details include steel security doors on all doors, a small cellar for storage, and a gate to the alley serving the back portion of the property.

    The property is located at the edge of mid-town. The Veterans Guest Home is next door, and the VA Hospital is nearby. Parking includes one gated parking space off the alley and two designated street parking spaces.

    For investors or owner-occupants, the duplex offers two distinct floorplans and recent interior updates. Unit 828 is currently occupied by a tenant on a 1-year lease, with stated rent of $1,350 per month. Furnishings and access features such as the alley gate, porches, and steel security doors support day-to-day tenant usability.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.800334
    Latitude
    39.517951

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    FAQs

    What type of property is this?
    Duplex - Duplex offering a 1-bedroom and 3-bedroom unit, updated interiors, courtyard, and gated alley access with parking.
    Where is this duplex located?
    The property is located at 824/828 locust Locust Street Reno, NV.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: 2‑unit property built in 1940: one 1BD/1BA and one 3BD/1BA; Newer updates in both units, including a brand new kitchen and updated bathrooms; newer kitchen flooring, cabinets, and counters; Laundry included in the 3BD unit with full‑size washer & dryer; additional washer/dryer appliances listed for the property
    (775) 450-7599
    We can help!
    Listing Contact
    Devin Murphy
    Real Estate License ID: BS.146179
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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