Two-Unit Duplex with
824 Locust Street Reno, NV 89502
For Sale
Under Contract
$599,000
MULTI_FAMILY - Reno, NV
Property Size1,442 SF
Lot Size0.09 Acres
Price / SF$415.40
Days on Market53
Property Features for 824 Locust Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Zoning
- MF14
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 4
- Parking features
- Alley, Assigned
- Window features
- Blinds, Double Pane Windows
- Interior features
- Ceiling Fan(s), No Interior Steps
- Appliances
- Dishwasher, Dryer, Electric Oven, Electric Range, Refrigerator, Washer
- Standard status
- Active Under Contract
- 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
- Natural Gas, Electric (Heating), Forced Air
- Cooling system
- Evaporative Cooling
- Water source
- Public
Building Details
- Year built
- 1940
- Floors in Building
- 1
- Number of units
- 2
- Flooring type
- Wood, Tile, Carpet
- Building materials
- Wood Siding
- Roof type
- Composition
Listing Agency:
Dickson Realty - Gardnerville
(775) 392-3774
Listed By:
Devin Murphy · License #BS.146179
(775) 450-7599
Added: Jun 2
Changed: Jul 18
Last Checked: Jul 24 at 10:06PM
MLS# 260007119
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.
Investment Insights
Based on property information with market context.
This two-unit duplex is configured across two addresses on one parcel, with 824 Locust as a 3-bedroom, 1-bath home and 828 Locust as a 1-bedroom, 1-bath home. A courtyard sits between the units, and there is a fenced side-yard with a shed. Additional exterior access includes a gate to the alley, with two porches on the alley side. Both units have evaporative coolers, and all doors feature steel security doors.
Updates and unit-specific improvements are in place. The 3-bedroom unit includes a laundry room with full-size washer and dryer and has a security door from the back bedroom to a stoop off the alley. The 1-bedroom unit has a 1-year lease in place. Across the property, the furnace was replaced in 2018, new carpet was installed in 2018, and interior updates include newer flooring, cabinets, and counters in the kitchen, along with newer laundry room flooring, refinished hardwood floors, new LVP in the kitchen, and interior painting completed in 2018. A small cellar provides additional storage, and each unit includes parking with gated access off the alley.
Located in zoning MF14, the property is at the edge of mid-town and sits next to the Veterans Guest Home with the VA Hospital nearby. The proximity to VA facilities supports tenant continuity and makes the property attractive to operators seeking a straightforward 2-unit rental setup with practical secured access and designated parking.
Updates and unit-specific improvements are in place. The 3-bedroom unit includes a laundry room with full-size washer and dryer and has a security door from the back bedroom to a stoop off the alley. The 1-bedroom unit has a 1-year lease in place. Across the property, the furnace was replaced in 2018, new carpet was installed in 2018, and interior updates include newer flooring, cabinets, and counters in the kitchen, along with newer laundry room flooring, refinished hardwood floors, new LVP in the kitchen, and interior painting completed in 2018. A small cellar provides additional storage, and each unit includes parking with gated access off the alley.
Located in zoning MF14, the property is at the edge of mid-town and sits next to the Veterans Guest Home with the VA Hospital nearby. The proximity to VA facilities supports tenant continuity and makes the property attractive to operators seeking a straightforward 2-unit rental setup with practical secured access and designated parking.
Key Highlights
- 2‑unit property with separate addresses on the same parcel: 824 Locust (3 bed, 1 bath) and 828 Locust (1 bed, 1 bath)
- Brand‑new kitchen and updated bathroom in the 824 Locust 3‑bed unit; newer flooring in the laundry room and newer flooring, cabinets, and counters in the kitchen
- 828 Locust 1‑bed unit has a 1‑year lease in place at $1,350/month; new evaporative cooler installed in 2021
Financial Insights For Multifamily LT 5
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 | $32.0k | $22.20 |
| − Vacancy | −$1.4k | −$0.95 |
| EGI | $30.6k | $21.25 |
| − OpEx | −$9.2k | −$6.38 |
| NOI | $21.5k | $14.88 |
1,442 SF · lease $22.20/SF/yr · vacancy 4.27% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$306.5K
$268.2K – $357.5K
NOI $21,452 @ 7.0% cap · market cap 3.58%
Second Best
Apartment 5plus
$266.2K
$232.9K – $310.5K
NOI $18,632 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$444.4K
$388.9K – $518.5K
NOI $31,108 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Well-updated 2-unit duplex with separate entries, courtyard, fenced side-yard, and secured features near VA facilities.
Where is this duplex located?
The property is located at 824 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 with separate addresses on the same parcel: 824 Locust (3 bed, 1 bath) and 828 Locust (1 bed, 1 bath); Brand‑new kitchen and updated bathroom in the 824 Locust 3‑bed unit; newer flooring in the laundry room and newer flooring, cabinets, and counters in the kitchen; 828 Locust 1‑bed unit has a 1‑year lease in place at $1,350/month; new evaporative cooler installed in 2021
