Two-Unit Duplex
For Sale
$575,000
861 Aitken Street lot 863 Aitkens St. Reno Nv 89502, Reno, NV 89502
Residential Income, Reno, NV
Property Size2,088 SF
Lot Size0.14 Acres
Price / SF$275.38
Days on Market48
Property Features for 861 Aitken Street lot 863 Aitkens St. Reno Nv 89502
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
MU
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 4
Parking features
Alley
Appliances
Oven, Electric Oven, Electric Range, Refrigerator
Subdivision
Aitken Addition
Lot features
Level
Elementary school
Booth
Middle school
Vaughn
High school
Wooster
Directions
B/T Mill and 2nd off Kirman Ave.
Standard status
Active
APN
012-122-14
Size
2,088 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
1280
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1964
Floors in Building
1
Number of units
2
Flooring type
Carpet
Building materials
Brick
Roof type
Composition, Shingle
Listing Agency:
PMI Reno
(775) 393-9603
Listed By:
Andrea Cassidy · License #S.185119
(775) 771-7234
Added: Jul 24
Changed: Sep 8
Last Checked: Sep 9 at 4:06AM
MLS# 260009561
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 multifamily property includes two residences on a 0.14-acre parcel. Each home has two bedrooms, one bathroom, and 1,044 square feet; the second residence also includes a basement of about 1,000 square feet. Brick construction, carpet flooring, natural-gas heat, and shingle or composition roofing are documented. Appliances include ovens, an electric range, and a refrigerator.
The parcel is zoned MU and sits in Reno’s Renown Medical District. Public water and public sewer are available, and parking is provided through the alley. Built in 1964, the residences have long-term tenants dating to 1990 and 2003.
The parcel is zoned MU and sits in Reno’s Renown Medical District. Public water and public sewer are available, and parking is provided through the alley. Built in 1964, the residences have long-term tenants dating to 1990 and 2003.
Key Highlights
- Two residences on a 0.14‑acre parcel
- Each home includes 2 bedrooms, 1 bathroom, and 1,044 square feet
- Second residence includes a basement of about 1,000 square feet
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
$31,062
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
5.40%
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%
$621,240
$621.2K
Cap Rate 7%
$443,743
$443.7K
Cap Rate 9%
$345,133
$345.1K
Market Conditions
NOI Build-Up for 2,088 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
$46.4K $22.20/SF
− Vacancy
−$2.0K −$0.95/SF
EGI
$44.4K $21.25/SF
− OpEx
−$13.3K −$6.38/SF
NOI
$31.1K $14.88/SF
Area
Reno, NV
Vacancy
4.27%
Lease Rate
$22.20 /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%
$621,240
Cap Rate 7%
$443,743
Cap Rate 9%
$345,133
Alternative Uses
Best Use
Multifamily LT 5
$443.7K
$388.3K – $517.7K
NOI $31,062 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$385.4K
$337.2K – $449.7K
NOI $26,979 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$643.5K
$563.1K – $750.8K
NOI $45,045 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,313
Businesses Nearby
Explore this area
Business Placement
Demographics for 89502, NV
47,062
Population
20,781
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
21.5 sq mi
ZIP Area
2,189
Density / Sq Mi
$62,719
Median Household Income
$36,796
Median Earnings
$1,243
Median Rent
$389,200
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 - MU-zoned parcel with two residences, public water, public sewer, and alley parking.
Where is this duplex located?
The property is located at 861 Aitken Street lot 863 Aitkens St. Reno Nv 89502 Reno, NV.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two residences on a 0.14‑acre parcel; Each home includes 2 bedrooms, 1 bathroom, and 1,044 square feet; Second residence includes a basement of about 1,000 square feet
