1400 Stardust St Reno, NV 89503
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241 Units, $42M, High ROI
Property size:
32,400 SFProperty Features for 1400 Stardust St
General Information
- Property type
- Multifamily properties
- Square Feet
- 32,400 SF
- Lot Size
- 82,764 SF
Building Details
- Year Built/Renovated
- 1974/2023
- Buildings
- 2
- Stories
- 2
- Units
- 241
Listing Agency: NAI Alliance Reno Listing Agent: Brian Egan
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Exceptional investment opportunity: a portfolio of two renovated apartment buildings in Reno, Nevada, totaling 241 units. This meticulously upgraded property boasts a combined 65,688 square feet of net rentable space, spread across approximately 32,400 to 33,288 total square feet. The buildings, originally constructed between 1966 and 1974, underwent a complete renovation in 2023, featuring updated electrical, plumbing, and life-safety systems. Situated on approximately 1.9 to 1.96 acres, the properties benefit from prime locations: 1400 Stardust St. in Northwest Reno near I-80, and 1901 S Virginia St. in Downtown/Midtown Reno near Highway 395/I-580. Both properties are zoned GC (General Commercial) and MU (Mixed-Use Urban). The portfolio currently generates a Net Operating Income (NOI) of $2,266,605, representing a 5.40% capitalization rate. With a total asking price of $42,000,000, this translates to a price per unit of $174,273.86. Pre-leasing has commenced, capitalizing on Reno's high demand for workforce housing. Assessor's Parcel Numbers are 006-151-06 and 019-051-15. This is a rare opportunity to acquire a stabilized, high-performing multifamily asset in a rapidly growing market. The portfolio includes two buildings, each two stories high, and features 241 studio apartments and 2 pads.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
The Point at West University
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Reno
- County
- Washoe
- State
- Nevada
- Longitude
- -119.8346878
- Latitude
- 39.5281556
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FAQs
What type of property is this?
Multifamily property - 241 Units, $42M, High ROI
Where is this multifamily property located?
The property is located at 1400 Stardust St Reno, NV.
What is the asking price?
The asking price for this property is $42,000,000.
What are key features of this property?
This property features: $42,000,000 asking price for a 241-unit multifamily portfolio.; 65,688 square feet of net rentable space in two buildings totaling approximately 32,400 - 33,288 square feet.; 5.40% cap rate with a $2,266,605 Net Operating Income (NOI).
