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    1400 Stardust St Reno, NV 89503

    Sponsored
    For Sale
    $42,000,000

    241 Units, $42M, High ROI

    Property size:
    32,400 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    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 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

    HighLights

    • $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).
    • 241 units, including 2 pads.
    • Recently renovated in 2023; originally built between 1966 and 1974.
    • Two, two‑story buildings situated on approximately 1.9 - 1.96 acres in Reno, NV.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Point at West University Apartment Building

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    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).
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    1400 Stardust St Reno, NV 89503
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