Reno Multifamily Investment
921 Willow Street Reno, NV 89502
For Sale
$1,862,000
COMMERCIAL - Reno, NV
Property Size5,549 SF
Lot Size0.29 Acres
Price / SF$335.56
Days on Market92
Property Features for 921 Willow Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MU
Parking
12
Parking features
Off Street, On Street
Security features
Security Lighting
Window features
Vinyl Frames, Blinds, Single Pane Window(s), Double Pane Windows, Wood Frames
Fencing
Fenced
Basement
Unfinished
Standard status
Active
APN
012-143-51
Size
5,549 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
4103
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Natural Gas, Forced Air, Wall Furnace
Cooling system
Electric, Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1957
Floors in Building
2
Number of units
12
Flooring type
Vinyl, Varies, Wood, Tile, Carpet, Laminate, Tile - Ceramic
Building materials
Attic/Crawl Hatchway(s) Insulated, Batts Insulation, Brick, Wood Siding
Roof type
Asphalt, Flat, Shingle
Listing Agency:
Dickson Realty - Downtown
(775) 324-7000
Listed By:
Jacqueline Lescott · License #S.187479
(775) 360-0060
Added: Apr 29
Changed: Jul 2
Last Checked: Jul 29 at 11:06AM
MLS# 260005217
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 twelve-unit investment property has a history of producing consistent income. The property consists of four buildings: a four-plex, a two-plex, and two three-plexes. The units include studios and two-bedroom apartments, with two units featuring private yards. A fully fenced yard area is located in the center of the property. One of the three-plexes had a new roof installed within the past two years. The property's location offers convenient access to Midtown and Downtown Reno, I-80 and I-580 freeways, Renown Hospital, and the VA Hospital. The University of Nevada, Reno, is 2.6 miles away. All units have been updated in the last four years. The property generates nearly $150,000 in gross rental income. Current rents are below market rates, offering the potential to increase income upon lease expiration. The self-managed property has a CAP rate of just over six percent. The lot size is 0.29 acres, and the property size is 5549 square feet.
Key Highlights
- Twelve‑unit multifamily investment with 4 buildings: one 4‑plex, one 2‑plex, and two 3‑plexes
- Unit mix includes studios through two‑bedrooms; two units have private yards and the site includes a fully fenced central yard area
- New roof installed on one 3‑plex within the last 2 years; roof types include asphalt, flat, and shingle
Financial Insights For Apartment 5plus
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 | $136.5k | $24.60 |
| − Vacancy | −$6.1k | −$1.11 |
| EGI | $130.4k | $23.49 |
| − OpEx | −$58.7k | −$10.57 |
| NOI | $71.7k | $12.92 |
5,549 SF · lease $24.60/SF/yr · vacancy 4.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$896.2K – $1.19M
NOI $71,699 @ 7.0% cap · market cap 3.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,709 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Twelve-unit property near Midtown and Downtown Reno with income potential.
Where is this apartment building located?
The property is located at 921 Willow Street Reno, NV.
What is the asking price?
The asking price for this property is $1,862,000.
What are key features of this property?
This property features: Twelve‑unit multifamily investment with 4 buildings: one 4‑plex, one 2‑plex, and two 3‑plexes; Unit mix includes studios through two‑bedrooms; two units have private yards and the site includes a fully fenced central yard area; New roof installed on one 3‑plex within the last 2 years; roof types include asphalt, flat, and shingle
