12-Unit Multifamily
For Sale
$1,862,000
921 Willow Street, Reno, NV 89502
Commercial Sale, Reno, NV
Property Size5,549 SF
Lot Size0.29 Acres
Price / SF$335.56
Days on Market143
Property Features for 921 Willow Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MU
Parking
12
Parking features
On Street, Off Street
Security features
Security Lighting
Window features
Blinds, Vinyl Frames, Double Pane Windows, Single Pane Window(s), Wood Frames
Fencing
Fenced
Basement
Unfinished
Subdivision
Aitken Addition
Lot features
Level
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), Forced Air, Natural Gas, Wall Furnace
Cooling system
Wall/Window Unit(s), Electric, Window Unit(s)
Water source
Public
Amenities
private yards
fully fenced yard area
Building Details
Year built
1957
Floors in Building
2
Number of units
12
Flooring type
Laminate, Tile, Tile - Ceramic, Carpet, Vinyl, Wood, Varies
Building materials
Attic/Crawl Hatchway(s) Insulated, Batts Insulation, Brick, Wood Siding
Roof type
Flat, Asphalt, Shingle
Listing Agency:
Dickson Realty - Downtown
(775) 324-7000
Listed By:
Jacqueline Lescott · License #S.187479
(775) 360-0060
Added: Apr 29
Changed: Sep 12
Last Checked: Sep 18 at 1:06AM
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 12-unit multifamily property includes 5,549 square feet across four buildings: one fourplex, one duplex, and two triplexes. The unit mix extends from studios through two-bedroom residences, with private yards serving two units. A fenced common yard occupies the center of the property, while off-street and on-street parking are available. Units have been updated within the last 4 years, supporting turnover readiness, and one triplex received a new roof within the last two years. The property uses public water and public sewer and is zoned MU.
Located at 921 Willow Street in Reno, the property is near Midtown, Downtown Reno, I-80, I-580, Renown Hospital, and the VA Hospital. The University of Nevada, Reno is 2.6 miles away. The asset is tenant occupied and reports a self-managed CAP rate just over six percent.
Located at 921 Willow Street in Reno, the property is near Midtown, Downtown Reno, I-80, I-580, Renown Hospital, and the VA Hospital. The University of Nevada, Reno is 2.6 miles away. The asset is tenant occupied and reports a self-managed CAP rate just over six percent.
Key Highlights
- 12‑unit multifamily property totaling 5,549 square feet on 0.29 acres
- Four buildings: one fourplex, one duplex, and two triplexes
- Studio through two‑bedroom units; two residences include private yards
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
$82,549
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
4.43%
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%
$1,650,980
$1.7M
Cap Rate 7%
$1,179,271
$1.2M
Cap Rate 9%
$917,211
$917.2K
Market Conditions
NOI Build-Up for 5,549 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
$123.2K $22.20/SF
− Vacancy
−$5.3K −$0.95/SF
EGI
$117.9K $21.25/SF
− OpEx
−$35.4K −$6.38/SF
NOI
$82.5K $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%
$1,650,980
Cap Rate 7%
$1,179,271
Cap Rate 9%
$917,211
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.38M
NOI $82,549 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$1.02M
$896.2K – $1.19M
NOI $71,699 @ 7.0% cap · market cap 3.85%
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
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Current Use
Lease Details
12
Residential units
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,664
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Multiple buildings offer studio and two-bedroom units with fenced common outdoor space.
Where is this multifamily property 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: 12‑unit multifamily property totaling 5,549 square feet on 0.29 acres; Four buildings: one fourplex, one duplex, and two triplexes; Studio through two‑bedroom units; two residences include private yards
