12-Unit Apartment
For Sale
$1,862,000
921 Willow Street 911-921, Reno, NV 89502
Four-building multifamily property with updated units, private yards, and a central fenced outdoor area.
Property Size5,549 SF
Price / SF$335.56
Days on Market8
Property Features for 921 Willow Street 911-921
General Information
Standard status
Active
Size
5,549 SF
Additional Details
Highway Access
Yes
Multifamily Units
12
Amenities
private yards
fenced yard area
Building Details
Year Built
1957
Buildings
4
Listing Agency:
Dickson Realty - Downtown
(775) 360-0060
Listed By:
Jacqueline Lescott · License #S.187479
Source:
Hauspg-nv
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 29 at 12:00PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Dickson Realty - Downtown
Investment Insights
Based on property information with market context.
This multifamily property contains 12 units across four buildings: one fourplex, one duplex, and two triplexes. The unit mix includes studios through two-bedroom apartments, with private yards serving two units. A centrally located yard is fully fenced, and all apartments have been updated within the past 4 years. One triplex also received a new roof within the last 2 years. The property was built in 1957 and contains 5,549 square feet.
The address is 921 Willow Street 911-921 in Reno, with access to I-80 and I-580. Midtown and Downtown Reno, Renown Hospital, and the VA Hospital are nearby, while the University of Nevada, Reno is 2.6 miles away. The property is tenant occupied, and the self-managed cap rate is just over 6%.
The address is 921 Willow Street 911-921 in Reno, with access to I-80 and I-580. Midtown and Downtown Reno, Renown Hospital, and the VA Hospital are nearby, while the University of Nevada, Reno is 2.6 miles away. The property is tenant occupied, and the self-managed cap rate is just over 6%.
Key Highlights
- 12 units distributed among a fourplex, duplex, and two triplexes
- Studios through two‑bedroom units; two apartments include private yards
- All units updated within the last 4 years
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
$71,699
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
3.85%
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%
$1,433,980
$1.4M
Cap Rate 7%
$1,024,271
$1.0M
Cap Rate 9%
$796,656
$796.7K
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
$136.5K $24.60/SF
− Vacancy
−$6.1K −$1.11/SF
EGI
$130.4K $23.49/SF
− OpEx
−$58.7K −$10.57/SF
NOI
$71.7K $12.92/SF
Area
Reno, NV
Vacancy
4.50%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,433,980
Cap Rate 7%
$1,024,271
Cap Rate 9%
$796,656
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
Current Use
Lease Details
12
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,648
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Four-building multifamily property with updated units, private yards, and a central fenced outdoor area.
Where is this apartment building located?
The property is located at 921 Willow Street 911-921 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 units distributed among a fourplex, duplex, and two triplexes; Studios through two‑bedroom units; two apartments include private yards; All units updated within the last 4 years
