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    500 University Way Reno, NV 89501

    Sponsored
    For Sale
    $2,350,000

    21-unit apartment building, high occupancy.

    Property size:
    6,807 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 21-unit multifamily property, situated at 500 University Way in Reno, Nevada, presents a compelling value-add investment opportunity. Boasting a prime location in Downtown Reno's entertainment district, this complex benefits from its proximity to the Aces Ballpark, The Row, and the University of Nevada, Reno, ensuring high demand and strong rental income. The property, built in 1966 and extensively renovated in 2019, comprises a single two-story building encompassing 6,807 square feet on a 0.193-acre lot. Currently operating at 100% occupancy, the 21 units offer 21 bedrooms and 21 keys, with 15 parking spaces available. The asking price is $2,350,000, translating to $345.23 per square foot and $111,904.76 per unit. The property's 6.99% cap rate signifies a strong return on investment. Zoned MD-ED (Mixed-Use Downtown Entertainment District), this property is ideally suited for student housing, single-family homes, or short-term rentals, offering significant potential for future appreciation. Its convenient location near major thoroughfares and local employers further enhances its appeal. The property's APN is 007-501-07. This is a rare opportunity to acquire a well-maintained, high-performing asset in a thriving urban environment.

    Property Features for 500 University Way

    General Information

    Property type
    Multifamily properties
    Square Feet
    6,807 SF
    Lot Size
    8,407 SF

    Building Details

    Year Built/Renovated
    1966/2019
    Buildings
    1
    Stories
    2
    Units
    21

    HighLights

    • 21‑unit multifamily property in Reno, NV's entertainment district, offering a value‑add investment opportunity.
    • Excellent location near the Aces Ballpark, The Row, and UNR, ensuring high occupancy.
    • Recently renovated in 2019, the property boasts a 6.99% cap rate and strong rental income.
    • Prime downtown location within walking distance to UNR and surrounded by employers and major thoroughfares.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis Gift Shop Party City Party Store Skunk Funk Wholesaler Carl's Trading Co Hat Shop Bushka's Kitchen LLC Outdoor Clothing And Equipment Shop

    Suggested Use

    Restaurant Realty agency Building Supply Dental Office Law Firm Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.8129597
    Latitude
    39.5317577

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    FAQs

    What type of property is this?
    Multifamily property - 21-unit apartment building, high occupancy.
    Where is this multifamily property located?
    The property is located at 500 University Way Reno, NV.
    What is the asking price?
    The asking price for this property is $2,350,000.
    What are key features of this property?
    This property features: 21-unit multifamily property in Reno, NV's entertainment district, offering a value-add investment opportunity.; Excellent location near the Aces Ballpark, The Row, and UNR, ensuring high occupancy.; Recently renovated in 2019, the property boasts a 6.99% cap rate and strong rental income.
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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
    500 University Way Reno, NV 89501
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