Duplex with Separate
For Sale
$675,000
947 I Street, Sparks, NV 89431
MULTI_FAMILY - Sparks, NV
Property Size2,477 SF
Lot Size0.21 Acres
Price / SF$272.51
Days on Market63
Property Features for 947 I Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MUD
Bedrooms
7
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 6, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 7, Bedroom 5, Bedroom 2, Bedroom 3, Bedroom 4
Window features
Vinyl Frames, Window Coverings, Double Pane Windows
Interior features
Ceiling Fan(s)
Fireplace
1
Appliances
Dishwasher, Electric Range, Refrigerator
Subdivision
Prater Addition To Sparks
Elementary school
Mitchell
Middle school
Dilworth
High school
Sparks
Standard status
Active
APN
031-232-37
Size
2,477 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
2404
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Electric
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Brick Veneer, Frame, HardiPlank Type
Roof type
Composition
Listing Agency:
LPT Realty, LLC
(775) 544-1328
Listed By:
Kathryn Courtney · License #S.168915
(775) 225-6961
Added: Jun 10
Changed: Aug 10
Last Checked: Aug 11 at 7:06PM
MLS# 260008160
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 duplex property consists of two separate homes on a single 0.21-acre parcel, totaling 2477 square feet. The front residence is vacant and has new interior paint, a new stove, and a new dishwasher. It also offers a private fenced yard. The rear residence is leased month-to-month to a long-term tenant and includes generous yard space.
Built in 1960, the property has MUD zoning, public water, and public sewer. Additional features include vinyl flooring, forced-air natural gas heating, electric cooling, ceiling fans, a fireplace, composition roofing, and brick veneer, frame, and HardiPlank Type construction. The property is located in Sparks, Nevada, and carries a 6.8 percent cap rate.
Built in 1960, the property has MUD zoning, public water, and public sewer. Additional features include vinyl flooring, forced-air natural gas heating, electric cooling, ceiling fans, a fireplace, composition roofing, and brick veneer, frame, and HardiPlank Type construction. The property is located in Sparks, Nevada, and carries a 6.8 percent cap rate.
Key Highlights
- Two separate homes on one 0.21‑acre parcel
- 2477 square feet of total property size
- 6.8 percent cap rate
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
$30,799
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
4.56%
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%
$615,980
$616.0K
Cap Rate 7%
$439,986
$440.0K
Cap Rate 9%
$342,211
$342.2K
Market Conditions
NOI Build-Up for 2,477 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
$46.1K $18.60/SF
− Vacancy
−$2.1K −$0.84/SF
EGI
$44.0K $17.76/SF
− OpEx
−$13.2K −$5.33/SF
NOI
$30.8K $12.43/SF
Area
Sparks, NV
Vacancy
4.50%
Lease Rate
$18.60 /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%
$615,980
Cap Rate 7%
$439,986
Cap Rate 9%
$342,211
Alternative Uses
Best Use
Multifamily LT 5
$440.0K
$385.0K – $513.3K
NOI $30,799 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$393.8K
$344.6K – $459.4K
NOI $27,564 @ 7.0% cap · market cap 4.08%
Theoretical Best
Specialty Retail
$876.8K
$767.2K – $1.02M
NOI $61,375 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
989
Businesses Nearby
Explore this area
Business Placement
Demographics for 89431, NV
40,219
Population
16,858
Households
2.4
Avg Household Size
35
Median Age
14%
College-Educated
76%
High-School Grad
9.2 sq mi
ZIP Area
4,372
Density / Sq Mi
$64,496
Median Household Income
$39,589
Median Earnings
$1,276
Median Rent
$332,000
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?
Duplex - Two residences share one parcel, with refreshed interiors and private fenced outdoor space at the front home.
Where is this duplex located?
The property is located at 947 I Street Sparks, NV.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two separate homes on one 0.21‑acre parcel; 2477 square feet of total property size; 6.8 percent cap rate
