Property Details for 79 Richards St

Year built

1923

Lot size

0.33 lot acres

Property size

3,425 SF

Property type

Apartment buildings

Description

This exceptional redevelopment opportunity presents a 7-unit multifamily property situated on a 0.33-acre lot in Fallon, Nevada (APN 00152801). The property, currently vacant, consists of two buildings – a five-unit structure and a duplex – totaling 3,425 square feet. Built in 1923, the property is classified as Class C and zoned C-1, offering potential for diverse uses. Significant improvements have already been made, including a new sewer line, electrical panel with Romex wiring (allowing for individual metering), a new 200-gallon hot water heater system, new Pex water lines and plumbing, and a sealed roof with scuppers on the main building. Building plans for the five-unit building, along with on-site building materials, will transfer to the new owner. A third structure on the property could serve as a laundry facility or additional storage. Each unit has one parking space. The asking price is $205,000 ($29,286 per unit, $59.85 per square foot). While the current NOI is $0, a pro-forma NOI of $69,300 projects a 10% cap rate. The property's location off Main Street in downtown Fallon, coupled with the growing Naval Air Station and consistent rental demand, makes this a compelling investment. All information is deemed reliable but not guaranteed

Location Insight

City

Fallon

County

Churchill

State

Nevada

Longitude

-118.778

Latitude

39.4718