79 Richards St Fallon, NV 89406
- Apartment buildings
- 3,425 SF
- 0.33 lot acres
Current Use by Public Records
- Apartment buildings
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
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fallon
- County
- Churchill
- State
- Nevada
- Longitude
- -118.778
- Latitude
- 39.4718
