520 University Way Reno, NV 89501

Property Details for 520 University Way

Year built

1965

Lot size

0.29 lot acres

Property size

9,492 SF

Property type

Apartment buildings

Description

This 31-unit apartment building in Reno, NV, presents a compelling value-add investment opportunity. The property, built in 1965 and extensively renovated in 2022, boasts 9,492 square feet on a 0.29-acre lot. The building comprises one two-story structure with a mix of unit types: four one-bedroom, one-bathroom units and twenty-seven studio units. Currently operating as monthly apartments, the property offers flexibility, with the potential for short-term rentals or motel use (current occupancy permits it as a motel). Key features include a recently resurfaced parking lot, fresh exterior paint, and a hardwired Ubiquiti router system for high-speed internet access. Located in the heart of Downtown Reno, the property benefits from excellent proximity to the University of Nevada, Reno (UNR), The Row (Silver Legacy, El Dorado, and Circus Circus Casinos), and various transit options. The asking price is $3,000,000, representing a price per unit of $96,774.19 and a price per square foot of $316.06. The property's pro-forma NOI is $264,975, yielding a pro-forma cap rate of 8.83%. The property is zoned MD-ED. The building includes a finished common laundry area. This property is an excellent choice for investors seeking strong cash flow and potential for appreciation in a vibrant urban location. Please note that the property is currently occupied, and tenant disturbances should be avoided.

Location Insight

City

Reno

County

Washoe

State

Nevada

Longitude

-119.813

Latitude

39.5319