1607 Virginia St Reno, NV 89502-2809

This exceptional three-building, 29-unit apartment complex in Reno's vibrant Midtown boasts a prime location on Virginia Street. Recently renovated (2021-2022) with over $1.8 million in capital improvements, the property features modern, high-end finishes including stainless steel appliances, quartz countertops, keyless entry, and luxury bathrooms. Units are equipped with mini-split HVAC systems and many include furnished amenities. The property includes a clubhouse with a coffee bar, pool table, and fireplace, along with designated parking and on-site laundry. Built in 1975-1980, the 9,264 square foot complex sits on a 0.59-acre lot and is zoned MU-MC, offering flexibility for future uses. Currently operating at 97% occupancy, the property generates a strong NOI of $317,780, with a pro-forma NOI of $335,055 and a pro-forma cap rate of 6.44%. The asking price is $5,200,000, representing a price per unit of $179,310.34 and a price per square foot of $445.40. This turnkey investment offers a secure and high-yielding opportunity in a rapidly growing market. The property's strong performance, coupled with its desirable location and recent upgrades, ensures consistent cash flow and long-term value appreciation. The 24-hour surveillance system and exterior lighting enhance tenant safety and comfort. This is a rare opportunity to acquire a fully stabilized, high-performing asset in one of Reno's most sought-after neighborhoods.