519 Elko Ave Reno, NV 89512
- Dormitories
- 2,856 SF
Current Use by Public Records
- Dormitories
Property Details for 519 Elko Ave
- Property size
- 2,856 SF
- Property type
- Dormitories
- Property subtype
- Student housing
- APN
- 008-531-05
Description
This exceptional investment opportunity presents a fully renovated, 5-unit apartment building located in Reno's thriving downtown area. The property, situated at 519 Elko Ave, consists of three buildings constructed between 1915 and 1920, and underwent a complete renovation in 2021. The complex includes two duplexes, each featuring spacious two-bedroom, one-bathroom units, and a separate one-bedroom, one-bathroom unit. Offering a total of 2,856 square feet, the property boasts seven parking spaces and is zoned MD-ID. The asking price is $950,000, representing a price per unit of $190,000 and a price per square foot of $332.63. The property's strong financial performance is reflected in its pro-forma NOI of $55,416 and a pro-forma cap rate of 5.83%. Its prime location offers easy access to I-80 and is within walking distance of the University of Nevada, Reno, making it highly attractive to students and professionals alike. The fully landscaped grounds provide a low-maintenance, appealing outdoor space for residents. This property offers a compelling blend of modern amenities, a desirable location, and strong financial projections, making it an ideal investment in Reno's dynamic urban core. The property's address is 519 Elko Ave, Reno, NV 89512, with the APN number 008-531-05.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Reno
- County
- Washoe
- State
- Nevada
- Longitude
- -119.8065153
- Latitude
- 39.5331988
