The Point Midtown | 1901 S Virginia St
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The Point Midtown 1901 S Virginia St
117 Unit Apartment Building For Sale Reno, NV 89502
Investment Highlights
- Located in downtown/MidTown is close to Highway 395/I-580
Executive Summary
NAI Alliance is pleased to present this major re-positioning by Repvblik Development Group, with multifamily compliant upgrades to electrical, plumbing, and life-safety systems. This project is designed to accommodate Reno’s enormous demand for workforce housing, and as such, these newly remodeled studios are priced affordably and are filling up fast. Within one month of leasing this property has reached 34% leased.
The subject property was originally a two-story motel built in 1966. The building is ±33,288 square feet, situated on ±1.897 acres zoned Mixed-Use Urban.
1901 S Virginia Street is in downtown/MidTown is close to Highway 395/I-580. Assessor’s Parcel Number is 019-051-15. The highly visible and easily accessible locations feature 117 rehabilitated studio apartments.
There are currently 6 similar properties on the market within 10 miles distance of the Subject Property.
The subject property was originally a two-story motel built in 1966. The building is ±33,288 square feet, situated on ±1.897 acres zoned Mixed-Use Urban.
1901 S Virginia Street is in downtown/MidTown is close to Highway 395/I-580. Assessor’s Parcel Number is 019-051-15. The highly visible and easily accessible locations feature 117 rehabilitated studio apartments.
There are currently 6 similar properties on the market within 10 miles distance of the Subject Property.
Property Facts
| Sale Type | Investment | Lot Size | 4.14 AC |
| Sale Conditions | Redevelopment Project | Building Size | 117,000 SF |
| No. Units | 117 | Average Occupancy | 37% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 2024 |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Building Class | C |
| Sale Type | Investment |
| Sale Conditions | Redevelopment Project |
| No. Units | 117 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 4.14 AC |
| Building Size | 117,000 SF |
| Average Occupancy | 37% |
| No. Stories | 2 |
| Year Built | 2024 |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Laundry Facilities
- Pool
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 117 | - | 202 - 421 |
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Walk Score ®
Walker's Paradise (90)
Bike Score ®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 019-051-15 | Improvements Assessment | $522,729 |
| Land Assessment | $1,105,650 | Total Assessment | $1,628,379 |
PROPERTY TAXES
Parcel Number
019-051-15
Land Assessment
$1,105,650
Improvements Assessment
$522,729
Total Assessment
$1,628,379
zoning
| Zoning Code | Commercial (124 unit Multi-Family) |
| Commercial (124 unit Multi-Family) |
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The Point Midtown | 1901 S Virginia St
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