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214 Stewart St

5 Unit Apartment Building $1,250,000 ($250,000/Unit) 4.95% Cap Rate Reno, NV 89501

Investment Highlights

  • Charming historic building completely renovated to a turnkey investment
  • Area continues to gentrify and is poised for long-term appreciation
  • Unbeatable location and exceptional remodel attract easy-to-manage & high-paying tenants

Executive Summary

This exquisite property comprises two studio units and three one-bedroom units, with two of the studios and one one-bedroom unit presented fully furnished, ready for immediate occupancy. The seller has spared no expense in the permitted renovation, stripping the building down to the studs and meticulously refurbishing it to achieve its current splendid condition.
"The Victorian House" masterfully blends period charm with modern touches, creating an appealing and comfortable living environment that attracts high-quality tenants and commands top market rents. The kitchens in each unit are finished with timeless elegance, featuring full wall subway tile backsplashes and carrara quartz countertops that speak to the property’s sophisticated aesthetic.
Comfort is paramount, with each unit equipped with its own dedicated minisplit heat pump system, providing efficient cooling and heating to ensure tenant satisfaction throughout the seasons. The landlord covers all utilities excluding electricity which is sub-metered for each individual unit using Emporia Energy technology and paid for by the respective tenants.
The property features four dedicated exterior spaces that are private to the tenants of units 1, 2 and 3. The property features common areas including the front patio, hallway, stairs to the second floor and basement (which the landlord permits tenants to store additional personal property in). The property is set-up for easy remote management with every single door knob wifi enabled on the house internet allowing the landlord to grant vendors codes as needed to open doors in the property. Each unit is also well-appointed with essential appliances including washers, dryers, refrigerators, cook surfaces, and microwaves, ensuring all the comforts of modern living are at hand.
"The Victorian House" is not just a building; it's a turnkey investment opportunity already operating at an exceptional standard. This property offers not only immediate cash flow but also potential for significant appreciation in the thriving Reno market. For more information, potential financing options, or to explore the property further, including financials, property inspection details, disclosures, and a 3D Matterport walkthrough model, please reach out to the listing agent. This is a rare opportunity to own a piece of Reno’s heritage with the modern conveniences and income potential that today’s investors seek.

Data Room Click Here to Access

Financial Summary (Pro forma - 2024) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Pro forma - 2024) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $1,250,000
Price Per Unit $250,000
Sale Type Investment
Cap Rate 4.95%
No. Units 5
Property Type Multifamily
Property Subtype
Apartment
  • Multifamily Dormitory
Apartment Style Single Family Home
Building Class C
Lot Size 0.08 AC
Building Size 2,475 SF
Average Occupancy 100%
No. Stories 2
Year Built/Renovated 1926/2022
Parking Ratio 0.81/1,000 SF
Opportunity Zone Yes

Unit Amenities

  • Air Conditioning
  • Tub/Shower
  • Dining Room

Site Amenities

  • 24 Hour Access
  • Controlled Access
  • Fenced Lot
  • Laundry Facilities
  • Furnished Units Available
  • Trash Pickup - Curbside
  • Vintage Building
  • Wi-Fi
  • Storage Space
  • Community-Wide WiFi

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 2 $1,175 250 - 300
1+1 3 $1,428 350 - 550
Walk Score ®
Walker's Paradise (92)
Bike Score ®
Very Bikeable (89)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
011-671-02
Land Assessment
$24,938
Improvements Assessment
$40,008
Total Assessment
$64,946
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024

zoning

Zoning Code MUMC (The Mixed Use Midtown Commercial district is intended to promote a mix of pedestrian-oriented commercial, retail, and services in the Midtown area.)
MUMC (The Mixed Use Midtown Commercial district is intended to promote a mix of pedestrian-oriented commercial, retail, and services in the Midtown area.)
  • Listing ID: 32940733

  • Date on Market: 8/23/2024

  • Last Updated:

  • Address: 214 Stewart St, Reno, NV 89501

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