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Center Street Flats 520 University Way

31 Unit Apartment Building $3,000,000 ($96,774/Unit) 8.83% Cap Rate Reno, NV 89501

Investment Highlights

  • Incredible Location Blocks from UNR, The Row, and Interstate 80
  • Common Area Laundry
  • Opportunity Zone Location
  • Fully Remodeled Property
  • Hardwired High Speed Internet

Executive Summary

The Center Street Flats located in Reno, Nevada within the Downtown Reno submarket offer a total of 31 almost all nearly fully renovated motel units being used at monthly apartments. The units consist of four 1 bed 1 bath units and 27 studio units. Property features include hardwired Ubiquiti router system for fast internet, finished common laundry area, resurfaced parking lot, new exterior paint, and much more. The property is located in the heart of Downtown Reno offering multiple transit options, direct assess to major employers, just a few blocks south of the University of Nevada Reno, and 2 blocks east of The Row featuring the Silver Legacy, El Dorado, and Circus Circus Casino’s. It could be run as it currently is as monthly apartments or it can be leased as a motel or short term AirBNB units. Current certificate of occupancy shows use as motel. Do not disturb the tenants.

Financial Summary (Pro forma - 2023) 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 - 2023) 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 $3,000,000
Price Per Unit $96,774
Sale Type Investment
Cap Rate 8.83%
No. Units 31
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 0.29 AC
Building Size 9,492 SF
No. Stories 2
Year Built/Renovated 1965/2022
Opportunity Zone Yes

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 4 $1,200 -
Studios 27 $1,097 -
Walk Score ®
Walker's Paradise (94)
Bike Score ®
Very Bikeable (84)
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
007-501-08
Land Assessment
$92,610 (2024)
Improvements Assessment
$132,882 (2024)
Total Assessment
$225,492 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023

zoning

Zoning Code MD-ED (Mixed Use Downtown Entertainment District)
MD-ED (Mixed Use Downtown Entertainment District)
  • Listing ID: 29506539

  • Date on Market: 9/13/2023

  • Last Updated:

  • Address: 520 University Way, Reno, NV 89501

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