1400 Stardust St Reno, NV 89503

Exceptional investment opportunity: a portfolio of two renovated apartment buildings in Reno, Nevada, totaling 241 units. This meticulously upgraded property boasts a combined 65,688 square feet of net rentable space, spread across approximately 32,400 to 33,288 total square feet. The buildings, originally constructed between 1966 and 1974, underwent a complete renovation in 2023, featuring updated electrical, plumbing, and life-safety systems. Situated on approximately 1.9 to 1.96 acres, the properties benefit from prime locations: 1400 Stardust St. in Northwest Reno near I-80, and 1901 S Virginia St. in Downtown/Midtown Reno near Highway 395/I-580. Both properties are zoned GC (General Commercial) and MU (Mixed-Use Urban). The portfolio currently generates a Net Operating Income (NOI) of $2,266,605, representing a 5.40% capitalization rate. With a total asking price of $42,000,000, this translates to a price per unit of $174,273.86. Pre-leasing has commenced, capitalizing on Reno's high demand for workforce housing. Assessor's Parcel Numbers are 006-151-06 and 019-051-15. This is a rare opportunity to acquire a stabilized, high-performing multifamily asset in a rapidly growing market. The portfolio includes two buildings, each two stories high, and features 241 studio apartments and 2 pads.