For Sale
$5,200,000

1607 Virginia StReno, NV 89502

High-return, renovated apartment complex

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional three-building, 29-unit apartment complex in Reno's vibrant Midtown boasts a prime location on Virginia Street. Recently renovated (2021-2022) with over $1.8 million in capital improvements, the property features modern, high-end finishes including stainless steel appliances, quartz countertops, keyless entry, and luxury bathrooms. Units are equipped with mini-split HVAC systems and many include furnished amenities. The property includes a clubhouse with a coffee bar, pool table, and fireplace, along with designated parking and on-site laundry. Built in 1975-1980, the 9,264 square foot complex sits on a 0.59-acre lot and is zoned MU-MC, offering flexibility for future uses. Currently operating at 97% occupancy, the property generates a strong NOI of $317,780, with a pro-forma NOI of $335,055 and a pro-forma cap rate of 6.44%. The asking price is $5,200,000, representing a price per unit of $179,310.34 and a price per square foot of $445.40. This turnkey investment offers a secure and high-yielding opportunity in a rapidly growing market. The property's strong performance, coupled with its desirable location and recent upgrades, ensures consistent cash flow and long-term value appreciation. The 24-hour surveillance system and exterior lighting enhance tenant safety and comfort. This is a rare opportunity to acquire a fully stabilized, high-performing asset in one of Reno's most sought-after neighborhoods.

Highlights

  • Midtown location, walkable to dining, entertainment, and shopping.
  • Fully renovated with luxury finishes.
  • High-performing asset with strong, stabilized occupancy and high rents in a top MSA submarket.

Property Details for 1607 Virginia St

Property type
Apartment buildings
Square Feet
9,264 SF
Class
A
Year Built/Renovated
1975/2021
Buildings
3
Stories
2
Lot Size (sq. ft)
25,700 SF
Units
29

Location Insight

City
Reno
County
Washoe
State
Nevada
Latitude
39.5081101
Longitude
-119.8054998
1607 Virginia St, Reno, Nevada

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1607 Virginia St
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