For Sale
$42,000,000

1400 Stardust StReno, NV 89503

241 Units, High NOI, Strong Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional multifamily investment opportunity comprises two apartment buildings totaling 241 units, situated on approximately 1.9 to 1.96 acres in prime Reno, Nevada locations: 1400 Stardust St, 89503 and 1901 S Virginia St, 89502. The portfolio boasts a combined net rentable square footage of 65,688 square feet, spread across 32,400 to 33,288 total square feet. Built between 1966 and 1974, and extensively renovated in 2023, these properties offer a compelling blend of established tenancy and modern upgrades. The buildings are two stories each, zoned GC (General Commercial) and MU (Mixed-Use Urban), providing flexibility for future development. The current asking price is $42,000,000, representing a price per unit of $174,273.86 and a price per square foot of $639.39. The portfolio generates a substantial net operating income (NOI) of $2,266,605, yielding an attractive 5.40% capitalization rate. Parcel numbers are 006-151-06 and 019-051-15, located in Washoe County. This is a rare opportunity to acquire a well-performing, established multifamily portfolio in a growing Reno market.

Highlights

  • Exceptional 241-unit multifamily portfolio in prime Reno, NV locations.
  • Two buildings totaling 65,688 net rentable square feet on ~1.9 acres.
  • Recently renovated (2023) with a blend of established tenancy and modern upgrades.
  • $42,000,000 asking price; $174,274 per unit; $639 per square foot.
  • Strong NOI of $2,266,605, yielding a 5.40% cap rate.

Property Details for 1400 Stardust St

Property type
Apartment buildings
Square Feet
32,400 SF
Year Built/Renovated
1974/2023
Buildings
2
Stories
2
Lot Size (sq. ft)
82,764 SF
Units
241

Location Insight

City
Reno
County
Washoe
State
Nevada
Latitude
39.5281556
Longitude
-119.8346878
1400 Stardust St, Reno, Nevada

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1400 Stardust St
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