500 University WayReno, NV 89501

Property Details for 500 University Way

Year built

1966

Lot size

0.19 AC

Property size (Sq ft)

6,807 SF

Property type

Hospitality properties

Property subtype

Multifamily properties

Description

This exceptional 21-unit multifamily property, situated at 500 University Way in Reno, Nevada, presents a compelling value-add investment opportunity. Boasting a prime location in Downtown Reno's entertainment district, this complex benefits from its proximity to the Aces Ballpark, The Row, and the University of Nevada, Reno, ensuring high demand and strong rental income. The property, built in 1966 and extensively renovated in 2019, comprises a single two-story building encompassing 6,807 square feet on a 0.193-acre lot. Currently operating at 100% occupancy, the 21 units offer 21 bedrooms and 21 keys, with 15 parking spaces available. The asking price is $2,350,000, translating to $345.23 per square foot and $111,904.76 per unit. The property's 6.99% cap rate signifies a strong return on investment. Zoned MD-ED (Mixed-Use Downtown Entertainment District), this property is ideally suited for student housing, single-family homes, or short-term rentals, offering significant potential for future appreciation. Its convenient location near major thoroughfares and local employers further enhances its appeal. The property's APN is 007-501-07. This is a rare opportunity to acquire a well-maintained, high-performing asset in a thriving urban environment.

Location Insight

City

Reno

County

Washoe

State

Nevada

Latitude

39.5318

Longitude

-119.813

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