1607 Virginia StReno, NV 89502

Property Details for 1607 Virginia St

Year built

1950

Construction

WOOD

Lot size

0.46 AC

Property size (Sq ft)

4,032 SF

Zone code

MUMC

Property type

Hospitality properties

Property subtype

Motels

APN

014-251-16

APU

1425116

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $688,277

  6.5%

  $635,332

  7%

  $589,952

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,169,726

  Geo Method

  $2,169,726

• Alternative Use

  Use

  Valuation

  Residential

  $693,598

  Hospitality

  $635,332

  Educational

  $528,589

  Medical

  $546,768

  Retail

  $822,250

Location Insight

City

Reno

County

Washoe

State

Nevada

Latitude

39.5081

Longitude

-119.805

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].