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The Flats at Locust St 1508-1520 Locust St 6 Unit Apartment Building $1,716,444 CAD ($286,074 CAD/Unit) 5.17% Cap Rate Reno, NV 89502
Investment Highlights
- In-Unit Laundry Hook Up
- Upside In The Rents
- Renovated Units
- The Wells Avenue District
- Diverse Unit Mix
Executive Summary
The Flats at Locust St consists of 6 total units, on a large lot, within the Wells Avenue District just east of MidTown Reno. The unit mix consists of 5 one bedroom 1 bath units and 1 three bedroom 1.5 bath unit. Most units have their own fenced yard area and all units have in unit washer/dryer hookups. Tenants pay gas and electric and a flat rate reimbursement for sewer, water, and trash. The asset offers affordable work force housing, located within the Wells rental submarket which offers great access to restaurants, downtown Reno, Renown Medical Center, retail centers, bus lines, and community events all just steps from their front door. The property is a short distance to the Reno Public Market which is one of Reno’s most popular retail shopping areas with many food choices and also has many entertainment options. This can also be sold in a portfolio sale with 210 Claremont St which is 6-unit multifamily opportunity in the nearby MidTown/Wells submarket and also listed for sale.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,716,444 CAD | Building Class | C |
| Price Per Unit | $286,074 CAD | Lot Size | 0.32 AC |
| Sale Type | Investment | Building Size | 4,060 SF |
| Cap Rate | 5.17% | Average Occupancy | 90% |
| No. Units | 6 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1957/2018 |
| Property Subtype | Apartment | Parking Ratio | 1.67/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | MF-30, Reno - Multifamily 30 units per acre | ||
| Price | $1,716,444 CAD |
| Price Per Unit | $286,074 CAD |
| Sale Type | Investment |
| Cap Rate | 5.17% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 4,060 SF |
| Average Occupancy | 90% |
| No. Stories | 1 |
| Year Built/Renovated | 1957/2018 |
| Parking Ratio | 1.67/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | MF-30, Reno - Multifamily 30 units per acre |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,637 CAD | 667 |
| 3+1.5 | 1 | $2,564 CAD | 1,392 |
| 1+1 | 1 | $1,654 CAD | 440 |
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Very walkable
80/100
Moderately drivable
60/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 013-413-20 | Total Assessment | $187,194 CAD |
| Land Assessment | $120,332 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $66,863 CAD | Tax Year | 2026 |
Property Taxes
Parcel Number
013-413-20
Land Assessment
$120,332 CAD
Improvements Assessment
$66,863 CAD
Total Assessment
$187,194 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2026
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The Flats at Locust St | 1508-1520 Locust St
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