Washoe Lake Apartments 155-165 Esmeralda Dr 12 Unit Apartment Building $3,662,048 CAD ($305,171 CAD/Unit) 6.33% Cap Rate Carson City, NV 89704

A rare, 12-unit multifamily offering in one of the most tightly held rental markets in Northern Nevada. Washoe Lake Apartments sits in Washoe Valley — the quiet corridor between Reno and Carson City — where a standing multifamily development moratorium means no new competing apartment communities can be built anywhere in the valley. This property effectively holds a monopoly on multifamily rental housing in the area, insulating it from future supply competition and supporting long-term rent growth.
The property sits on just over two acres, with roughly one acre still undeveloped — offering additional space and privacy beyond what's typical for a community this size. The 12 units, each a spacious two-bedroom, one-bathroom floor plan, offer large private backyards and proximity to Washoe Lake that tenants in this market are willing to pay a premium for, all within easy commuting distance of both Reno and Carson City.
Washoe Lake Apartments is a well-stabilized asset with a consistent rental history, making it an attractive turnkey investment opportunity for buyers seeking reliable, in-place cash flow in a supply-constrained submarket.
Investment highlights: 12 units, all two-bed/one-bath; just over 2 acres, roughly 1 acre undeveloped; located between Reno and Carson City; protected by a multifamily development moratorium; large backyards and lake proximity command premium rents; well-stabilized operating history