41 W 9th St

05-17-2022
05-17-2022

41 W 9th St, Reno, NV 89503

  • Value add opportunity
  • 1 block from the University of Nevada Reno. Location, location, location!!!
  • Close to I-80
  • Upside in rents

Property Description

41 W 9th St. offers a rare opportunity to acquire a 4-unit student housing investment just a block away from the south end of the main campus of the University of Nevada, Reno. This value-add opportunity consists of Two 2-Bedroom units, One 1-Bedroom unit, and One 5-Bedroom unit. There are a total of nine parking spaces on the property made up of five parking spaces in the rear and two tandem parking spots in the front. There is also the addition of onsite laundry alongside two outdoor storage sheds. The large, fenced yard is perfect for entertaining.

Student housing demand remains high near the university along with the average rent exceeding $920/bed. The property has been rented to fraternities historically or can be leased as individual apartments. The property is located near the University of Nevada, Reno, the S. Virginia Street and McCarran Blvd. thoroughfare, and Interstate 80 making renting easy due to its strategic location. Multifamily property owners continue to see rising rental rents from the shrinking supply and increased demand, and incoming major employers. Investors buying in Nevada benefit from competitive cap rates, rising rental rates, friendly landlord laws, and Nevada’s lack of a state income tax.

Key Property Information

Listing Status
Available
Multifamily type
Student Housing
Price
$ 1,200,000
No. of Units
4
Year Built
1918
Building Size
3,159 Sq ft
Lot Size
7000 sq ft
No. of Stories
2
APN
007-181-12
Zoning Code
MU
No. of Parking Spots
9
Opportunity Zone
No
Price per unit
$ 300,000

Financial Details

Income/Expense Info
Pro Forma
Gross Income
$ 84,000
Effective Gross Income
$ 81,480
Operating Expenses
$ 20,198
Net Operating Income
$ 61,282
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