4600 Neil RD #APT 37, Reno, NV 89502
4600 Neil RD #APT 37, Reno, NV 89502
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Charles Christian

Charles Christian

+1(775) 848-7653
$1,125,000
Est. payment /mo
860 SqFt
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Key Details

Property Type Multi-Family, Commercial

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 860 sqft

Price per Sqft $1,308

Subdivision Peckham Gardens

MLS Listing ID 260006432

Year Built 1978

Annual Tax Amount $514

Lot Size 435 Sqft

Acres 0.01

Lot Dimensions 0.01

Property Sub-Type Multi Family

Property Description

Rare opportunity to acquire a 10-unit condo portfolio in Reno with multiple exit strategies. All 10 units are currently tenant occupied with long-term month-to-month tenants in place. Current rents appear to be below market, creating a clear opportunity for an investor to increase income over time and improve overall yield. Based on current income, the portfolio is offered at approximately a 4.5% cap rate, with projected stabilized income showing an estimated cap rate of approximately 6.3% once rents are moved closer to market. This offering may appeal to both buy-and-hold investors and value-add/flipper-style investors. A buyer can hold the units for rental income and improve cash flow through rent stabilization, or potentially renovate and sell individual condos over time to capture the spread between the bulk portfolio price and individual unit resale values. The portfolio is being offered as one package, providing a buyer the ability to acquire scale in a single transaction without having to assemble units one by one. Investment Highlights: 10-unit condo portfolio in Reno All units tenant occupied Long-term month-to-month tenants Current rents appear below market Offered at 1,125,000 Estimated current cap rate: 4.5 Estimated stabilized cap rate: 6.3 Estimated individual condo sell-off value: 1,590,000 Upside through rent increases, renovations, or individual condo resale Strong fit for buy-and-hold, value-add, or fix-and-flip investors Tenants are not to be disturbed. Showings are subject to accepted offer and buyer verification. Financials are based on rent rolls and estimates; buyer to verify all rents, expenses, HOA information, utilities, condition, and resale assumptions during due diligence.

Location

State NV

County Washoe

Community Peckham Gardens

Area Peckham Gardens

Zoning pud

Interior

Heating Natural Gas

Cooling Central Air

Flooring Carpet

Laundry Varies By Unit

Exterior

Parking Features Community Structure

Utilities Available Cable Available, Cable Connected, Internet Available, Sewer Connected

View Y/N No

Roof Type Pitched

Garage No

Building

Lot Description Zero Lot Line

Story 2

Foundation Slab

Water Public

Structure Type Wood Siding

Others

Tax ID 025-541-18

Acceptable Financing 1031 Exchange, Cash

Listing Terms 1031 Exchange, Cash

Special Listing Condition Other

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Listed by Realty One Group Eminence

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Charles Christian

Charles Christian

+1(775) 848-7653

Broker Associate | License ID: NVBS30591

Broker Associate License ID: NVBS30591

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4600 Neil RD #APT 37