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Angelica Reyes

angelica.realtor@gmail.com +1(775) 351-9265

$ 1,299,000

Est. payment | -/mo

10 Beds

6 Baths

4,392 SqFt

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$ 1,299,000

Est. payment | -/mo

Save

10 Beds

6 Baths

4,392 SqFt

Key Details

Property Type Commercial

Sub Type Income

Listing Status Active Under Contract

Purchase Type For Sale

Square Footage 4,392 sqft

Price per Sqft $295

Subdivision Newtown Tract

MLS Listing ID 260001826

Bedrooms 10

Year Built 1960

Annual Tax Amount $2,753

Lot Size 6,011 Sqft

Acres 0.35

Lot Dimensions 0.35

Property Sub-Type Income

Property Description

Chase International is pleased to present this turnkey 6 unit multifamily investment near downtown Sparks. This fully leased, income producing rental property in the highly sought-after Reno market boasts a cap rate yield above 6.27 percent based on actuals. This six-unit multifamily property at 1947 & 1949 H Street in Sparks, Nevada features four spacious 2 bed / 1 bath units, and two 1 bed/ 1 bath units, presenting a rare opportunity to acquire a stabilized income asset with long-term redevelopment upside in a growing Northern Nevada submarket. Situated on two parcels totaling approximately 0.345 acres (±15,028 square feet), the property consists of ±4,392 square feet of existing residential improvements supported by municipal gas, electric, water, and sewer. The asset is currently generating 102,000K in gross annual income and 81,422K in net operating income, offering a self managed 6.27 percent cap rate based on actuals (not pro forma) at the 1,299,000K asking price and a 5.8 percent cap rate based on 3rd party property management fees at 6 percent of gross rental income. The property is 100 percent leased with the Landlord paying trash, water, and sewer. Tenants are responsible for gas and electricity through NV Energy, billed via individually metered service. Most appliances are newer. Five of the six units include dishwashers, and four feature built-in microwave ovens. Every unit has its own in-unit washer and dryer. The property has full landscaping sprinklers and drip irrigation systems installed. Together, 1947 & 1949 H Street offers a compelling blend of current income and future upside and is an ideal 1031 exchange replacement property. The combination of stabilized operations, development flexibility, and location within one of Northern Nevada's most active growth markets positions this offering as an attractive opportunity for private investors, multifamily operators, and developers seeking both near-term returns and long-term appreciation potential.

Location

State NV

County Washoe

Community Newtown Tract

Area Newtown Tract

Zoning MUD

Interior

Heating Electric, Forced Air, Natural Gas, Wall Furnace, Varies By Unit

Cooling Varies By Unit

Flooring Ceramic Tile

Fireplace No

Laundry In Unit, Varies By Unit

Exterior

Exterior Feature None

Parking Features Alley Access, Varies by Unit

Pool None

Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected, Varies By Unit

View Y/N No

Roof Type Asphalt

Garage No

Building

Lot Description Landscaped, Level

Story 1

Foundation Crawl Space

Water Public

Structure Type Asbestos,Stucco,Wood Siding

Schools

Elementary Schools Smith

Middle Schools Sparks

High Schools Sparks

Others

Tax ID 031-262-03 & 031-262-04

Acceptable Financing Conventional

Listing Terms Conventional

Listed by Chase International-Damonte

Schools and Properties Nearby

Angelica Reyes

Broker Associate | License ID: BS.145567

+1(775) 351-9265 | angelica.realtor@gmail.com

1947 H ST Sparks, NV 89431

Angelica Reyes

Key Details

Location

Interior

Exterior

Building

Schools

Others

Schools and Properties Nearby

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1947 H ST