1901 S Virginia St - Apartments FOR SALE


Reno, NV 89502- Virginia Lake
$20,390,041 USD
775-336-4672
1901 S Virginia St, Reno, NV for Sale
$20,390,041 USD
Apartments - FOR SALE
1/5
null | 5% Cap Rate

1901 S Virginia St
Reno, NV 89502
Virginia Lake


HIGHLIGHTS

  • Located in downtown/MidTown is close to Highway 395/I-580

OVERVIEW

NAI Alliance is pleased to present this major re-positioning by Repvblik Development Group, with multifamily compliant upgrades to electrical, plumbing, and life-safety systems. This project is designed to accommodate Reno’s enormous demand for workforce housing, and as such, these newly remodeled studios are priced affordably and are filling up fast, expected to reach stabilization this spring. Prior to the total renovation, the subject property was originally a two-story motel built in 1966. The building is ±33,288 square feet, situated on ±1.897 acres zoned Mixed-Use Urban. 1901 S Virginia Street is in downtown/MidTown is close to Highway 395/I-580. Assessor’s Parcel Number is 019-051-15. The highly visible and easily accessible locations feature 117 rehabilitated studio apartments. There are currently 6 similar properties on the market within 10 miles distance of the Subject Property.

FOR SALE DETAILS

PRICE

$20,390,041 USD

PRICE/SF

$174 USD /SF

# OF UNITS

117

PRICE/UNIT

$174,274

CAP RATE

5%

% LEASED

80%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Point Midtown

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2024

PARKING SPACES

-

LAND DETAILS

LAND ACRES

4.14 AC

LAND SF

180,351 SF

ZONING

Commercial

APN/PARCEL ID

019-051-15

ASK ABOUT THIS PROPERTY

Brian EganNAI Alliance Commercial Real Estate Services, LLCMore Info
775-336-4672

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Brian EganNAI Alliance Commercial Real Estate Services, LLCMore Info
775-336-4672

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.