Center Street Flats

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Address: 520 University Wy, Reno, NV 89501, USA
Created date: December 12, 2023
Date last updated: December 12, 2023
  • Incredible Location Blocks from UNR, The Row, and Interstate 80
  • Fully Remodeled Property
  • Common Area Laundry
  • Hardwired High Speed Internet
  • Opportunity Zone Location

Property Description

The Center Street Flats located in Reno, Nevada within the Downtown Reno submarket offer a total of 31 almost all nearly fully renovated motel units being used at monthly apartments. The units consist of four 1 bed 1 bath units and 27 studio units. Property features include hardwired Ubiquiti router system for fast internet, finished common laundry area, resurfaced parking lot, new exterior paint, and much more. The property is located in the heart of Downtown Reno offering multiple transit options, direct assess to major employers, just a few blocks south of the University of Nevada Reno, and 2 blocks east of The Row featuring the Silver Legacy, El Dorado, and Circus Circus Casino’s. It could be run as it currently is as monthly apartments or it can be leased as a motel or short term AirBNB units. Current certificate of occupancy shows use as motel. Do not disturb the tenants.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Multifamily type: Apartments
Price: $3,800,000
No. of Units: 31
Cap Rate: 6.97%
Average Occupancy: 40
Year Built: 1965
Year Renovated: 2023
Building Size: 9,492 Sq ft
Lot Size: 0.29 Sq ft
No. of Stories: 2
APN: 007-501-08
Zoning Code: Mixed Use
Opportunity Zone: No
Price per unit: $122,581
Address: 520 University Wy, Reno, NV 89501, USA

Additional contacts

Full name Phone number Email address
Ben Galles 775 750 6429 ben.galles@cbre.com

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