Center Street Flats | 520 University Way
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Center Street Flats 520 University Way
31 Unit Block of Flats £2,353,230 (£75,911/Unit) 8.83% Net Initial Yield Reno, NV 89501
Investment Highlights
- Incredible Location Blocks from UNR, The Row, and Interstate 80
- Common Area Laundry
- Opportunity Zone Location
- Fully Remodeled Property
- Hardwired High Speed Internet
Executive Summary
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.
Financial Summary (Pro forma - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £2,353,230 | Apartment Style | Garden |
| Price Per Unit | £75,911 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Net Initial Yield | 8.83% | Building Size | 9,492 SF |
| No. Units | 31 | Number of Floors | 2 |
| Property Type | Residential | Year Built/Renovated | 1965/2022 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | £2,353,230 |
| Price Per Unit | £75,911 |
| Sale Type | Investment |
| Net Initial Yield | 8.83% |
| No. Units | 31 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 9,492 SF |
| Number of Floors | 2 |
| Year Built/Renovated | 1965/2022 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 4 | £941.29 | - |
| Studios | 27 | £860.50 | - |
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Walk Score ®
Walker's Paradise (94)
Bike Score ®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 007-501-08 | Total Assessment | £176,903 (2024) |
| Land Assessment | £72,654 (2024) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £104,249 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
007-501-08
Land Assessment
£72,654 (2024)
Improvements Assessment
£104,249 (2024)
Total Assessment
£176,903 (2024)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023
zoning
| Zoning Code | MD-ED (Mixed Use Downtown Entertainment District) |
| MD-ED (Mixed Use Downtown Entertainment District) |
-
Power Broker Ben Galles -
Austyn Moore -
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Center Street Flats | 520 University Way
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