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Multi-Family

Multi-Family Development Opportunity

1035 N Sierra St, Reno, NV 89503

Listing Price: $1,100,000

Lot Size
0.18 acres
Price/Acre
$6,111,111
Land Type
Redevelopment

Investment Overview

Developers and Investors will find this rare multi-family development parcel across from the University of Nevada an ideal project opportunity with an entry price point not typical in the university sphere of influence. While the site is on the smaller side, the density and ability to develop 25 units has been explored by the owner, who closed the operation of a 13-unit apartment property over 30 years ago. There is an existing two-level 2,800 square foot block structure on the west side of the property, but it is considered to be of “no value” and the property is sold “as is.” The owner has paid the annual sewer use fees for over 30 years, although the property has not been occupied. The expectation is that a developer will benefit from significant cost savings with the owner preserving the existing sewer connections, thus reducing development costs. The owner engaged an architect in the past and there have been numerous meetings with the City of Reno Building Department, even during 2022. The indications regarding zoning and density are that at a request for a "Minor Deviation" will provide for the development of a 25-unit project in an area with a permanent demand for convenient apartment units that serve students, faculty, staff at the university across the street, but also the entire downtown Reno sub-market which is only two blocks away on the other side of Interstate 80 (see aerials).

Investment Highlights

  • Directly Across from the University of Nevada, Reno
  • Two Blocks from Downtown Reno
  • Rare Multi-Family Development Parcel in University District
  • Population Exceeds 244,000 Residents in a Five-Mile Radius
  • Average Household Income Exceeds $83,000 in a Five-Mile Radius

Exclusively Listed By

Multi-Family

Multi-Family Development Opportunity

Listing Price: $1,100,000

Lot Size
0.18 acres
Price/Acre
$6,111,111
Land Type
Redevelopment

Investment Highlights

  • Directly Across from the University of Nevada, Reno
  • Two Blocks from Downtown Reno
  • Rare Multi-Family Development Parcel in University District
  • Population Exceeds 244,000 Residents in a Five-Mile Radius
  • Average Household Income Exceeds $83,000 in a Five-Mile Radius

Investment Overview

Developers and Investors will find this rare multi-family development parcel across from the University of Nevada an ideal project opportunity with an entry price point not typical in the university sphere of influence. While the site is on the smaller side, the density and ability to develop 25 units has been explored by the owner, who closed the operation of a 13-unit apartment property over 30 years ago. There is an existing two-level 2,800 square foot block structure on the west side of the property, but it is considered to be of “no value” and the property is sold “as is.” The owner has paid the annual sewer use fees for over 30 years, although the property has not been occupied. The expectation is that a developer will benefit from significant cost savings with the owner preserving the existing sewer connections, thus reducing development costs. The owner engaged an architect in the past and there have been numerous meetings with the City of Reno Building Department, even during 2022. The indications regarding zoning and density are that at a request for a "Minor Deviation" will provide for the development of a 25-unit project in an area with a permanent demand for convenient apartment units that serve students, faculty, staff at the university across the street, but also the entire downtown Reno sub-market which is only two blocks away on the other side of Interstate 80 (see aerials).

Exclusively Listed By

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