1947 H St, Sparks, NV 89431

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.