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2151-2165 Patton Dr 2151 Patton Drive, Reno, NV 89512
Garden/Low Rise
Property Description
Fully occupied 8-unit multi-family (2 4-plexes) with $119,460 gross income, $87,997 NOI, and 6.06% CAP rate. Each 4-plex on its own parcel, and qualifies for conventional financing! Seller financing available with 50% down, terms negotiable. New roofs (2023/2025, with warranties), fresh exterior paint, updated windows/sliders, resealed parking lot. Some units with modern upgrades (granite counters, LVP flooring). Turnkey investment with strong cash flow! Units individually metered for Power & Gas.
This premier 8-unit multi-family property is a high-performing investment, fully occupied with exceptional cash flow. Consisting of two 4-plexes, each on its own parcel, it qualifies for conventional financing—a rare advantage. The unit mix includes seven 2-bedroom/1.5-bath units and one 1-bedroom/1-bath unit, generating $119,460 in gross annual income, a Net Operating Income (NOI) of $87,997, and a 6.06% CAP rate, delivering strong returns for this market. Significant recent improvements add value: Building 2151-2157 received a new roof in October 2023 (25-year transferable warranty), and Building 2159-2165 had a new roof installed in March 2025 (20-year transferable warranty). The exterior was repainted in March-April 2025, the parking lot resealed/painted in June 2024, new gutters installed in April 2025, and new siding added to the back of 2151-2157 in April 2025. Nearly all windows (except two in Unit 2159) and all balcony sliders have been replaced. Two security cameras offer remote internet access. Select unit upgrades include: Unit 2165 with a full downstairs remodel and granite kitchen counters; Unit 2163 with new downstairs flooring (2025); Unit 2159 with new luxury LVP flooring in the living room (2025) and Unit 2155 had LVP installed two years ago. Seller financing enhances appeal: a 1st loan with 50%, terms negotiable. Seller may also consider a smaller 2nd loan, terms negotiable. The sale includes a property website domain and dedicated phone number for marketing ease if desired by the buyer. With robust income, recent upgrades, and flexible terms, this turnkey asset is perfect for investors seeking immediate returns and long-term growth.
Full Address: 2151 Patton Drive, Reno, NV 89512
Listing Type: FOR SALE
Status: Active
Occupancy Rate: 100
Building Class: B
Zoning: MF30
Region: W-WM
County: Washoe County
Closest Cross Streets: Tripp Dr & Patton Dr
Use Type: Residential Income
Property ID: 4074704
Has Sewer: Yes
Has Water: Yes
Has Electric: Yes
Has Waste: Yes
Power: Yes
Heating: Yes
Has Gas: Yes
Landscape: Yes
Building Sf: 6816
Parcel Num: 00409312 & 00409326
Number Units: 8
Number Buildings: 2
Year Built: 1964
Free Standing: Yes
Number Parking Spaces: 10
Cap Rate: 6.06
Tenancy Type: Multi-Tenant
Average Monthly Rent - 1 bed, 1 bath, 432sf: 1045
Average Monthly Rent - 2 bed, 1.5 bath, 912sf: 1270
Cash Flow Type: Actual
Cf Op Expenses: 31463
Cf Year: 2024
Cf Sched Income: 119460
Cf Net Op Income: 87997
Debt Type: Proposed