$624,900 Active
508 Island Avenue
Reno, NV 89501
✓ STR Allowed
Washoe County has no STR permit caps. No HOA restrictions found — single-family homes are generally allowed.
3 Beds
·
2.0 Baths
·
2,246 Sq Ft
Virtual Tour

About This Property

Spacious Riverfront Condo Living with Over 2,200 Sq Ft of living space! Opportunities like this don't come often—offering over 2,200 square feet, this 3-bedroom condo delivers the space of a single-family home with the ease of low-maintenance living, all just steps from the Truckee River. Inside, the home is clean and well cared for, providing a blank canvas for buyers to personalize and make their own. Generous living areas, ample storage, and a functional layout make it ideal for both full-time living and a lock-and-leave lifestyle. And to top it all off, all the furnishings with few minor exceptions come with the home, making it an absolute turnkey purchase. Additionally, the Carrier furnace and air conditioning units were replaced in 2021 and are still covered by warranty. The HOA covers key expenses including all the unit's natural gas usage, air conditioning electric power, common area maintenance, landscaping, and more, helping simplify monthly ownership. You also have a private storage space locker in the garage, big enough for bicycles, ski equipment or whatever you need to store. There are also 2 assigned covered parking spaces in the gated and secure garage. Whether you're downsizing without giving up space or looking for a centrally located retreat near walking paths, dining, and outdoor recreation, this property offers exceptional value and potential.

Listed by Lance Higa — LPT Realty, LLC

Listing Details

Status Active
MLS # 260000516
Days on Market 113
Price/Sq Ft $278

Property History

Jan 15, 2026
Listed for sale
$624,900
Property Overview
Beds 3
Baths 2.0
Sq. Ft. 2,246
Lot Size 0.01 acres
Stories 1
Year Built 1975
Property Type Condominium
Subdivision Wingfield Park
APN 011-390-08
Parking
Garage Spaces 2
Total Parking 2
Parking Features Garage, Garage Door Opener, Under Building
Attached Garage Yes
Exterior & Lot
Exterior Features Balcony
Lot Features Corner Lot, Gentle Sloping, Landscaped, Sprinklers In Front
View City, Mountain(s), Park/Greenbelt
Construction Insulation - Batts, Concrete, Glass, Stucco
Roof Flat, Tile
Foundation Slab
Utilities & Systems
Heating Forced Air, Natural Gas
Cooling Central Air
Water Source Truckee River
Financial
Annual Tax $2,499
HOA Fee $754 / Monthly
HOA / Community Wingfield Park Condominium Association
Schools
Elementary School Hunter Lake
Middle School Swope
High School Reno
HOA & Community
Community Amenities Elevator(s), Gated, Landscaping, Management, Storage
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STR Investment Analysis

See projected rental revenue, occupancy rates, and investment scores.

STR Investment Analysis

Permitted Zone
STRUCTURAL SCORE Excellent
87
PROJECTED ANNUAL REVENUE
$142,500 ($118K – $167K range)
~$11,875 per month
Avg Nightly
$485
Occupancy
68%
Cap Rate
5.2%

Cost Segregation Tax Savings

Estimated first-year bonus depreciation savings

Estimated First-Year Tax Savings
$0
via bonus depreciation
Land Value
$0
Improvement Basis
$0
5-Year Property (18%)
$0
15-Year Property (10%)
$0
Estimates are for informational purposes only and do not constitute tax advice. Consult a qualified CPA or tax professional for your specific situation. Actual savings depend on individual tax circumstances.

Payment calculator

$0 per month
Principal & interest
$0
Property taxes
$0
HOA dues
$0
Home insurance
$0
Estimate only — wildfire zone rates vary. Contact a local broker for an accurate quote.
Down payment
20% ($124,980)
Home price
$624,900
Loan details
30-yr fixed, 6.5%
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Murat Gocmen
Murat Gocmen
Managing Broker
CA DRE# 02235314 NV B.1003327.LLC

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