About This Property
Five extremely well-maintained units in the heart of Victorian Square, one of Sparks's most vibrant and walkable neighborhoods. This property consists of two buildings on a single 0.16-acre parcel — a classic 1907 duplex and a 1982-built triplex — offering a strong unit mix and steady rental income at a 6% cap rate on actual rent and expenses. Excellent location and access to I-80. The Duplex — Originally built in 1907 with extensive updates, this charming single-story duplex has been thoughtfully updated while retaining its character. Unit A is a spacious 2-bed/1-bath at 1,081 square feet with in-unit laundry and tankless water heater — the kind of generous layout tenants love and stay in. Unit B is a recently renovated studio with a new mini-split system, refinished shower and tub, new tile, bathroom fan, and fresh carpet - approximately $15K in improvements about a year ago. The roof is roughly five years old with new gutters. The Triplex — This two-story building houses three 2-bed/1.5-bath units, each with in-unit laundry. Unit 423 was fully renovated with new paint, flooring, carpet, mini-blinds, and LED lighting. The triplex received a new roof and driveway approximately one year ago, along with new exterior paint and gutters. $7,150 per Month Gross Scheduled Rent (Actual). 429A - 2bd/1ba $1,550 MTM (increase effective May 1). 429B - Studio $1,000 Expires June 2026. 421 - 2bd/1.5ba $1,500 MTM. 423 - 2bd/1.5ba $1,550 Expires Nov 2026. 425 - 2bd/1.5ba $1,550 Expires Apr 2027. Recent Capital Improvements: New roofs on both buildings, new rear driveway, new gutters, exterior repaint on triplex, full studio renovation with mini-split HVAC, paver walkway, artificial lawn with pavers and solar lighting, fencing reinforced with metal posts throughout including a new south-side fence, stump removal, and landscaping improvements. Sewer line replaced in 2014. An investor-ready property with recent capital improvements already completed, a solid rent roll, and room to grow rents on the MTM and shorter-term leases — all in a prime Sparks location steps from Victorian Square's restaurants, events, and entertainment. Full Offering Memorandum is available upon request.
