Description
Exceptional investment and development opportunity in Reno's Downtown-University District. This listing is one of two contiguous parcels (Only being sold together. See also, MLS#250056342) at 336 & 344 East 7th Street, just blocks from the University of Nevada, Reno. Combined, the lots total approximately 12,600 sq. ft. (0.29 acres) and are zoned MD-UD (Mixed-Use Downtown - University District), one of Reno's most progressive zoning designations designed to encourage university-supportive housing, retail, and innovation uses. City Planning confirms no entitlements are required for the proposed conceptual project. Zoning allows a Floor Area Ratio of 3.0 to 4.0, which supports approximately 37,800 to 50,400 buildable square feet. There is no height limit under MD-UD zoning. Setbacks include 12 feet at the front and zero at the sides and rear (5 feet if abutting residential). Parking requirements are zero. Bicycle storage requirements are approximately 1.5 spaces per unit; a 115-unit concept would require about 170 secured bike spaces. A recent feasibility study highlights a conceptual plan as a four-story student-focused housing project of approximately 45,000 sq. ft., with an efficient mix of 75 studios (300 sq. ft.) and 40 one-bedrooms (500 sq. ft.), totaling about 115 units. Market rents in the University District average 1,100 for studios and 1,400 for one-bedrooms, supporting gross annual income of approximately 1.66M and net operating income of about 1.16M after 30 percent expenses. Projected development costs, including land and construction at 300 per sq. ft., are estimated around 14.5M, supporting an 8 percent return on cost. This is only a conceptual plan and not to be relied on as factual. The site benefits from its prime location near UNR, Midtown, and Downtown Reno, excellent access to transit, and proximity to retail, dining, and educational amenities. With by-right zoning, zero parking requirements, and strong rental demand from students and young professionals, this is a rare opportunity to deliver a high-yield urban infill project in one of Reno's most dynamic submarkets.
Details
| MLS # | 250056342 |
|---|---|
| Listing Type | For Sale |
| Style | House |
| Sub-Type | Resale |
| Status | Active Under Contract-no Show |
| Year | 1930 |
| Days On Site | 334 |
| Listing Provided By | RE/MAX Gold | Eric Crosby |
Features
| Bed(s) | 6 |
|---|---|
| Bath(s) | 2 Total |
| SQ Feet | 1,128 |
| Basement | Y |
| Story(s) | 1 |
| Zoning | MD-UD |
| Acreage | 0.13 |
Interior
| Heating | Oil |
|---|---|
| Heating Yes / No | Yes |
| Cooling Yes / No | No |
| Appliances | None |
| Fireplace Yes / No | No |
Exterior
| Roof | Composition, Shingle |
|---|---|
| Exterior Features | None |
| Lot Features | Level |
| Construction Materials | Other |
| Road Responsibility | Public Maintained Road |
| Foundation Details | Concrete Perimeter, Other |
| Fencing | Back Yard |
Parking
| Parking Features | Alley Access |
|---|---|
| Garage Yes / No | No |
| Attached Garage Yes / No | No |
Utilities
| Utilities | Electricity Connected, Sewer Connected, Water Connected |
|---|---|
| Sewer | Public Sewer |
Location
| Senior Community Yes / No | No |
|---|
Taxes
| Property | 985 |
|---|
Area Information
| State | NV |
|---|---|
| County | Washoe |
| City | Reno |
| Zip Code | 89512 |
| Area | Washoe |
| Community Name | Evans Northeast Addition |
| School District | Wooster |
| Elementary School | Booth |
| High School | Wooster |
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Learn More About This Property
| State | NV |
|---|---|
| County | Washoe |
| City | Reno |
| Zip Code | 89512 |
| Area | Washoe |
| Community Name | Evans Northeast Addition |
| School District | Wooster |
| Elementary School | Booth |
| High School | Wooster |
 | $375,000344 E 7th StreetReno, NV 89512 |