336 E 7th ST Active Save Request In-Person Tour Request Virtual Tour
Reno,NV 89512
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
Square Footage 1,128 sqft
Price per Sqft $398
Subdivision Evans Northeast Addition
MLS Listing ID 250056342
Bedrooms 6
Full Baths 2
Year Built 1930
Annual Tax Amount $985
Lot Size 5,600 Sqft
Acres 0.13
Lot Dimensions 0.13
Property Sub-Type Single Family Residence
Property Description
Exceptional investment and development opportunity in Reno's Downtown-University District. This listing includes two contiguous parcels (only being sold together) 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.
Location
State NV
County Washoe
Community Evans Northeast Addition
Area Evans Northeast Addition
Zoning MD-UD
Rooms
Family Room None
Other Rooms Unfinished Basement
Dining Room None
Kitchen None
Interior
Heating Oil
Flooring Varies
Fireplace No
Laundry None
Exterior
Exterior Feature None
Parking Features Alley Access
Pool None
Utilities Available Electricity Connected,Sewer Connected,Water Connected
View Y/N No
Roof Type Composition,Shingle
Garage No
Building
Lot Description Level
Story 1
Foundation Concrete Perimeter,Wood,Other
Water Public
Structure Type Wood Siding,Other
New Construction No
Schools
Elementary Schools Booth
Middle Schools Vaughn
High Schools Wooster
Others
Tax ID 007-231-06
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition Other