Kramer's Midtown — Sale in Reno, NV

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Reno, NV 89502

Photos

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Investment Figures

Cap rate
7.01%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Kramer's Midtown is a unique concept delivered to the market by the ownership, Kramer Properties. Kramer Properties has continuously led Reno’s Midtown market through their modern concepts and unique aesthetics they incorporate into each of their assets. Kramer’s Midtown is a further expansion from the multifamily living brand that mixes a modern-retro vibe, reminiscent of the 1950’s with modern touches and finishes that creates a unique environment for tenants to enjoy. Originally, Kramer's Midtown was a 1950-built motel, formerly the El Dorado Motel, and is zoned Mixed Use, which opens an investor to the options of continuing operations as a traditional multifamily living, running as a motel, or as a hybrid by operating in both regards. The current ownership has found success through both facets, but currently operates solely as multifamily, utilizing 6-to-12-month leases. Structurally, the property is sound and is built with a wood/steel frame, brick veneer, and a pitched, composite-shingle roof. Through the renovations, which were completed in 2020, the ownership has injected over $1.8 million of capital into the asset, including major improvements to the structure, roof, and mechanical systems of the property, as well as the FF&E, signage, and artistic mural, and landscaping. Kramer Properties further took this solid asset and brought it into the 21st Century by completely modernizing the living spaces to fit the demand of the current tenant profile. Each unit comes fully furnished with either a full- or queen-sized Murphy bed, flat screen TV, individual mini-split systems to provide A/C and heat, vinyl-plank tile flooring, a stainless-steel appliance package, contemporary fixtures, and modern cabinets with granite countertops. Each unit also includes keyless entry, high-speed internet, an induction cooktop with pots & pans, and full tile-surround bathrooms. The entire property features a 24-hour surveillance system along with an exterior light system to c

Market Context

This multifamily in Reno, NV is listed for sale. It is offered at an approximate 7.0% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Reno, NV — view the full market.

As of Q2 2026, the Reno multifamily market showed a 6.2% vacancy rate, and rents up 4.2% year over year. Source: Cushman & Wakefield Q2 2026 market report.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

Is the Reno multifamily market tightening or softening?
Vacancy is around 6.2%, with asking rents rising year over year (Q2 2026).

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