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344 E 7th Street Reno NV 89512 MLS #250056343

344 E 7th Street
Reno, NV, 89512
$550,000
3 Beds
2 Baths
987 SqFt
0.16 Acres
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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.

Property Details

Price:
$550,000
MLS #:
250056343
Status:
Active
Beds:
3
Baths:
2
Type:
Single Family
Subtype:
Single Family Residence
Subdivision:
Evans Northeast Addition
Listed Date:
Sep 26, 2025
Finished Sq Ft:
987
Total Sq Ft:
987
Lot Size:
7,000 sqft / 0.16 acres (approx)
Year Built:
1926
Evans Northeast AdditionBoothVaughnWooster

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Schools

Elementary School:
Booth
Middle School:
Vaughn
High School:
Wooster

Interior

Appliances
None
Bathrooms
2 Full Bathrooms
Flooring
Varies
Heating
Oil
Laundry Features
None

Exterior

Construction Materials
Wood Siding, Other
Exterior Features
None
Other Structures
None
Parking Features
Alley Access
Roof
Composition, Shingle

Financial

Taxes
$1,024

Map

Community

Market Summary

Current real estate data for Single Family in Reno as of Oct 03, 2025
722
Single Family Listed
84
Avg DOM
416
Avg $ / SqFt
$1,285,158
Avg List Price

Property Summary

    Located in the Evans Northeast Addition subdivision, 344 E 7th Street Reno NV is a Single Family for sale in Reno, NV, 89512. It is listed for $550,000 and features 3 beds, 2 baths, and has approximately 987 square feet of living space, and was originally constructed in 1926. The current price per square foot is $557. The average price per square foot for Single Family listings in Reno is $416. The average listing price for Single Family in Reno is $1,285,158.

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