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    1515 N Carson Street Carson City, NV 89701

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    Claim this Listing
    New
    For Sale
    $888,000

    Commercial Sale, Other - Carson City, NV

    Property size:
    2,832 SF
    Lot size:
    0.15 Acres
    Added:
    Apr 14, 2026
    Days on Market:
    5
    Last Refresh:
    Apr 18 at 4:06 am

    Property Features for 1515 N Carson Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    8
    Standard status
    Active
    APN
    002-131-01
    Size
    2,832 SF
    Lot size
    0.15 Acres

    Utilities

    Heating system
    Natural Gas

    Building Details

    Year built
    1949
    Floors in Building
    1
    Roof type
    Composition, Shingle
    Architectural style
    Other
    BuilderName
    Ormsby Inn

    We can help!

    Listing Contact
    Jean Merkelbach

    Listing agent Jean Merkelbach

    Listing office Engel & Völkers Lake Tahoe 210 Elks Point Road, Zephyr Cove, NV

    Listing date Apr 14, 2026

    MLS# 260004470 Listing URL

    Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Ormsby Inn Commercial Opportunity

    Located along a visible commercial corridor in Carson City, the property at 1515 N Carson Street presents an opportunity to reimagine a motel property. Known as the Ormsby Inn, this single-story building, constructed in 1949, comprises seven units within approximately 2,832 square feet, situated on a 6,534 square foot parcel. The site features paved parking, public utilities, and direct frontage in the downtown area. It offers potential as a boutique hospitality asset, extended-stay concept, or potential workforce housing opportunity, subject to buyer verification and any required approvals. The property is positioned as a project with both practical value and long-term vision, offering a chance to create something useful within Carson City. The 0.15-acre site offers potential with purpose in a market where attainable housing and flexible accommodation remain important.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Motels

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • The Lander Senior Studios — 907 S Carson St, Carson City, NV 89701
    • Red Dragon — 1217 S Carson St, Carson City, NV 89701
    • Veranda View — 1010 S Carson St, Carson City, NV 89701
    • The Federal Hotel Downtown Carson City, Ascend Hotel Collection — 900 S Carson St, Carson City, NV 89701
    • Wyndham Garden Carson City Max Casino — 900 s carson st, carson city, nv 89701

    Location Insight

    • Map
    • Local Demand
    City
    Carson City
    County
    Douglas
    State
    Nevada
    Longitude
    -119.766563
    Latitude
    39.17395

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    FAQs

    What type of property is this?
    Motel - Commercial site with potential to support housing and accommodation needs.
    Where is this motel located?
    The property is located at 1515 N Carson Street Carson City, NV.
    What is the asking price?
    The asking price for this property is $888,000.
    What are key features of this property?
    This property features: High‑visibility location on a major commercial corridor in downtown Carson City.; Flexible commercial site suitable for various housing and accommodation concepts like boutique hospitality and workforce housing.; Existing motel property (Ormsby Inn) with seven units and paved parking.
    (775) 588-7710
    We can help!
    Listing Contact
    Jean Merkelbach
    Real Estate License ID: B.12934
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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