247 California Ave, Reno, NV

The California Hill Portfolio features two buildings totaling approximately 13,082 square feet on a single parcel. One building, located at 247 California Avenue, houses The Cheese Board, a local restaurant. The other building, located at 475 Hill Street, includes a mix of professional, creative, and medical tenants. The building at 247 California Avenue is a 7,162 square foot office and retail building. The building at 475 Hill Street is a 5,920 square foot office building. The property is currently 100% occupied with 16 tenants, generating an annual NOI of approximately $173,076.27. Leases for 475 Hill and 247 California are under one-year terms, while The Cheese Board has a longer-term lease expiring on 2/28/2027. The property offers an opportunity for an owner-user to occupy 475 Hill Street while retaining income from The Cheese Board, which grosses approximately $100,000 in the 247 California building. There are approximately 30 parking spaces available, along with ample open street parking. Investors have the opportunity to increase income through market rent adjustments, as most leases are below market rates. There is also potential to increase income by measuring the buildings to ensure rent capture on common areas and adherence to current BOMA standards. The property presents a redevelopment opportunity, with the Nevada Museum of Art undergoing a major expansion and remodel, as well as various downtown improvement projects underway.