247 California Ave Reno, NV
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Two buildings totaling ±13,082 SF with 16 tenants.
Type:RETAIL
Property size:
13,082 SFLot size:
0.42 Acres- Added:
- Feb 15, 2023
- Days on Market:
- 1159
- Last Refresh:
- Apr 5 at 9:59 pm
Property Features for 247 California Ave
General Information
- Standard status
- Active
- Size
- 13,082 SF
- Lot size
- 0.42 Acres
- Property subtype
- RETAIL
Listing agent Melissa Molyneaux, CCIM, SIOR (775) 762-7990
Listing office Colliers | Reno (775) 762-7990
Listing date Feb 15, 2023
Source Moodyscre
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Colliers | Reno
Overview
California Hill Portfolio For Sale
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.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
The Cheese Board
Restaurant
Similar Places Nearby
- King Reno Tacos — 1500 S Virginia St, Reno, NV 89502
- stephons mobile bistro — 1234 S Wells Ave, Reno, NV 89502
- The Cheese Board — 247 California Ave, Reno, NV 89509
- The Exotic Milkshake Bar Reno — 124 W 2nd St, Reno, NV 89501
- Wok & Roll — 201 w 2nd st, reno, nv 89501
Location Insight
- Map
- Local Demand
- City
- Reno
- County
- Washoe
- State
- Nevada
- Longitude
- -119.814
- Latitude
- 39.5203
Nearby Similar for Sale
FAQs
What type of property is this?
Restaurant - Two buildings totaling ±13,082 SF with 16 tenants.
Where is this restaurant located?
The property is located at 247 California Ave Reno, NV.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 100% occupied portfolio with an annual NOI of approximately $173,076.27.; Includes The Cheese Board, a highly regarded local restaurant, as a tenant.; Opportunity for an owner‑user to occupy 475 Hill Street and retain income from The Cheese Board.
