Former Hotel with
For Sale
Contact for pricing
140 Court St, Reno, NV 89501
93-room former hotel with kitchenettes and indoor pool.
Property Size55,471 SF
Price / SF$108.16
Days on Market155
Property Features for 140 Court St
General Information
Standard status
Active
Size
55,471 SF
Total Parking Spaces
71
Property subtype
Multifamily, Hospitality, Special Purpose
Zoning
MD-RD
Investment Type
Value Add
Building Details
Year Built
1963
Year Renovated
2000
Buildings
1
Stories
5
Units
93
Listing Agency:
ArchCrest Commercial Partners LLC
Listed By:
Todd Collins · License #NV #BS.53093.pllc
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 10 at 12:25PM
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 ArchCrest Commercial Partners LLC
Investment Insights
Based on property information with market context.
The former Legacy Vacation Resorts – Reno property is a 93-room former hotel property. All 93 rooms include kitchenettes. The property, previously a timeshare facility that closed in May 2025, offers an indoor pool, sauna, two elevators, three separate parking garage areas, one commercial suite measuring approximately 1,200 square feet, two separate front desk office areas, a common area deck on the second floor, and a manager's office area. The sale includes all shares owned by the association and the legal rights of the declarant to foreclosure on the shares currently in default. The property size is 55,471 square feet.
Key Highlights
- 93 rooms, each featuring convenient kitchenettes.
- Substantial discount to replacement cost, offering exceptional value.
- Enjoy the indoor pool and sauna for relaxation and recreation.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$317,070
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.28%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,341,400
$6.3M
Cap Rate 7%
$4,529,571
$4.5M
Cap Rate 9%
$3,523,000
$3.5M
Market Conditions
NOI Build-Up for 55,471 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$765.5K $13.80/SF
− Vacancy
−$98.0K −$1.77/SF
EGI
$667.5K $12.03/SF
− OpEx
−$350.4K −$6.32/SF
NOI
$317.1K $5.72/SF
Area
Reno, NV
Vacancy
12.80%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,341,400
Cap Rate 7%
$4,529,571
Cap Rate 9%
$3,523,000
Alternative Uses
Best Use
Hotel Hospitality
$4.53M
$3.96M – $5.28M
NOI $317,070 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.10M
$14.96M – $19.94M
NOI $1,196,683 @ 7.0% cap · market cap 19.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,597
Businesses Nearby
Explore this area
Business Placement
Demographics for 89501, NV
3,948
Population
2,975
Households
1.3
Avg Household Size
50
Median Age
40%
College-Educated
91%
High-School Grad
0.6 sq mi
ZIP Area
6,580
Density / Sq Mi
$32,990
Median Household Income
$28,774
Median Earnings
$1,089
Median Rent
$379,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - 93-room former hotel with kitchenettes and indoor pool.
Where is this hotel located?
The property is located at 140 Court St Reno, NV.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 93 rooms, each featuring convenient kitchenettes.; Substantial discount to replacement cost, offering exceptional value.; Enjoy the indoor pool and sauna for relaxation and recreation.
