Historic Mixed-Use Building in
For Sale
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50 S Virginia St, Reno, NV 89501
Historic Reno Post Office building for sale in downtown.
Property Size58,323 SF
Price / SF$325.77
Days on Market237
Property Features for 50 S Virginia St
General Information
Standard status
Active
Size
58,323 SF
Property subtype
Office
Building Details
Year Built
1934
Buildings
1
Stories
4
Listing Agency:
Colliers - Reno, Nevada
Listed By:
Melissa Molyneaux · License #NV BS.0144599
(775) 823-4674
Source:
Crexi
Added: Feb 18
Changed: Oct 6
Last Checked: Oct 12 at 6:31PM
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, Nevada
Investment Insights
Based on property information with market context.
The historic Post Office Building, located in downtown Reno, is available for sale. Situated at 50 South Virginia, this 58,323 square foot mixed-use building features three levels and a finished, occupied basement known as The Basement. Constructed in 1934, the property served as a Post Office until 2012, after which the current owner acquired it from the Federal Government. The building is positioned between the Truckee River Bridge and The Pioneer Center, offering views of the Truckee River. The current owners have upgraded the property, while adhering to National Historical Registry standards. A restored skylight allows natural light to illuminate the first floor and open spaces on the second and third floors. The windows have been replaced with thermal and operable windows.
Key Highlights
- Historic 58,323 SF mixed‑use building in downtown Reno.
- Completely upgraded while maintaining National Historical Registry standards.
- Features a finished and occupied basement called 'The Basement'.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$851,115
Cap Rate
4.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$17,022,300
$17.0M
Cap Rate 7%
$12,158,786
$12.2M
Cap Rate 9%
$9,456,833
$9.5M
Market Conditions
NOI Build-Up for 58,323 SF
Gross rent
$1.50M $25.80/SF
− Vacancy
−$142.9K −$2.45/SF
EGI
$1.36M $23.35/SF
− OpEx
−$510.7K −$8.76/SF
NOI
$851.1K $14.59/SF
Area
Reno, NV
Vacancy
9.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$17,022,300
Cap Rate 7%
$12,158,786
Cap Rate 9%
$9,456,833
Alternative Uses
Best Use
Mixed Use
$12.16M
$10.64M – $14.19M
NOI $851,115 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.97M
$15.73M – $20.97M
NOI $1,258,209 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
5,599
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
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic Reno Post Office building for sale in downtown.
Where is this mixed-use property located?
The property is located at 50 S Virginia St Reno, NV.
What is the asking price?
The asking price for this property is $19,000,000.
What are key features of this property?
This property features: Historic 58,323 SF mixed‑use building in downtown Reno.; Completely upgraded while maintaining National Historical Registry standards.; Features a finished and occupied basement called 'The Basement'.
