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    Reno Midtown Motel Lodge Title is generated by Realmo AI

    599 S Center St, Reno, NV 89501

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    35-room motel in Reno's Midtown District for sale.

    Type:Hospitality
    Property size:
    9,660 SF
    Lot size:
    0.45 Acres
    Price / SF:
    $336/SF
    Added:
    Oct 18, 2023
    Days on Market:
    962
    Last Refresh:
    May 13 at 8:18 pm

    Property Features for 599 S Center St

    General Information

    Standard status
    Active
    Size
    9,660 SF
    Lot size
    0.45 Acres
    Property subtype
    Hospitality

    Building Details

    Year Built
    1958

    We can help!

    Listing Contact
    Gerrit Hillebrand
    Gerrit Hillebrand

    Listing agent Gerrit Hillebrand License #NV S.186721

    Listing office Dickson Commercial Group

    Listing date Oct 18, 2023

    Source Crexi

    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 Dickson Commercial Group

    HighLights

    • High occupancy rate (94.3%) indicating strong current revenue.
    • Prime location in the heart of Reno's Midtown District.
    • Mixed‑Use zoning allowing for repositioning and redevelopment opportunities.
    • Proximity to Virginia Street, Reno's main thoroughfare.
    • 35‑room motel lodge.
    • Convenient access to Midtown's restaurants, retail shops, bars, and coffee shops.

    Overview

    The Vacation Motor Lodge, constructed in 1958, is a motel lodge located in the heart of Reno’s Midtown District. The property spans 0.45 acres and is zoned for Mixed-Use, presenting an opportunity for repositioning and redevelopment. The property features 35 rooms and currently has 94.3% occupancy. The motel is located one block away from Virginia Street, Reno’s main thoroughfare, and features convenient access to Midtown’s restaurants, retail shops, bars, and coffee shops.
    Property Profile Location Intelligence

    Current Use by Public Records

    Vacation Motor Lodge Hotel & Motel

    Suggested Use

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

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

    Similar Places Nearby

    • Ho Hum Motel — 1025 S Virginia St #2417, Reno, NV 89502
    • El Diamante Mundo Latino — 1575 S Wells Ave, Reno, NV 89502
    • The Community Bee — 1595 Watt St, Reno, NV 89509
    • Fraley Park — 570 W Taylor St, Reno, NV 89509
    • Rebelle Rally — 1400 S Virginia St A, Reno, NV 89502

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.8093715
    Latitude
    39.5204398

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    FAQs

    What type of property is this?
    Motel - 35-room motel in Reno's Midtown District for sale.
    Where is this motel located?
    The property is located at 599 S Center St Reno, NV.
    What is the asking price?
    The asking price for this property is $3,250,000.
    What are key features of this property?
    This property features: High occupancy rate (94.3%) indicating strong current revenue.; Prime location in the heart of Reno's Midtown District.; Mixed‑Use zoning allowing for repositioning and redevelopment opportunities.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Gerrit Hillebrand
    Gerrit Hillebrand
    Real Estate License ID: NV S.186721
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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.

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