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    247 California Ave Reno, NV 89501

    Sponsored
    For Sale
    $4,195,000

    High-yield, multi-tenant office complex.

    Property size:
    13,082 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional investment opportunity presents a portfolio of two income-producing buildings totaling 13,082 square feet situated in Reno's vibrant downtown Riverwalk District. The property, built in 1952, consists of two single-story structures located at 247 California Ave and 475 Hill St, encompassing a 0.42-acre lot (APN 011-181-15). Currently boasting 100% occupancy with sixteen tenants, the portfolio generates a substantial annual net operating income (NOI) of approximately $173,076.27. The portfolio features a mix of lease terms, with most leases under one-year agreements, offering immediate upside potential through market rent adjustments. One key tenant holds a longer-term lease expiring February 28, 2027, providing stable income. The property includes approximately 30 parking spaces, supplemented by ample street parking. This portfolio presents a compelling investment opportunity, further enhanced by the ongoing redevelopment and expansion of the Nevada Museum of Art and other downtown improvement projects. The MD-RD (Downtown - Riverwalk District) zoning permits a variety of uses, presenting potential for future redevelopment or owner-occupancy. The asking price for this stabilized investment is $4,195,000. The opportunity to increase income is significant, given that many leases are below market rates. A professional measurement of the buildings to current BOMA standards will ensure accurate rent capture on common areas.

    Property Features for 247 California Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    13,082 SF
    Lot Size
    18,295 SF

    Building Details

    Year Built
    1952
    Buildings
    2
    Stories
    1

    HighLights

    • Rare downtown Reno investment opportunity, two income‑producing buildings totaling 13,082 square feet.
    • 100% occupied, 16 tenants, generating ~$173,076.27 annual NOI.
    • Located on a 0.42‑acre lot (APN 011‑181‑15) at 247 California Ave and 475 Hill St.
    • Priced at $4,195,000, offering significant upside potential due to below‑market leases.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Cheese Board Restaurant

    Suggested Use

    Realty agency Restaurant Dental Office Law Firm Spa & Massage Hair Salon Building Supply Clothing Store Nail Salon Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.814075
    Latitude
    39.5202799

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    FAQs

    What type of property is this?
    Individual retail property - High-yield, multi-tenant office complex.
    Where is this individual retail property located?
    The property is located at 247 California Ave Reno, NV.
    What is the asking price?
    The asking price for this property is $4,195,000.
    What are key features of this property?
    This property features: Rare downtown Reno investment opportunity, two income-producing buildings totaling 13,082 square feet.; 100% occupied, 16 tenants, generating ~$173,076.27 annual NOI.; Located on a 0.42-acre lot (APN 011-181-15) at 247 California Ave and 475 Hill St.
    (775) 333-6969
    Request Owner's contact information
    247 California Ave Reno, NV 89501
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    Reno, NV 89501
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    Realmo Value Estimation

    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.

    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.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    247 California Ave Reno, NV 89501
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