Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    24 California Ave Reno, NV 89509

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Modern urban space for retail, restaurant, or office use.

    Type:Retail, Office, Restaurant
    Added:
    Sep 10, 2024
    Days on Market:
    582
    Last Refresh:
    Mar 17 at 1:21 pm

    Property Features for 24 California Ave

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office, Restaurant

    Spaces For Lease

    at 24 California Ave Contact us

    We can help!

    Listing Contact
    Melissa Molyneaux
    Melissa Molyneaux

    Listing agent Melissa Molyneaux License #NV BS.0144599

    Listing office Colliers - Reno, Nevada

    Listing date Sep 10, 2024

    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 Colliers - Reno, Nevada

    Overview

    Downtown Reno Retail/Office Opportunity

    Located at the corner of California Avenue and South Virginia Street, 20/24 California Avenue in Downtown Reno offers an opportunity for retail, restaurant, and office users. The building has been renovated with a modern look while maintaining its historical charm and character. The property features common area restrooms and a patio for use by tenants and patrons. The location is within walking distance of Downtown Reno, The Riverwalk District, and The MidTown District. The surrounding area hosts restaurants, retailers, and small businesses, serving the daytime population within a 2-mile radius.
    Location Intelligence

    Current Use by Public Records

    24 Cali Shopping Center & Mall Elixir Superfood & Juice Restaurant The Wheyfarer Bakery RareTea Cafe & Coffee Shop

    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.

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.8109493
    Latitude
    39.5198652

    Nearby Similar for Lease

    • Contact for pricing

      Reno Medical Condo For Lease

      Medical condo for lease, perfect for active lifestyle business.
      8975 Double Diamond Parkway unit: 12A, Reno, NV 89521
      View Details
    • $277,200/mo

      Commercial Space in Reno, Nevada

      Retail space available for lease in Reno, Nevada.
      6370 Mae Anne Avenue unit: 1, Reno, NV 89523
      View Details
    • $365,904/mo

      Retail Space in Reno, NV

      Commercial space available for lease in Reno, Nevada.
      6370 Mae Anne Avenue unit: 2, Reno, NV 89523
      View Details
    • $2/mo

      Renovated Office Space on Plumb

      Newly renovated office space with excellent visibility and ample parking.
      602 East Plumb Lane, Reno, NV 89502
      View Details
    • $1.85/mo

      Remodeled Office Space For Lease

      Recently remodeled office space in desirable Reno location.
      6100 Plumas, Reno, NV 89509
      View Details
    • $2/mo

      Corner Office Building in Meadowood

      Two-story office building with suites available in desirable Meadowood location.
      6121 Lakeside Drive, Reno, NV 89511
      View Details
    • $1.20/mo

      Industrial Flex Suite Sublease

      9,600 SF industrial flex space with 2,109 SF office.
      5350 Capital Court Suite 110, Reno, NV 89502
      View Details
    • Contact for pricing

      NV, Reno - Double R Blvd

      9805 Double R Blvd, Unit 300, Reno, NV 89521
      View Details
    • Contact for pricing

      Mountain View Corporate

      5470 Kietzke Ln, Unit 300, Reno, NV 89511
      View Details
    • Contact for pricing

      NV, Reno - 300 E 2nd St

      300 2Nd St, Reno, NV 89501
      View Details
    • $1.95/mo

      Medical Office Space Near Renown

      Medical office space available near Renown Regional Hospital Campus.
      850 Mill St, Reno, NV 89502
      View Details
    • $2/mo

      Downtown Reno Office Space Available

      Premier downtown location with on-site management and ample parking.
      50 West Liberty, Reno, NV 89501
      View Details

    FAQs

    What type of property is this?
    Retail space - Modern urban space for retail, restaurant, or office use.
    Where is this retail space located?
    The property is located at 24 California Ave Reno, NV.
    What are key features of this property?
    This property features: Prime location at the corner of California Avenue and South Virginia Street, within walking distance of Downtown Reno, The Riverwalk District, and The MidTown District.; Modern, renovated space with historical charm and character.; Located in an area with a high daytime population (95,000+ within a 2‑mile radius).
    (775) 823-4674 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Melissa Molyneaux
    Melissa Molyneaux
    Real Estate License ID: NV BS.0144599
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!