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    231 Virginia St Reno, NV 89501

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    For Sale
    Contact for pricing

    Historic Casino, 8,390 SF, Prime Location

    Property size:
    8,390 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional opportunity presents the acquisition of The Nugget, a historic casino property situated in the heart of Downtown Reno, Nevada. Built in 1935, this ±8,390 square foot building boasts a rich history and a prime location on N. Virginia St., steps from the iconic Reno Arch. The property features a main floor that previously housed a casino and diner, a basement with storage and prep areas, and a mezzanine level with offices and restrooms. The property is zoned MD-ED (Mixed-Use Downtown Entertainment District) under APN 011-051-13 & 011-051-14. A significant advantage is the inclusion of a rare, grandfathered, non-restricted Nevada gaming license. This license presents a unique value-add opportunity for the new owner, allowing for either on-site operation or potential relocation within the City of Reno Redevelopment Project Area (RDA 1), subject to buyer due diligence and verification. The property's location within a Qualified Opportunity Zone further enhances its investment potential. This is a truly unique opportunity to acquire a piece of Reno history with significant upside potential.

    Property Features for 231 Virginia St

    General Information

    Property type
    Casinos
    Square Feet
    8,390 SF

    Building Details

    Year Built
    1935

    HighLights

    • Rare, grandfathered unrestricted gaming license.
    • Historic building.
    • Prime downtown Reno location.
    • Redevelopment opportunity in a Qualified Opportunity Zone (QOZ).
    Property Profile Location Intelligence

    Current Use by Public Records

    Casinos

    Suggested Use

    Restaurant Realty agency Law Firm Dental Office Spa & Massage Hair Salon Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.8136883
    Latitude
    39.5275874

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    FAQs

    What type of property is this?
    Casino - Historic Casino, 8,390 SF, Prime Location
    Where is this casino located?
    The property is located at 231 Virginia St Reno, NV.
    What are key features of this property?
    This property features: Rare, grandfathered unrestricted gaming license.; Historic building.; Prime downtown Reno location.
    Request Owner's contact information
    231 Virginia St 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
    231 Virginia St Reno, NV 89501
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