Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    599 Center St Reno, NV 89501

    Sponsored
    For Sale
    $3,250,000

    35-unit motel, high occupancy, value-add.

    Property size:
    9,660 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional investment opportunity presents a 35-unit motel in Reno's vibrant Midtown district. The property, built in 1958, boasts 9,660 square feet on a 0.45-acre lot zoned MU-MC (Mixed-use Midtown Commercial), offering significant redevelopment potential. Currently operating as an extended-stay motel with 35 keys, it shows a strong 97.3% occupancy rate, generating a current NOI of $144,929 and a 4.46% cap rate. The pro-forma NOI is projected at $292,529, representing a 9.00% pro-forma cap rate. The two-story brick/masonry building features 21 parking spaces. Its prime location, just a block from Virginia Street, provides easy access to Reno's bustling main thoroughfare and the best of Midtown's amenities, including restaurants, shops, bars, and coffee shops. The asking price is $3,250,000, or $92,857.14 per key, and $336.44 per square foot. This fee-simple ownership presents a compelling value-add opportunity for investors seeking strong returns in a desirable location. The property's strong performance and redevelopment potential make it an attractive investment prospect.

    Property Features for 599 Center St

    General Information

    Property type
    Motels
    Square Feet
    9,660 SF
    Lot Size
    19,602 SF

    Building Details

    Year Built
    1958
    Buildings
    1
    Stories
    2

    HighLights

    • 9,660 square foot multifamily property in Reno, Nevada.
    • 35 extended‑stay units (converted motel rooms/studios).
    • Prime Midtown Reno location.
    • Built in 1958.
    • 97.3% occupancy rate.
    • 21 parking spaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    Vacation Motor Lodge Lodge

    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
    -119.8095767
    Latitude
    39.520423

    Nearby Similar for Sale

    • $1,225,000
      3,843 SF

      Midtown Reno Investment Opportunity

      Three single-family homes on one parcel in Midtown Reno.
      204 Sinclair St, Reno, NV 89501
      View Details
    • $697,000
      1,474 SF

      Modern Duplex Near UNR

      Immaculate 2020 duplex with strong rental history near UNR.
      442 E 7Th St, Reno, NV 89512
      View Details
    • New
      $1,431,000
      3,894 SF

      MidTown Reno Multifamily Investment

      Charming multifamily property in Reno's vibrant MidTown District.
      343 Mount Rose St, Reno, NV 89509
      View Details
    • $725,000
      2,185 SF

      Single-Story Triplex in Reno

      Rare single-story triplex with investment potential in Reno, Nevada.
      10005 Sagewood Dr, Reno, NV 89506
      View Details
    • New
      $800,000
      1,724 SF

      Reno Dual-Home Airbnb Opportunity

      Two fully furnished homes on one lot, excellent income potential.
      611 Nixon Ave, Reno, NV 89509
      View Details
    • $2,980,000
      1,100 SF

      Productive Farm with Water Rights

      710.97 acre farm with water rights near Reno, Nevada.
      5555 Sage Flat Rd, Reno, NV 89510
      View Details
    • $590,000
      396 SF

      Reno Multifamily Near UNR

      Multifamily property near UNR, subject to court confirmation.
      711 Evans Ave, Reno, NV 89512
      View Details
    • $1,175,000
      2,785 SF

      Versatile Midtown Reno Mixed-Use Building

      Two-story mixed-use building in Midtown Reno with development potential.
      235 W Pueblo St, Reno, NV 89509
      View Details
    • $585,820
      1,520 SF

      Versatile Commercial Building in Reno

      Multi-use commercial building in central Reno, close to Midtown.
      277 Vassar St, Reno, NV 89502
      View Details
    • $2,500,000
      18,717 SF

      Reno Mixed-Use Investment Opportunity

      2.26-acre property with self-storage, auto sales, and residential income.
      2720 Kietzke Ln, Reno, NV 89502
      View Details
    • New
      $950,000
      2,340 SF

      Versatile Commercial Property on Acre

      General Commercial property with residential home and five garage bays.
      13905 Old Virginia Rd, Reno, NV 89521
      View Details
    • $795,000
      1,836 SF

      Midtown Reno Duplex Investment Opportunity

      Charming duplex in Midtown Reno with steady rental income.
      1001 Lander St, Reno, NV 89509
      View Details

    FAQs

    What type of property is this?
    Motel - 35-unit motel, high occupancy, value-add.
    Where is this motel located?
    The property is located at 599 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: 9,660 square foot multifamily property in Reno, Nevada.; 35 extended-stay units (converted motel rooms/studios).; Prime Midtown Reno location.
    Request Owner's contact information
    599 Center St Reno, NV 89501
    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.
    599 Center St
    Reno, NV 89501
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    599 Center St Reno, NV 89501
    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.