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

    599 S Center St Reno, NV 89501

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

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

    Type:Hospitality
    Property size:
    9,660 SF
    Lot size:
    0.45 Acres
    Added:
    Oct 18, 2023
    Days on Market:
    917
    Last Refresh:
    Mar 17 at 1:24 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

    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

    Overview

    Reno Midtown Motel Lodge

    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 Insight Report 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

    Nearby Similar for Sale

    • $800,000
      100 SF

      Reno Car Wash Investment Opportunity

      Well-maintained 4-bay car wash in high-traffic Reno location.
      2125 Sutro Street, Reno, NV 89512
      View Details
    • $649,500
      2,034 SF

      Midtown Reno Office Building

      Three-level office building in Midtown, Reno with conversion potential.
      626 Humboldt Street, Reno, NV 89509
      View Details
    • $690,000
      1,557 SF

      Reno Commercial Property For Sale

      Highly visible Reno commercial property with flexible floor plan.
      123 Mount Rose Street, Reno, NV 89509
      View Details
    • $995,000

      Reno Multifamily Investment Opportunity

      Five-unit property near downtown Reno and the Truckee River.
      820 W 1st Street, Reno, NV 89503
      View Details
    • $800,000
      2,163 SF

      Renovated Midtown Reno Duplex

      Turnkey duplex in Midtown, renovated with modern upgrades.
      307 Moran Street, Reno, NV 89502
      View Details
    • $950,000
      2,340 SF

      Versatile Commercial Property on Acre

      General Commercial property with residential home and five garage bays.
      13905 Old Virginia Road, Reno, NV 89521
      View Details
    • $1,150,000
      3,293 SF

      Renovated Triplex Near University

      Fully leased, renovated triplex near UNR, a turnkey investment.
      1311 Terrace Drive, Reno, NV 89503
      View Details
    • $2,700,000
      4,787 SF

      Prime Commercial Property, Reno, NV

      4,787 SF commercial building on 0.31 acres in Reno.
      1295 S Wells Avenue lot: Corner Of Wells And Vassar, Reno, NV 89502
      View Details
    • $740,000
      2,966 SF

      Reno Fourplex Investment Opportunity

      Four-unit property near UNR with immediate cash flow.
      650 Denslowe Drive lot: A, B, C, D, Reno, NV 89512
      View Details
    • $989,000
      4,094 SF

      Updated Multifamily Investment Opportunity

      Six-unit multifamily property in Northwest Reno with updated interiors.
      1385 W 6th Street, Reno, NV 89503
      View Details
    • $4,500,000
      4,900 SF

      Midtown Reno Development Opportunity

      Mixed-use development property in Reno's Midtown district.
      1496 S Virginia Street, Reno, NV 89502
      View Details
    • $689,000
      2,241 SF

      Reno Triplex Near University

      Triplex near UNR with updated units and new roof.
      1111 Strand Place, Reno, NV 89503
      View Details

    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
    Real Estate License ID: NV S.186721
    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!