247 California Ave Reno, NV 89501

Property Details for 247 California Ave

Year built

1952

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.42 lot acres

Property size

3,300 SF

Zone code

MDRD

Property type

Retail space

APN

011-181-15

APU

1118115

Description

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.

Location Insight

City

Reno

County

Washoe

State

Nevada

Longitude

-119.814

Latitude

39.5204

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments