599 Center StReno, NV 89501

Property Details for 599 Center St

Year built

1958

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.45 AC

Property size (Sq ft)

9,660 SF

Zone code

MUMC

Property type

Hospitality properties

Property subtype

Motels

APN

011-192-04

APU

1119204

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,077,806

  6.5%

  $1,917,974

  7%

  $1,780,976

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,198,302

  Geo Method

  $5,198,302

• Alternative Use

  Use

  Valuation

  Residential

  $2,093,871

  Hospitality

  $1,917,974

  Educational

  $1,595,732

  Medical

  $1,650,612

  Retail

  $2,482,250

Location Insight

City

Reno

County

Washoe

State

Nevada

Latitude

39.5204

Longitude

-119.809

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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