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    Property profile & analytics

    599 Center St Reno, NV 89501

    • Motels
    • 9,660 SF
    • 0.45 lot acres
    For Sale
    View listing
    $3,250,000
    Value Estimation
    Last Sale
    Jan 09, 2020
    $2,300,000
    Location Intelligence
    Property ID
    US62-0435424
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Vacation Motor Lodge / Lodge

    Property Details for 599 Center St

    Year built
    1958
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.45 lot acres
    Property size
    9,660 SF
    Zone code
    MUMC
    Property type
    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.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $2,340,000

    • CAP approach

      CAP return
      Estimation
      6%
      $2,325,000
      6.5%
      $2,015,000
      7%
      $2,080,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $2,140,000
      Geo Method
      $2,115,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $1,880,000
      Retail
      $2,340,000
      Mixed-Use
      $1,820,000
      Hospitality
      $2,360,000
      Educational
      $2,450,000
      Residential Income
      $1,970,000
      Energy
      $2,285,000
      Income-Based Land
      $2,070,000
      Food Service
      $2,020,000

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.809
    Latitude
    39.5204
    CBSA code
    39900
    CBSA name
    RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $8,085
    $123,493
    $110,861
    $234,354
    -
    $352,836
    $316,747
    $669,583

    Comparable in this City

    • Value Estimation
      $2,700,000
      9,492 SF

      520 University Way

      MOTEL • 9,492 SF
      520 University Way, Reno, NV 89501-1010
      View Details
    • Value Estimation
      $400,000
      4,719 SF

      322 Ww St

      MOTEL • 4,719 SF
      322 Ww St, Reno, NV 89501-1141
      View Details
    • Value Estimation
      $375,000
      7,311 SF

      490 Lk St

      MOTEL • 7,311 SF
      490 Lk St, Reno, NV 89501-1120
      View Details
    • Value Estimation
      $380,000
      7,622 SF

      501 Lk St

      MOTEL • 7,622 SF
      501 Lk St, Reno, NV 89501-1017
      View Details
    • Value Estimation
      $355,000
      7,118 SF

      895 Virginia St

      MOTEL • 7,118 SF
      895 Virginia St, Reno, NV 89501-1030
      View Details
    • Value Estimation
      $560,000
      9,932 SF

      817 Virginia St

      MOTEL • 9,932 SF
      817 Virginia St, Reno, NV 89501-1030
      View Details

    Similar Nearby for Sale

    • $3,250,000
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      Midtown Reno Motel Investment

      35-unit motel, high occupancy, value-add.
      599 Center St, Reno, NV 89501
      View Details
    • $2,350,000
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      Reno/Sparks Industrial Land Parcel

      Large land parcel in Reno/Sparks industrial market.
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      View Details
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      Redevelopment Opportunity in Midtown Reno

      Redevelopment opportunity with excellent visibility on S Virginia Street.
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      View Details
    • $9,000,000
      92,000 SF

      Downtown Reno Office/Retail Building

      Seven-story office/retail building in the heart of Downtown Reno.
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      View Details

    Similar Nearby for Lease

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      Downtown Reno Office Space

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    599 Center St
    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
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