250 Commercial RowReno, NV 89501

Property Details for 250 Commercial Row

Year built

1959

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.11 AC

Property size (Sq ft)

3,696 SF

Zone code

MDED

Property type

Hospitality properties

Property subtype

Motels

APN

011-031-02

APU

1103102

Description

This exceptional 14-unit apartment building, known as The Townsite Motel, presents a compelling investment opportunity in Reno, Nevada. Located at 250 W Commercial Row, 89501, this two-story, 3,696 square foot building sits on a 0.12-acre lot and boasts a desirable MD-ED zoning designation. Constructed in 1959, the property offers a strong pro-forma NOI of $120,408 and a pro-forma cap rate of 6.69%, with an asking price of $1,800,000 ($128,571.43 per unit and $487.01 per square foot). Its prime location adjacent to the J Resort and the Neon Light District, within walking distance of the Riverwalk District and downtown nightlife, ensures high occupancy rates. The property benefits from the ongoing revitalization of the area and the addition of new developments like the upcoming North Arlington Apartments. Seller financing is available, and the seller may consider selling this property as part of a portfolio that includes another asset. This presents a unique chance to acquire a well-positioned, income-generating asset in a rapidly growing Reno neighborhood. The property's strong financials, coupled with its strategic location and the potential for seller financing, make it an attractive investment for discerning buyers. The APN is 011-031-02.

• CAP approach

  CAP return

  Valuation

  6%

  $837,752

  6.5%

  $773,310

  7%

  $718,073

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,988,916

  Geo Method

  $1,988,916

• Alternative Use

  Use

  Valuation

  Residential

  $844,230

  Hospitality

  $773,310

  Educational

  $643,385

  Medical

  $665,512

  Retail

  $1,000,821

Location Insight

City

Reno

County

Washoe

State

Nevada

Latitude

39.5274

Longitude

-119.817

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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