22 Hillcrest DrReno, NV 89502

Property Details for 22 Hillcrest Dr

Year built

1960

Construction

WOOD

Lot size

0.23 AC

Property size (Sq ft)

3,580 SF

Zone code

MU

Property type

Retail properties

Property subtype

Retail space

APN

019-052-17

APU

1905217

Description

This exceptional investment opportunity presents a stabilized, 8,197 square foot retail shopping center in Reno, Nevada. The property, known as Hillcrest Shops, consists of three, two-story buildings totaling 8,197 net rentable square feet, situated on a 0.371-acre lot. Currently boasting 100% occupancy with ten tenants primarily in the beauty and wellness sector, the center generates a strong net operating income (NOI) of $172,057, resulting in a 6.49% capitalization rate. The asking price is $2,650,000, translating to $323.29 per square foot. Built in 1960 and extensively renovated in 2024, the property features newly installed siding and roofing on all three buildings, along with a freshly paved parking lot. The interior of each unit has also undergone a complete renovation, providing modern, turnkey spaces. Located at 22 Hillcrest Dr, Reno, NV 89502, the property benefits from a prime location across from the Reno Experience District (RED), a vibrant new development with high-density luxury apartments and experiential venues, ensuring high foot traffic and visibility. Its proximity to a busy strip mall further enhances its desirability. The property is zoned MU and offers a compelling investment opportunity for those seeking stable cash flow and potential appreciation in a thriving Reno location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,050,194

  6.5%

  $969,410

  7%

  $900,166

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,065,856

  Geo Method

  $2,065,856

• Alternative Use

  Use

  Valuation

  Residential

  $817,733

  Hospitality

  $749,039

  Educational

  $623,192

  Medical

  $644,624

  Retail

  $969,410

Location Insight

City

Reno

County

Washoe

State

Nevada

Latitude

39.5044

Longitude

-119.804

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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