22 Hillcrest Dr Reno, NV 89502
- Retail space
- 3,580 SF
- 0.23 lot acres
Current Use by Public Records
- Shift Gears Bodywork / Massage Therapist
- Live In Peace Massage / Massage Therapist
Property Details for 22 Hillcrest Dr
- Year built
- 1960
- Construction
- WOOD
- Lot size
- 0.23 lot acres
- Property size
- 3,580 SF
- Zone code
- MU
- Property type
- 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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,225,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,355,000
- 6.5%
- $1,215,000
- 7%
- $1,285,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,140,000
- Geo Method
- $1,330,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,220,000
- Retail
- $1,225,000
- Mixed-Use
- $1,215,000
- Hospitality
- $1,255,000
- Educational
- $1,405,000
- Residential Income
- $1,450,000
- Energy
- $1,290,000
- Income-Based Land
- $1,280,000
- Food Service
- $1,485,000
Location Insight
- Map
- Local Demand
- City
- Reno
- County
- Washoe
- State
- Nevada
- Longitude
- -119.804
- Latitude
- 39.5044
- CBSA code
- 39900
- CBSA name
- RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA
