1607 Virginia St Reno, NV 89502-2809
- Motels
- 4,032 SF
- 0.46 lot acres
Dec 21, 2020
Current Use by Public Records
- Kramer's Midtown / Motel
- El Dorado Motel / Motel
- Kramer's Midtown Studios / Apartment Complex
Property Details for 1607 Virginia St
- Year built
- 1950
- Construction
- WOOD
- Lot size
- 0.46 lot acres
- Property size
- 4,032 SF
- Zone code
- MUMC
- Property type
- Motels
- APN
- 014-251-16
- APU
- 1425116
Description
This exceptional three-building, 29-unit apartment complex in Reno's vibrant Midtown boasts a prime location on Virginia Street. Recently renovated (2021-2022) with over $1.8 million in capital improvements, the property features modern, high-end finishes including stainless steel appliances, quartz countertops, keyless entry, and luxury bathrooms. Units are equipped with mini-split HVAC systems and many include furnished amenities. The property includes a clubhouse with a coffee bar, pool table, and fireplace, along with designated parking and on-site laundry. Built in 1975-1980, the 9,264 square foot complex sits on a 0.59-acre lot and is zoned MU-MC, offering flexibility for future uses. Currently operating at 97% occupancy, the property generates a strong NOI of $317,780, with a pro-forma NOI of $335,055 and a pro-forma cap rate of 6.44%. The asking price is $5,200,000, representing a price per unit of $179,310.34 and a price per square foot of $445.40. This turnkey investment offers a secure and high-yielding opportunity in a rapidly growing market. The property's strong performance, coupled with its desirable location and recent upgrades, ensures consistent cash flow and long-term value appreciation. The 24-hour surveillance system and exterior lighting enhance tenant safety and comfort. This is a rare opportunity to acquire a fully stabilized, high-performing asset in one of Reno's most sought-after neighborhoods.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,335,000
- ML approach
- $1,250,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,801,000
Market price range: $782k - $1.80M -
Alternative Use
- Use
- Estimation
- HOTEL/MOTEL
- $1,335,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $1,620,000 Change: +22% Conversion: Difficult
- MEDICAL BUILDING
- $1,405,000 Change: +6% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $1,290,000 Change: -3% Conversion: Difficult
- RETAIL STORES
- $1,100,000 Change: -18% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Reno
- County
- Washoe
- State
- Nevada
- Longitude
- -119.805
- Latitude
- 39.5081
- CBSA code
- 39900
- CBSA name
- RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA
