1607 Virginia St, Reno, NV 89502-2809
- Motels
- 4,032 SF
- 0.46 lot acres
Current Use by Public Records
- Kramer's Midtown / Hotel & Motel
- El Dorado Motel / Hotel & Motel
- Kramer's Midtown Studios / Apartment Complex
Property Details for 1607 Virginia St
- Year built
- 1950
- Construction
- WOOD
- Lot size
- 0.46 lot acres
- Zone code
- MUMC
- Property type
- Motels
- APN
- 014-251-16
- APU
- 1425116
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| May 13, 2022 | — | Kramers Midtown Series Of Jrk Inves | — | Deed · related | $4.6M · Frade Family Trust |
| Oct 6, 2021 | — | Krjmers Midtown Series Of Jrk Inves | — | Deed · related | $628k · Pacific Premier Trust |
| Dec 21, 2020 | — | Kramer Midtown Jrk Inv LLC | Jrk Inv LLC | Quit Claim Deed | — |
| Jul 11, 2019 | — | Jrk Investments LLC | — | Deed · related | $506k · Rife J J & D K F/tr (pt) |
| May 30, 2019 | $1,065,000 | Jrk Investments LLC | Golden Bricks LLC | Grant Deed | — |
| Sep 7, 2017 | — | Golden Bricks LLC | — | Deed · related | $364k · Heritage Bk/nv |
| Jun 4, 2009 | — | Golden Bricks LLC | Riar,avtar S | Grant Deed | — |
| Dec 30, 2004 | $625,000 | Avtar S Riar | Bajwa,nav | Grant Deed | $525k · Nav Bajwa |
| Sep 16, 2003 | $320,000 | Nav Bajwa | El Dorado Motel LLC | Grant Deed | $320k · Pearce Properties |
| Jan 31, 2000 | $36,000 | El Dorado Motel LLC | Peregrine West LLC | Grant Deed | — |
| Dec 29, 1999 | $355,000 | Peregrine West LLC | Solomon Trust | Grant Deed | $320k · Benjamin J Solomon Trustee |
| Feb 17, 1998 | $365,279 | Nathan H David Foundation | Patidar,vikram | Trustees Deed | — |
| Aug 21, 1991 | $372,500 | Vikram Patidar | Unknown | Grant Deed | — |
| — | — | Jrk Investments LLC | — | Deed Of Trust · related | $506k · Rife J J & D K F/tr (pt) |
| — | — | Avtar S Riar | — | Deed Of Trust · related | $550k · Nevada Security Bank |
| — | — | Golden Bricks LLC | — | Deed Of Trust · related | $364k · Heritage Bk/nv |
| — | — | Vikram Patidard | — | Deed Of Trust · related | $355k · Nathan H David Found |
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
-
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
Get a detailed, property-specific estimation — fast and free
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
