247 California Ave Reno, NV 89501
Property profile & analytics
247 California Ave, Reno, NV 89501
- Retail space
- 3,300 SF
- 0.42 lot acres
Property ID
US62-0367989
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- The Cheese Board / Restaurant
Property Details for 247 California Ave
- Year built
- 1952
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.42 lot acres
- Zone code
- MDRD
- Property type
- Retail space
- APN
- 011-181-15
- APU
- 1118115
Description
This exceptional investment opportunity presents a portfolio of two income-producing buildings totaling 13,082 square feet situated in Reno's vibrant downtown Riverwalk District. The property, built in 1952, consists of two single-story structures located at 247 California Ave and 475 Hill St, encompassing a 0.42-acre lot (APN 011-181-15). Currently boasting 100% occupancy with sixteen tenants, the portfolio generates a substantial annual net operating income (NOI) of approximately $173,076.27. The portfolio features a mix of lease terms, with most leases under one-year agreements, offering immediate upside potential through market rent adjustments. One key tenant holds a longer-term lease expiring February 28, 2027, providing stable income. The property includes approximately 30 parking spaces, supplemented by ample street parking. This portfolio presents a compelling investment opportunity, further enhanced by the ongoing redevelopment and expansion of the Nevada Museum of Art and other downtown improvement projects. The MD-RD (Downtown - Riverwalk District) zoning permits a variety of uses, presenting potential for future redevelopment or owner-occupancy. The asking price for this stabilized investment is $4,195,000. The opportunity to increase income is significant, given that many leases are below market rates. A professional measurement of the buildings to current BOMA standards will ensure accurate rent capture on common areas.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $695,000
- 6.5%
- $640,000
- 7%
- $595,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $791,000
Market price range: $204k - $818k -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $850,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $1,325,000 Change: +56% Conversion: Moderate
- MEDICAL BUILDING
- $1,150,000 Change: +36% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $1,110,000 Change: +31% Conversion: Difficult
- OFFICE BUILDING
- $935,000 Change: +10% Conversion: Easy
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Reno
- County
- Washoe
- State
- Nevada
- Longitude
- -119.814
- Latitude
- 39.5204
- CBSA code
- 39900
- CBSA name
- RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$10,708
$157,540
$133,886
$291,426
-
$450,114
$382,531
$832,645
