Property profile

247 California Ave Reno, NV 89509

OFF-MARKET
Retail space
Property ID
US62-0367989
3,300 SF 0.42 ac lot Built 1952
Entity Owned 10-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

The California Hill Portfolio consists of two buildings on a single parcel totaling approximately 13,082 square feet. The 247 California Avenue building is a 7,162-square-foot office and retail property that has historically housed The Cheese Board restaurant, and the 475 Hill Street building is a 5,920-square-foot office building occupied by a mix of professional, creative, and medical tenants. The buildings are configured with tenancy suitable for retail/restaurant use on 247 California Avenue and office use on 475 Hill Street, and the property provides approximately 30 parking spaces plus additional open street parking. The portfolio layout supports multiple tenants, with occupancy reported as fully leased and a total of 16 tenants across both buildings, and it includes existing lease structures with some tenant terms extending beyond near-term timelines. The property is situated in downtown Reno near the Nevada Museum of Art, which has undergone expansion and remodel activity, along with other downtown improvement projects that may influence surrounding commercial demand.

Property profile

Verified
Property type Retail space
Use group RETAIL STORES (PERSONAL SERVICES)
Year built 1952
Construction MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area 3,300 SF
Lot 0.42 ac (18,382 SF)
Zoning code MDRD
APN 011-181-15
UPID US62-0367989

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Restaurant

Location

247 California Ave Reno, NV 89509-1634
Reno metro Census 301 RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
$640k
Comparable Approach Comparable
$792k
Blend (final) Blend
$405k

Owner & transaction history

since 2016
4 recorded transactions
2019
Price N/A
2016
Price N/A
2005
$1.6M
1969
Price N/A

Zoning & alternative use

MDRD · Reno, NV
Top alternative use upside
Neighborhood: shopping center $1.3M +56.3%
Medical building $1.2M +35.8%
Auto repair, garage $1.1M +30.9%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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