599 S Center St, Reno, NV 89501
- Motels
- 9,660 SF
- 0.45 lot acres
Current Use by Public Records
- Vacation Motor Lodge / Hotel & Motel / Bed & Breakfast
Property Details for 599 S Center St
- Year built
- 1958
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.45 lot acres
- Zone code
- MUMC
- Property type
- Motels
- APN
- 011-192-04
- APU
- 1119204
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jan 9, 2020 | $2,300,000 | Holly-reno Ll LLC | M & G Investments INC | Grant Deed | — |
Description
This exceptional investment opportunity presents a 35-unit motel in Reno's vibrant Midtown district. The property, built in 1958, boasts 9,660 square feet on a 0.45-acre lot zoned MU-MC (Mixed-use Midtown Commercial), offering significant redevelopment potential. Currently operating as an extended-stay motel with 35 keys, it shows a strong 97.3% occupancy rate, generating a current NOI of $144,929 and a 4.46% cap rate. The pro-forma NOI is projected at $292,529, representing a 9.00% pro-forma cap rate. The two-story brick/masonry building features 21 parking spaces. Its prime location, just a block from Virginia Street, provides easy access to Reno's bustling main thoroughfare and the best of Midtown's amenities, including restaurants, shops, bars, and coffee shops. The asking price is $3,250,000, or $92,857.14 per key, and $336.44 per square foot. This fee-simple ownership presents a compelling value-add opportunity for investors seeking strong returns in a desirable location. The property's strong performance and redevelopment potential make it an attractive investment prospect.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,340,000
- ML approach
- $2,590,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,983,000
Market price range: $1.87M - $4.32M -
Alternative Use
- Use
- Estimation
- HOTEL/MOTEL
- $3,195,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $3,880,000 Change: +22% Conversion: Difficult
- MEDICAL BUILDING
- $3,370,000 Change: +6% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $3,250,000 Change: +2% Conversion: Difficult
- APARTMENT HOUSE (5+ UNITS)
- $3,190,000 Change: -0% Conversion: Difficult
- OFFICE BUILDING
- $2,595,000 Change: -19% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Reno
- County
- Washoe
- State
- Nevada
- Longitude
- -119.809
- Latitude
- 39.5204
- CBSA code
- 39900
- CBSA name
- RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA
