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Property profile & analytics
FOR SALE
Motels
599 S Center St Reno, NV 89501
Entity Owned
6-yr Hold
Free & Clear
Property ID
US62-0435424
For Sale
1 / 6
Contact for pricing
599 S Center St, Reno, NV 89501
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Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Motels
Use group
MOTEL
Year built
1958
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
9,660 SF
Lot
0.45 ac (19,602 SF)
Zoning code
MUMC
APN
011-192-04
UPID
US62-0435424
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Vacation Motor Lodge Hotel & Motel Bed & Breakfast
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.59M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.98M
Blend (final)
Blend
$2.39M
Owner & transaction history
Holly-reno Ll LLC · 6 yrs held
Holly-reno Ll LLC
since 2020
Last sale
$2.3M
1 recorded transaction
Zoning & alternative use
MUMC · Reno, NV
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$3.9M
+21.5%
Medical building
$3.4M
+5.6%
Auto repair, garage
$3.3M
+1.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Reno submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Reno submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,340,000
ML approach
$2,590,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$2.39M
Range $2.15M – $2.62M · ±10% · vs last sale $2.30M (Jan 9 2020)
Last sale anchor
$2.30M
Jan 9 2020
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$247 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$8,085
Tax year 2023
Assessed value
$234,354
Assessed 2023
Previous assessed
$202,387
+15.8% YoY
Effective rate
3.45%
On assessed value
Assessed land
$123,493
Assessed improvement
$110,861
Land market value
$352,836
Improvement market value
$316,747
Total market value
$669,583
Applied tax rate
1,002.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Motels
Use group
MOTEL
Status
For Sale
Year built
1958
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Cooling
AC.CHILLED WATER
Stories
2
Units
35
Total area
9,660 SF
Lot
0.45 ac (19,602 SF)
Zoning code
MUMC
APN
011-192-04
UPID
US62-0435424
Jurisdiction
WASHOE
Zoning & alternative use
MUMC · Reno, NVZoning MUMC · permitted uses
MUMC · Reno, NV
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$3.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.9M
MEDICAL BUILDING
Est. value
$3.4M
AUTO REPAIR, GARAGE
Est. value
$3.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.2M
OFFICE BUILDING
Est. value
$2.6M
HOTEL/MOTEL Current
NEIGHBORHOOD: SHOPPING CENTER
MEDICAL BUILDING
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1958
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
HOT WATER
Cooling
Yes
Stories
2
Units
35
Lot
0.45 ac
Current owner
From public records · entity-resolved
Holly-reno Ll LLC
Entity
Free & Clear · 6 yrs held
Mailing address
PO BOX 3437, STATELINE, NV 89449-3437
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 9, 2020
$2,300,000
Holly-reno Ll LLC
M & G Investments INC
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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