For Sale
$3,250,000

599 Center St Reno, NV 89501

35-unit motel, high occupancy, value-add.

Overview

Added:
Dec 11, 2024
Days on market:
138
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.

Highlights

  • 9,660 square foot multifamily property in Reno, Nevada.
  • 35 extended-stay units (converted motel rooms/studios).
  • Prime Midtown Reno location.
  • Built in 1958.
  • 97.3% occupancy rate.
  • 21 parking spaces.

Property Details for 599 Center St

Property type
Hospitality properties, Motels
Square Feet
9,660 SF
Year Built
1958
Buildings
1
Stories
2
Lot Size (sq. ft)
19,602 SF

Location Insight

City
Reno
County
Washoe
State
Nevada
Latitude
39.520423
Longitude
-119.8095767

FAQs

What type of property is this?
Hospitality property - 35-unit motel, high occupancy, value-add.
Where is the hospitality property located?
The property is located at 599 Center St Reno, NV.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: 9,660 square foot multifamily property in Reno, Nevada.; 35 extended-stay units (converted motel rooms/studios).; Prime Midtown Reno location.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
599 Center St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message