60 Grove StReno, NV 89502

Property Details for 60 Grove St

Year built

1996

Lot size

0.24 AC

Zone code

MU

Property type

Investment properties

Property subtype

Retail residential properties

APN

020-011-23

APU

2001123

Description

This exceptional 0.24-acre commercial land parcel, located at 60 E Grove St in Reno, Nevada (zip code 89502), presents a unique investment opportunity. The property is zoned MU, offering considerable flexibility for a variety of commercial uses. Potential uses include medical facilities, bars, lounges, taverns, general office spaces, indoor manufacturing, maintenance/repair businesses, and restaurants (with or without alcohol licenses – verification with the City of Reno is recommended). The lot size is 0.24 acres, and the APN is 020-011-23. The asking price is $449,000. This property benefits from its location in an Opportunity Zone and boasts readily available three-phase, 120/208V power. The property's prime location and versatile zoning make it an ideal investment for developers and entrepreneurs seeking a strategic foothold in Reno's thriving commercial market. Serious inquiries are encouraged to explore the full potential of this exceptional land offering. Further due diligence is recommended to confirm all permitted uses with the relevant city authorities.

• CAP approach

  CAP return

  Valuation

  6%

  $1,956,766

  6.5%

  $1,806,246

  7%

  $1,677,228

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,726,812

  Geo Method

  $3,726,812

• Alternative Use

  Use

  Valuation

  Residential

  $1,806,246

  Hospitality

  $1,654,512

  Educational

  $1,376,534

  Medical

  $1,423,875

  Retail

  $2,141,276

Location Insight

City

Reno

County

Washoe

State

Nevada

Latitude

39.5007

Longitude

-119.799

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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