1251 Virginia StReno, NV 89502

Property Details for 1251 Virginia St

Year built

1939

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.85 AC

Property size (Sq ft)

17,600 SF

Zone code

MUMC

Property type

Retail properties

Property subtype

Retail space

APN

014-125-14

APU

1412514

Description

This exceptional 17,600-square-foot retail building presents a prime redevelopment opportunity in Reno's vibrant Midtown district. Situated on a prominent 0.85-acre corner lot at 1251 S Virginia Street, the property boasts excellent visibility and high traffic counts. Built in 1939, this single-story building is currently vacant and offers significant potential for a variety of uses. The property's location within Midtown's thriving commercial corridor, surrounded by popular restaurants and bars, ensures high foot traffic and strong consumer demand. Recent street improvements have enhanced walkability, creating an ideal urban environment. The MU-MC zoning allows for diverse development options, including multi-tenant projects or new construction. This large block of commercial space represents a unique chance to capitalize on the growing popularity and desirability of Midtown, a submarket experiencing significant residential and commercial growth. The property's address is 1251 S Virginia Street, Reno, NV, with the cross street being Arroyo. The Assessor's Parcel Number (APN) is 014-125-14. This is a single-tenancy building with a rich history and a bright future. The property offers an unparalleled chance to establish a significant presence in one of Northern Nevada's most sought-after locations.

• CAP approach

  CAP return

  Valuation

  6%

  $3,888,284

  6.5%

  $3,589,186

  7%

  $3,332,815

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,156,164

  Geo Method

  $10,156,164

• Alternative Use

  Use

  Valuation

  Residential

  $3,027,612

  Hospitality

  $2,773,276

  Educational

  $2,307,334

  Medical

  $2,386,686

  Retail

  $3,589,186

Location Insight

City

Reno

County

Washoe

State

Nevada

Latitude

39.5119

Longitude

-119.807

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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