924 Virginia StReno, NV 89502

Property Details for 924 Virginia St

Year built

1960

Construction

WOOD

Lot size

0.22 AC

Property size (Sq ft)

5,864 SF

Zone code

MUMC

Property type

Office properties

Property subtype

Office buildings

APN

011-334-17

APU

1133417

Description

This exceptional mixed-use property, located in Reno's vibrant Midtown district at 924 S Virginia St, presents a compelling owner-user or redevelopment opportunity. The 5,864 square-foot, single-story building, constructed in 1960 and renovated in 1980, sits on a sizable 18,032 square-foot lot (APN: 011-334-16, 011-334-17 & 011-334-04) encompassing the main building and two adjacent parcels totaling 0.414 acres of land. Currently vacant, this property offers significant potential. The building features ample natural light from skylights throughout. The roof underwent an overlay installation approximately in 2020. This prime location boasts proximity to over 250 businesses, including numerous restaurants, bars, and shops. A key advantage is the existing supplemental income generated from the parking lots, currently yielding $1,000 per month. The property is zoned MU-MC (Mixed-Use Midtown Commercial) and is designated as a Qualified Opportunity Zone, presenting attractive investment incentives. This offering includes the main office building (approximately 5,864 square feet on a 9,757 square-foot lot), and two additional parcels (approximately 4,791 and 3,484 square feet respectively). The asking price is $1,700,000.

• CAP approach

  CAP return

  Valuation

  6%

  $881,296

  6.5%

  $813,504

  7%

  $755,397

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,342,797

  Geo Method

  $1,342,797

• Alternative Use

  Use

  Valuation

  Residential

  $1,008,745

  Hospitality

  $924,005

  Educational

  $768,762

  Medical

  $795,200

  Retail

  $1,195,851

Location Insight

City

Reno

County

Washoe

State

Nevada

Latitude

39.5161

Longitude

-119.808

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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