CALIFORNIA HILL PORTFOLIO

For Sale

247 California Ave, Reno, NV 89501

This Reno property for sale is located at 247 California Ave. The current listed sale price for CALIFORNIA HILL PORTFOLIO is $4,195,000. CALIFORNIA HILL PORTFOLIO is situated on a lot that is 18,295 square feet in size.

Contacts

broker

Melissa Molyneaux

Colliers

Property Details

  • Property Type Retail
  • Lot Size 18,295 SF
  • Additional Rent Contact for pricing
  • Parking Ratio 4.24 / 1,000 SF
  • Year Built 1952
  • Date Updated Nov 15, 2024
Colliers is pleased to present the California Hill Portfolio for sale. The offering includes two building: 247 California Avenue and 475 Hill Street totaling ±13,082 square feet on a single 0.422 acre parcel. 247 California Avenue is home to The Cheese Board, one of Reno’s most prized local restaurants. 475 Hill Street includes a diverse mix of professional, creative, and medical tenants. Current NOI is $173,000 with ample room for upside. Seller can offer financing to qualified buyers at competitive terms with an interest rate in the mid 5 percent range with 30-35% down subject to sale terms and credit. Final financing terms to be mutually agreed upon by buyer and seller.

Sale Note
Currently 100% occupied with 16 tenants and an annual NOI of approximately $173,076.27. 475 Hill and 247 California leases are all under one-year terms and The Cheese Board is the only long-term lease expiring 2/28/2027. Opportunity for an owner user to occupy 475 Hill Street and retain income from The Cheese Board grossing approximately $100,000 in the 247 California building. Approximately 30 parking spaces and ample open street parking. Investors have an opportunity to increase income through market rent adjustments as most of the leases are well below market and having the buildings measured to ensure rent is being captured on common areas and to current BOMA standards. Property offers an outstanding redevelopment opportunity with the Nevada Museum of Art major expansion and remodel underway as well as numerous downtown improvement projects. For full offering package and more information, please email [email protected].

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Attachments

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Location

  • City Reno, NV
  • Neighborhood Downtown Reno
  • Zip Code 89501
  • Market Reno

Points of Interest

  • Reno

    0.59 miles

  • Sky Tower, South Tram

    0.76 miles

  • Sky Tower, North Tram

    0.79 miles

  • Casino Tower, South Tram

    0.80 miles

  • Casino Tower, North Tram

    0.81 miles

  • Idlewild Park Train Ride

    1.04 miles

  • ChargePoint

    0.56 miles

  • Tesla Destination Charger

    0.63 miles

  • Tesla Supercharger

    0.64 miles

  • Sinclair

    0.64 miles

  • 76

    0.78 miles

  • ARCO

    0.79 miles

  • Maverik

    0.82 miles

  • Chevron

    0.94 miles

  • Jacksons

    1.12 miles

  • Shell

    1.24 miles

  • Marriott Renaissance Valet Parking

    0.35 miles

  • Parking Gallery

    0.38 miles

  • Cal Neva Parking Stadium

    0.46 miles

  • Whitney Peak Parking Garage

    0.57 miles

  • Eldorado Reno Parking Garage

    0.58 miles

  • Sixth Street Parking Garage

    0.79 miles

  • Plaza Parking Garage

    0.89 miles

  • Elm Street Parking Garage

    0.92 miles

  • South Parking Structure

    0.97 miles

  • Gateway Parking Complex

    1.10 miles

  • Centro Bar & Kitchen

    0.04 miles

  • Washoe Public House

    0.13 miles

  • Full Belly Delly

    0.13 miles

  • Elixir Superfood & Juice

    0.15 miles

  • Old Grainte Street Eatery

    0.16 miles

  • Mexcal

    0.19 miles

  • Laughing Planet

    0.23 miles

  • Süp

    0.25 miles

  • Rice Box Kitchen

    0.26 miles

  • Wild Garlic Pizza & Pub

    0.27 miles

  • Marketon

    0.89 miles

  • Save Mart

    0.99 miles

  • Sprouts Farmers Market

    1.16 miles

  • Smart & Final

    1.23 miles

  • Raley's

    1.25 miles

  • US Foods Chef's Store

    1.42 miles

  • Walmart Supercenter

    1.80 miles

  • 168 Asian Market

    1.94 miles

  • Casa Moreno

    2.70 miles

  • Ross

    2.74 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker

broker

Melissa Molyneaux

Colliers