California Hill Portfolio
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California Hill Portfolio
2 Properties Offered at £3,141,403 in Reno, NV
INVESTMENT HIGHLIGHTS
- Rare Downtown Reno Purchase Opportunity with Income Producing Properties
- 7,162 SF Office/Retail Building & 5,920 SF Office Building
- Historical Building with Prized Local Key Tenant
- Tenant mix is mostly on short-term leases under 1 year, with the exception of The Cheese Board
EXECUTIVE SUMMARY
MAJOR PRICE REDUCTION: $3,950,000 | WITH SELLER FINANCING AVAILABLE
Rare Downtown Reno Purchase Including Two Commercial Buildings Totaling 13,802 SF on 0.422 Acres
PROPERTY OVERVIEW
Colliers is pleased to present this California Hill property for sale. The opportunity consists of two buildings totaling ±13,082 square feet on a single parcel (APN: 011-181-15). 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.
Investment Highlights
Seller can offer financing to qualified buyers at competitive terms with an interest rate in the mid 5% range with 30-35% down, subject to sale terms and credit. Final financing terms to be mutually agreed upon by buyer and seller.
Low operating costs
Nearby development and new construction
New roof installed in 2024, includes a 3 year warranty
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 but to 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 is measured 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 the Offering Memorandum and more information, please email melissa.molyneaux@colliers.com.
Rare Downtown Reno Purchase Including Two Commercial Buildings Totaling 13,802 SF on 0.422 Acres
PROPERTY OVERVIEW
Colliers is pleased to present this California Hill property for sale. The opportunity consists of two buildings totaling ±13,082 square feet on a single parcel (APN: 011-181-15). 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.
Investment Highlights
Seller can offer financing to qualified buyers at competitive terms with an interest rate in the mid 5% range with 30-35% down, subject to sale terms and credit. Final financing terms to be mutually agreed upon by buyer and seller.
Low operating costs
Nearby development and new construction
New roof installed in 2024, includes a 3 year warranty
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 but to 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 is measured 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 the Offering Memorandum and more information, please email melissa.molyneaux@colliers.com.
PROPERTY FACTS
| Price | £3,141,403 | Number of Properties | 2 |
| Price / SF | £240.13 / SF | Individually For Sale | 0 |
| Sale Condition | Portfolio Sale | Total Building Size | 13,082 SF |
| Sale Type | Investment | Total Land Area | 0.74 AC |
| Status | Active |
| Price | £3,141,403 |
| Price / SF | £240.13 / SF |
| Sale Condition | Portfolio Sale |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 13,082 SF |
| Total Land Area | 0.74 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 475 Hill St, Reno, NV 89501 | Office | 5,920 SF | 1929 | - |
| 247 California Ave, Reno, NV 89509 | Retail | 7,162 SF | 1952 | - |
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