California Hill Portfolio
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California Hill Portfolio
2 Properties Offered at $4,195,000 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
PROPERTY DESCRIPTION
Colliers is pleased to present the California Hill Portfolio for sale. The offering includes two buildings: 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. The current NOI is $173,076.27 with ample room for upside. Seller financing is available.
SALE NOTES
247 California Ave is a 7,162 SF office and retail building with five tenants. 475 Hill Street is a 5,920 SF office building with twelve tenants. Current in-place income is $173,076.27 but short lease terms and below-market rents allow the next owner to adopt a leasing strategy to maximize revenue. Short-term leases allow for 475 Hill Street to be occupied by an owner-user and retain 247 California (The Cheese Board building) as an investment. Currently, 100 percent leased.
Attractive Seller financing terms are available to qualified buyers.
For the Offering Memorandum and more information, please email melissa.molyneaux@colliers.com.
Colliers is pleased to present the California Hill Portfolio for sale. The offering includes two buildings: 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. The current NOI is $173,076.27 with ample room for upside. Seller financing is available.
SALE NOTES
247 California Ave is a 7,162 SF office and retail building with five tenants. 475 Hill Street is a 5,920 SF office building with twelve tenants. Current in-place income is $173,076.27 but short lease terms and below-market rents allow the next owner to adopt a leasing strategy to maximize revenue. Short-term leases allow for 475 Hill Street to be occupied by an owner-user and retain 247 California (The Cheese Board building) as an investment. Currently, 100 percent leased.
Attractive Seller financing terms are available to qualified buyers.
For the Offering Memorandum and more information, please email melissa.molyneaux@colliers.com.
Property Facts
| Price | $4,195,000 | Number of Properties | 2 |
| Price / SF | $320.67 / SF | Individually For Sale | 0 |
| Sale Conditions | Bulk/Portfolio Sale | Total Building Size | 13,082 SF |
| Sale Type | Investment | Total Land Area | 0.74 AC |
| Status | Active |
| Price | $4,195,000 |
| Price / SF | $320.67 / SF |
| Sale Conditions | Bulk/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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