Notable Large Purchases in Central Reno Core

by Mike Van Houten / Oct 20, 2023

Here are a few larger purchases in the central Reno area (within the McCarran loop) 

- A 7,306 sq. ft. medical office building at 525 East Moana Lane sold for $1,638,178 ($224.22 per sq. ft.) to the owners of the adjacent property, BoBo’s Mogul Mouse Ski, Board and Patio. 

- In Midtown, the Carter Brothers sold the 12,500 sq. ft. building (6,000 sq. ft. was finished basement) and adjacent parking lot where Ace Hardware is located at 1211/1215 South Virginia Street for $2,170,000 ($172.91 per sq. ft.).

- A  24-unit apartment complex, known as Locust Canyon Apartments at 475 Grand Canyon Boulevard sold for $4,500,000. The complex sold for $187,500 per door.

- In the Downtown submarket, a 14-unit apartment complex near the Renown Medical Center and the National Automobile Museum at 64 Park Street sold for $3,800,000 ($271,429 per door) or a reported 5.00% cap rate.

- A 13-unit apartment complex at 570 Grand Canyon Boulevard near Wells Avenue sold for $2,330,000 ($179,231 per door) or a reported 4.43% cap rate.

- A 34-unit motel at 1750 East 4th Street sold for $2,450,000 ($183.69 per sq. ft.). The property was purchased by Volunteers of America: Northern California and Northern Nevada, a nonprofit organization that provides services to those struggling with poverty, homelessness, mental illness, and substance abuse.

Special thanks to Dominic Brunetti, CCIM at Dickson for providing these. 


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