CALIFORNIA HILL PORTFOLIO

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 financing is available at 6% interest rate for qualified buyer.

Sale Note
Currently 100% occupied with 16 tenants. 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].