$367,435*
●
Commercial -
Off Market
515 Cornell Ave
Lovelock, NV 89419
Studio
0 Bath
$239,000 - $291,000
Reference Base Price*
38.65%
Since Aug 1, 2020
National-US
Primary Model
About This Property
Well known, classic Americana motel located directly on Old U.S.
Highway 40 (Cornell Ave) in Lovelock. 6,838 SF in the 2 main
buildings, plus 374 SF garage/workshop. Most rooms updated in 2019,
with 10 ready for immediate occupancy and the remaining 10 ready
for your finishing touches. 6 rooms have existing kitchens, with 2
of those being 2 bedroom/2 bath units. City has approved a plan to
convert the property into 9 long term apartments and 5 short term
motel rooms, which would exempt the 9 from room tax. Listing
Agent: Robert Kennerson Email Address: [email protected] Broker:
Desert Acreage 20 UNIT MOTEL WITH EXCELLENT POTENTIAL Well
known, classic Americana motel located directly on Old U.S. Highway
40 (Cornell Ave) in Lovelock. 6,838 SF in the two main buildings,
plus a detached 374 SF garage/workshop, on a 22,500 SF lot with
adequate parking. Most units have been updated in 2019, with 10 of
the 20 rooms ready for immediate occupancy and the remaining 10
rooms ready for your finishing touches. 6 of the rooms have
existing kitchens, with 2 of those rooms being 2 bedroom/2 bath
units rather than standard motel rooms. The City of Lovelock
has approved a plan to convert the property into 9 long term
apartment units and 5 short term occupancy motel rooms, which upon
completion would exempt the 9 long term units from occupancy tax.
This plan can be easily executed upon at buyer option by opening
doorways between certain units and installing an additional 3
kitchens, thereby completing the conversion. Alternatively, the
property can be operated in its existing motel configuration if
Buyer prefers. Unique opportunity with big upside either way.
Based on a nightly average rental rate of $50 per unit,
which is low as compared to competing motel rooms in Lovelock, this
property is capable of grossing $30,000 or more per month at full
occupancy. Currently expanding mines and other local enterprises
point to increasing short and long term housing demand in late
2019, 2020, and beyond. Excellent investment and business
opportunity. Please do not enter onto the property or disturb
current occupants without an appointment. Please call in advance to
schedule a viewing. Directions: 515 Cornell Ave is located
at the northwest corner of Cornell Ave and 5th Street in Lovelock,
NV 89419.
Unit Size
-
Days on Market
-
Land Size
0.52 acres
Price per sqft
-
Property Type
Commercial
Property Taxes
$1,533
HOA Dues
-
Year Built
1946
Price History
Date / Event | Date | Event | Price |
---|---|---|---|
Aug 31, 2020 | Sold | $250,000 | |
Sold | |||
Jul 16, 2020 | No longer available | - | |
No longer available | |||
Jun 15, 2020 | Price Decreased |
$265,000
↓ $5K
(1.9%)
|
|
Price Decreased | |||
Jun 2, 2020 | Price Decreased |
$270,000
↓ $4K
(1.5%)
|
|
Price Decreased | |||
May 16, 2020 | Price Decreased |
$274,000
↓ $1K
(0.4%)
|
|
Price Decreased |
Show More
Property Highlights
Comparables
Unit
Status
Status
Type
Beds
Baths
ft²
Price/ft²
Price/ft²
Asking Price
Listed On
Listed On
Closing Price
Sold On
Sold On
HOA + Taxes
Past Sales
Date | Unit | Beds | Baths | Sqft | Price | Closed | Owner | Listed By |
---|---|---|---|---|---|---|---|---|
09/16/2019
|
|
Loft
|
-
|
-
|
$399,000
Loft
-
|
-
-
|
-
|
-
|