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34 W 2nd St - Redevelopment Opportunity | Former Riverboat 134 Unit Apartment Building Offered For Sale Reno, NV 89501
Investment Highlights
- Downtown Redevelopment Opportunity
- In Downtown Riverwalk District
- Previously Operated as a Hotel Casino
- Local Incentives Available (TIF & Restore Funds ect)
Executive Summary
The Riverboat Apartments development is a mixed-use project that will offer a true live, work, play option in Downtown Reno. The asset offers multifamily and commercial/retail units. This former motel was acquired with the intent to convert the units to multifamily apartments. The current plans for the multifamily portion
consist of approximately 132 units and the commercial retail portion consists of 2 units and approximately ±20,000 sq ft. The multifamily units have been demolished
with some of the environmental remediation being completed. The current floor plan allows for all studio units. The ground level retail was previously leased to Longs
Drugs/CVS. The former Pizza Reno building fronts 2nd Street and is approximately ±5,000 sqft. The current zoning is MD-RD which is Mixed Use Riverwalk District. This
allows for many uses. There’s also a full basement area which could be a rentable storage area for tenants. The development offers a potential buyer the opportunity
to customize the design and plans. The apartment plans offer a variety of unit mixes and floorplans appealing to a diverse group of potential renters.
The Riverboat Apartment development opportunity is located within the Downtown Reno submarket. The submarket is being reinvented and has easy access to all the Reno-Sparks MSA has to offer. Both the city and private sectors have been a part of the submarkets new vision for its revitalization. Local major employers like the Row, Renown Medical Center, and the University of Nevada, Reno surround the property, providing its residents some of the shortest commute times in the area. Its close access to Interstate 80 also gives residents quick access to the Tahoe Reno Industrial Center and Victory Logistics Center. The neighborhood features a mix of Casino resorts, local and
national retailers, professional offices, medical offices, Major area hospitals, garden-style apartments, and upper middleclass condo residences.
consist of approximately 132 units and the commercial retail portion consists of 2 units and approximately ±20,000 sq ft. The multifamily units have been demolished
with some of the environmental remediation being completed. The current floor plan allows for all studio units. The ground level retail was previously leased to Longs
Drugs/CVS. The former Pizza Reno building fronts 2nd Street and is approximately ±5,000 sqft. The current zoning is MD-RD which is Mixed Use Riverwalk District. This
allows for many uses. There’s also a full basement area which could be a rentable storage area for tenants. The development offers a potential buyer the opportunity
to customize the design and plans. The apartment plans offer a variety of unit mixes and floorplans appealing to a diverse group of potential renters.
The Riverboat Apartment development opportunity is located within the Downtown Reno submarket. The submarket is being reinvented and has easy access to all the Reno-Sparks MSA has to offer. Both the city and private sectors have been a part of the submarkets new vision for its revitalization. Local major employers like the Row, Renown Medical Center, and the University of Nevada, Reno surround the property, providing its residents some of the shortest commute times in the area. Its close access to Interstate 80 also gives residents quick access to the Tahoe Reno Industrial Center and Victory Logistics Center. The neighborhood features a mix of Casino resorts, local and
national retailers, professional offices, medical offices, Major area hospitals, garden-style apartments, and upper middleclass condo residences.
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 134 | - | - |
1 1
Walk Score®
Walker's Paradise (98)
Bike Score®
Very Bikeable (86)
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34 W 2nd St - Redevelopment Opportunity | Former Riverboat
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