The Locale
The property is located on Washoe County's Forest Plan area (here's a full map of the area). It is outside the boundaries of the city of Reno, but within the bounds of Washoe County. Even though it's outside the official bounds of the city, it still has a Reno, NV mailing address. Here's a map showing the special planning districts of Washoe County:
The Property
Here's a map of the Forest Area, zoomed in with a red arrow pointing to the area of the property. The Forest Area is 130 square miles, much of which falls within the Toiyabe National Forest and the jurisdiction of the U.S. Forest Service. This area is rich in outdoor recreational areas and includes the Mt. Rose Ski Resort, Sky Tavern, as well as upscale developments such as Montreux and St. James Village.
Zoning and Possibilities
The property is zoned neighborhood commercial (NC) which affords it many different possibilities. Table 110.302.05.1 in the Washoe County Regulation of Uses describes the allowed uses for this property. Uses we considered were:
- Local Market Use
- Such as a Walgreens, mini-mart, or gas station
- I don't have any knowledge of these types of businesses, so this use was given minimal consideration.
- A Nevada gaming license is permitted within this zoning.
- Daycare Facility Use
- Daycare in Reno is in short supply, however I believe this parcel is not the correct location for this venture.
- The surrounding neighborhood is so wealthy that my thesis is the local residents would rather pay for a stay-at-home nanny than to send their kids to daycare. Also, the demographics indicate that most the residents seem to be of an older age - not the young working-class age group which would create the kind of demand we would need to support such a business.
- Medical Office Use
- We've considered this use-case as well. My wife is a registered nurse, so the possibilty of owning a practice as discussed. A future use could include developing the South-East portion of the property to include a facility in the future (instead of the proposed 4-plex addition)
- Such medical office would likely take advantage of the scenic views and fresh mountain air of the property - such as a relaxation retreat or something like this.
- Multifamily Use (Townhomes)
- Washoe county allows a total of 5 units of residential per acre in NC zoning. The use-case that was chosen was to develop a 4-plex at a later date in the South-East portion of the lot.
Surrounding Property Values
Here's the hard part. Determining value from comparables is tough for anything other than the straight-residential use-case.
Figure. 89511 is the second most expensive zip code in the county (Incline Village / Lake Tahoe is the first)
As shown in the second chart, home prices have risen considerably in the last 5 years. This is true for the Reno area in general, but during the last 3 years, the 89511 premium has performed exceptionally well and this remains one of the priciest neighborhoods in the area.
As shown in the second chart, home prices have risen considerably in the last 5 years. This is true for the Reno area in general, but during the last 3 years, the 89511 premium has performed exceptionally well and this remains one of the priciest neighborhoods in the area.
Looking at data from Realtor.com also shows a premium housing market - with strong growth over the last 3 years.
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