Price Reduced Listing
1335 Cornell Avenue,Lovelock, NV 89419
Lovelock, NV 89419
Description
Excellent opportunity to acquire income-producing 4-unit investment property with an estimated $27,000 annual NOI and a 5.14 CAP rate. The property consists of two 2-bedroom/1-bath units and two 1-bedroom/1-bath units, offering a desirable mix of unit sizes. Originally constructed in 1949 as the 7-unit Sage Motel, the property was converted to apartments in 2005 and operated as multifamily housing through 2016. Between 2018 and 2019, the property underwent an extensive renovation, including a new roof, plumbing, electrical, doors, Low-E double-pane windows, flooring, paint, water heaters, appliances, and numerous additional improvements, creating attractive, low-maintenance units. Each apartment is separately metered for gas and electricity, helping reduce operating expenses. The property includes approximately 2,184 square feet in the main building plus a 130-square-foot detached laundry/storage building. Commercial zoning provides exceptional flexibility for investors and owner-users alike. Potential uses include long-term apartments, short-term rentals, motel/hospitality, Airbnb or vacation rentals (subject to local regulations), retail, office space, or a live/work business opportunity. Seller financing is available with negotiable owner-carry terms, making this an attractive option for qualified buyers seeking positive cash flow and flexible acquisition terms.
Details
| MLS # | 260008894 |
|---|---|
| Listing Type | For Sale |
| Style | Fourplex |
| Sub-Type | Resale |
| Status | Active |
| Year | 1949 |
| Days On Site | 62 |
| Listing Provided By | RE/MAX Gold | Joshua Talayka |
Features
| Bed(s) | 6 |
|---|---|
| Bath(s) | 4 |
| SQ Feet | 2,184 |
| Story(s) | 1 |
| Units | 4 |
| Building(s) | 1 |
| Zoning | C |
| Acreage | 0.22 |
Interior
| Heating | Electric, Natural Gas, Wall Furnace |
|---|---|
| Heating Yes / No | Yes |
| Cooling Yes / No | No |
| Window Features | Blinds, Double Pane Windows, Vinyl Frames |
| Appliances | Oven, Dryer, Gas Range, Refrigerator, Washer |
| Fireplace Yes / No | No |
Exterior
| Roof | Composition, Pitched, Shingle |
|---|---|
| Exterior Features | None |
| Security Features | Smoke Detector(s) |
| Lot Features | Level |
| Construction Materials | Frame, Vinyl Siding |
| Road Responsibility | Public Maintained Road |
| Foundation Details | Slab |
| Fencing | Partial |
Parking
| Parking Features | Assigned |
|---|---|
| Attached Garage Yes / No | No |
Utilities
| Utilities | Cable Connected, Electricity Connected, Internet Available, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected, Cellular Coverage, Water Meter Installed |
|---|---|
| Sewer | Public Sewer |
Location
| Senior Community Yes / No | No |
|---|
Taxes
| Property | 1566 |
|---|
Area Information
| State | NV |
|---|---|
| County | Pershing |
| City | Lovelock |
| Zip Code | 89419 |
| Area | Pershing |
| Community Name | Webb Addition |
| School District | Pershing |
| Elementary School | Lovelock |
| High School | Pershing |
| Listing VS Median (in Webb Addition) | |
Price: $499,000 low | high Med: $185,000 sqft: 2,184 low | high Med: 1,044 $ / sqft: $228 low | high Med: $177 On site: 62 low | high Med: 16 | |
Market Activity 89419
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Learn More About This Property
| State | NV |
|---|---|
| County | Pershing |
| City | Lovelock |
| Zip Code | 89419 |
| Area | Pershing |
| Community Name | Webb Addition |
| School District | Pershing |
| Elementary School | Lovelock |
| High School | Pershing |
| Listing VS Median (in Webb Addition) | |
Price: $499,000 low | high Med: $185,000 sqft: 2,184 low | high Med: 1,044 $ / sqft: $228 low | high Med: $177 On site: 62 low | high Med: 16 | |
