Download FOR SALE - Truckee River Associates

12313 Soaring Way, Suite 2B, Truckee, CA 96161
(530) 587-7633 | www.truckeeriverassociates.com
FOR SALE
The Rex Hotel
10064 Donner Pass Road
Truckee, CA 96161
Asking Price $2,200,000.00
 A centerpiece property in Downtown Truckee’s Historic Commercial Row
 At the heart of North Lake Tahoe’s retail and restaurant tourism
 Multi-tenant building with three successful commercial tenants
Presented By:
Tom Watson
12313 Soaring Way, Suite 2B
Truckee, CA 96161
530-587-7633
[email protected]
www.truckeeriverassociates.com
Note: Information presented regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is
made to the accuracy thereof. Truckee River Associates, Inc. does not guarantee, warrant or represent that the information presented
is correct and is released from all liability resulting from information contained herein. Interested parties are advised to undertake their
own inquiries as to the accuracy of information regarding omissions, errors, price and rental conditions.
1|Page
12313 Soaring Way, Suite 2B, Truckee, CA 96161
(530) 587-7633 | www.truckeeriverassociates.com
Table of Contents
I.
II.
III.
Financial Analysis
- Property Description
Additional Information
- Truckee History
Demographics
The Rex Hotel Building
Note: Information presented regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is
made to the accuracy thereof. Truckee River Associates, Inc. does not guarantee, warrant or represent that the information presented
is correct and is released from all liability resulting from information contained herein. Interested parties are advised to undertake their
own inquiries as to the accuracy of information regarding omissions, errors, price and rental conditions.
2|Page
12313 Soaring Way, Suite 2B, Truckee, CA 96161
(530) 587-7633 | www.truckeeriverassociates.com
I.
Financial Analysis
Rex Hotel
10064 Donner Pass Road
Truckee, CA 96161
Listing Price:
Price per S.F.:
$2,200,000
$555.00
Cap Rate:
4.5%
Building S.F.:
Land Acres:
4,050±
0.04±
Percent Occupied: 100%
Tax Parcel Number 19-102-20-000
Zoning: Downtown Mixed Use (DMU)
Year Built: 1910
Building Class: Street Retail
Leasable Units: 3
Mixed Use: Retail/ Office/ Residential
Street Frontage: Donner Pass Road
Note: Information presented regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is
made to the accuracy thereof. Truckee River Associates, Inc. does not guarantee, warrant or represent that the information presented
is correct and is released from all liability resulting from information contained herein. Interested parties are advised to undertake their
own inquiries as to the accuracy of information regarding omissions, errors, price and rental conditions.
3|Page
12313 Soaring Way, Suite 2B, Truckee, CA 96161
(530) 587-7633 | www.truckeeriverassociates.com
Property Description:
Construction:
Brick Three (3) – Story Building
Built-In:
1910
Parking:
Paid parking spaces directly in front of the building.
Note: Tenant and Employee parking passes are available
through the Town of Truckee.
Ingress/Egress:
Ground level entrance on Donner Pass Road.
Tenants:
Well-established tenants include JoAnne’s Stained Glass & Gallery on
the Ground Floor, and Dale Cox Architects, and Langenkamp, Curtis &
Price, LLP occupying 2nd and 3rd floor office units..
Area:
The Rex Hotel is a centerpiece to Historic Downtown Truckee’s
Commercial Row, which is the heart of North Lake Tahoe’s retail and
restaurant tourism. The building is surrounded by successful
boutiques, offices, and eateries. Easily accessible from I-80 East and
West, as well as Highway 267 and Highway 89, Downtown Truckee is
a favorite destination for visitors from Sacramento, Reno, and the Bay
Area year around.
Property:
The Rex Hotel is a three (3) – story commercial use building that was
built in 1910 and is a historic, local landmark in Truckee. The property
currently consists of three (3) units, but may be modified to create
more leasable areas as desired. The large ground floor is a desirable
retail space with great street exposure, and two bright professional
office spaces make up the 2nd and 3rd floors.
The building was originally used as a hotel and included a speakeasy
on the ground floor. The speakeasy was named the “Silver Mirror”,
and prided itself in serving the finest, bootlegged whiskey at $1 per
shot. The “Silver Mirror” also featured gambling amenities – poker,
slot machines and black jack. The hotel owner, Dan Smith, also
provided a barbershop adjacent to the hotel lobby and rented “steam
heated” rooms on the 2nd floor of the Rex Hotel.
Note: Information presented regarding property for sale or lease is from sources deemed reliable, but no warranty or
representation is made to the accuracy thereof. Truckee River Associates, Inc. does not guarantee, warrant or
represent that the information presented is correct and is released from all liability resulting from information
contained herein. Interested parties are advised to undertake their own inquiries as to the accuracy of information
regarding omissions, errors, price and rental conditions.
4|Page
12313 Soaring Way, Suite 2B, Truckee, CA 96161
(530) 587-7633 | www.truckeeriverassociates.com
The Rex Hotel was built in 1910 and is one
of Truckee’s most recognizable buildings in
the Downtown Truckee “Commercial Row.”
It has been updated to combine historic
charm with modern amenities.
Three (3) Floors with a total of 4,050± Sq Ft of
leasable area.
Current layout offers Three (3) Units, but a flexible
floor plan offers the ability to create additional
units, or consolidate to fewer units to manage
income stream.
Note: Information presented regarding property for sale or lease is from sources deemed reliable, but no warranty or
representation is made to the accuracy thereof. Truckee River Associates, Inc. does not guarantee, warrant or
represent that the information presented is correct and is released from all liability resulting from information
contained herein. Interested parties are advised to undertake their own inquiries as to the accuracy of information
regarding omissions, errors, price and rental conditions.
5|Page
12313 Soaring Way, Suite 2B, Truckee, CA 96161
(530) 587-7633 | www.truckeeriverassociates.com
TRUCKEE HISTORY:
Truckee is a quaint mountain community that was established in 1863 then incorporated in 1993.
Truckee, with a population of 16,180, is the largest of three incorporated cities in Nevada County (the
other two - Grass Valley and Nevada City). The Town of Truckee is centrally located near Lake Tahoe,
historic state parks and an abundance of emigrant and Old West history. The town was originally
developed around the logging and ice manufacturing industries, and has evolved into a town of
sophistication with a variety for new and established business growth opportunities.
Historically, Truckee has been considered a “tourist town” that was largely populated by second
homeowners. According to an article in the National Geographic Adventure, Truckee was hailed as one
of the World’s best ski towns and is distinguished in the article by stating that Truckee is “an inviting
mountain burg steeped in ski heritage, amenities, and culture.” Additionally, in the Men’s Journal travel
section in April 2012, Truckee is named as one of “America’s Best Mountain Towns” to stay, eat and play.
Tourism remains high in the Truckee and Lake Tahoe areas, and continues to progressively grow.
Supposing tourism and the homeowner base remain steadily on the up-and-up during the recovery of the
national recession, the increase of the Truckee population shall be a major contributing factor to the
overall community growth – employment base in the retail, service, professional and government sectors
– in the years to come.
III.
Demographics
Traveling to and from the Town of Truckee is made convenient with the centrally located Truckee Tahoe
Airport, the close proximity of the Reno-Tahoe Airport and daily stops made by bus and train make doing
business or vacationing in a mountain town more accommodating. The Town of Truckee is located in the
Sierra Nevada mountain range and is a mere 200 miles (N/W) from San Francisco, 100 miles (East) from
Sacramento , 40 miles (West) from Reno, NV and a matter of minutes to Lake Tahoe
Note: Information presented regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is
made to the accuracy thereof. Truckee River Associates, Inc. does not guarantee, warrant or represent that the information presented
is correct and is released from all liability resulting from information contained herein. Interested parties are advised to undertake their
own inquiries as to the accuracy of information regarding omissions, errors, price and rental conditions.
6|Page
12313 Soaring Way, Suite 2B, Truckee, CA 96161
(530) 587-7633 | www.truckeeriverassociates.com
Note: Information presented regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is
made to the accuracy thereof. Truckee River Associates, Inc. does not guarantee, warrant or represent that the information presented
is correct and is released from all liability resulting from information contained herein. Interested parties are advised to undertake their
own inquiries as to the accuracy of information regarding omissions, errors, price and rental conditions.
7|Page
12313 Soaring Way, Suite 2B, Truckee, CA 96161
(530) 587-7633 | www.truckeeriverassociates.com
Note: Information presented regarding property for sale or lease is from sources deemed reliable, but no warranty or representation is
made to the accuracy thereof. Truckee River Associates, Inc. does not guarantee, warrant or represent that the information presented
is correct and is released from all liability resulting from information contained herein. Interested parties are advised to undertake their
own inquiries as to the accuracy of information regarding omissions, errors, price and rental conditions.
8|Page