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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