1335 Cornell Ave, Lovelock, NV 89419

Property 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.