324-326 Liberty

Reno, NV · 2 units · A retiring attorney's law office and its rear rental, reborn as a fully-booked short-term rental — on some of the most valuable land in our portfolio.

The Opportunity

A retiring attorney's office — and an overlooked land-bank asset

324-326 Liberty is a historic property with two structures on one lot. When we found it, the front house was operating as a law office and the rear house as a standalone rental — an unusual, underused pairing.

We bought it directly from the retiring attorney in 2021 for $900,000, with very favorable seller financing. Beyond the buildings themselves, the property's unique use code and location made it a land-bank asset — the kind of site whose future redevelopment potential is worth as much as what's on it today.

What We Did

Two structures, one short-term rental operation

Bought direct from the seller at $900K with favorable owner financing

Converted the front law office into a 4-bed, 3-bath short-term rental

Renovated the rear house into a self-contained 2-bed, 1-bath short-term rental

Budgeted roughly $500K for the rehab across both structures

Preserved the property's unique zoning — a land-bank asset with real redevelopment upside

Structured seller financing that amortizes more than $25K/yr in owner equity, on top of cash flow

The Result

A 2-unit Airbnb, cash-flowing on appreciating land

The law office and its rear rental now run as a fully-booked short-term rental — generating real cash flow while sitting on a site whose redevelopment upside grows every year.

Units (law office + rental → Airbnb)

$150K

Annual rents ($42K → $150K)

$69.4K

Annual NOI ($134.4K EGI)

$25K+/yr

Loan principal paydown, on top of cash flow

Have a property that's underperforming?

324-326 Liberty started as an odd pairing — a law office and a forgotten rental. If you own real estate that isn't living up to its potential — or you want to invest alongside deals like this — let's talk.

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