INTENT AND DECISION TO LEASE THE “OLD CORNER BAR” OR THE SALOON AREA OF PIPER’S OPERA HOUSE
| Location: | Nevada |
|---|---|
| Posted: | Feb 23, 2026 |
| Due: | Mar 17, 2026 |
| Agency: | Storey County |
| Type of Government: | State & Local |
| Category: |
|
| Solicitation No: | RESOLUTION: 26-817 |
| Publication URL: | To access bid details, please log in. |
| Bid Number: |
RESOLUTION: 26-817
|
| Bid Title: |
INTENT AND DECISION TO LEASE THE “OLD CORNER BAR” OR THE SALOON AREA OF PIPER’S OPERA HOUSE
|
| Category: | Storey County Miscellaneous |
| Status: | Open |
|
Attachment Preview
Mark E.Stafford
Real Estate Appraiser
_____________________________________________________________________________________
226 N B St PO Box 349
775-750-9078
Virginia City, NV 89440
mark@staffordappraisal.com
January 6, 2026
Austin Osborne, County Manager
Storey County
PO Box 176
Virginia City, NV 89440
RE: Old Corner Bar Market Rental Estimate
Dear Mr Osborne,
***SENT VIA E-MAIL***
Pursuant to your request, the undersigned has prepared an appraisal report of the
above-referenced property. The attached report sets forth the descriptions, analyses and
estimate of Market Rent. This estimate is made effective my last date of physical
inspection, December 19, 2025.
The assignment at hand extends beyond conducting a rental survey of rents charged
in the area for informational purposes. The assignment is to estimate Market Rent for the
Old Corner Bar in Virginia City, Nevada under proposed lease terms outlined by Storey
County. The appraisal problem applies to a specific property under specific terms and
conditions. As such, the Uniform Standards of Professional Appraisal Practice (USPAP)
define this as an Appraisal Assignment. Therefore, the attached document is defined as an
Appraisal Report and is subject to the conditions and requirements of USPAP.
An Appraisal Report of 26 pages is attached hereto and made a part hereof and the
estimate is made subject to the comments and conditions appearing on such pages.
Disclosure of the contents of the appraisal report is governed by the bylaws and regulations
of the Uniform Standards of Professional Appraisal Practice. This report has been made in
conformity with, and is subject to, the requirements of the Code of Professional Ethics and
Standards of Professional Practice as stated in the Uniform Standards of Professional
Appraisal Practice as adopted by the State of Nevada's Commission of Appraisers.
I estimated the monthly rent under a typical four-year lease to be $1.39 per square
foot, or $2,088.00 per month. Considering the proposed terms of a twelve-month lease with
no renewal offered and subject to a 90-day cancellation provision, I have adjusted that
figure downward 30%. This resulted in a final estimate of Market Rent of $0.97 per square
foot.
Therefore, I am of the opinion that effective December 19, 2025, the subject
property has an estimated monthly Market Rent, as defined in this report, and under the
lease terms and conditions as described herein of:
ONE THOUSAND FOUR HUNDRED SIXTY DOLLARS
($1,460.00)
Storey County has approved the replacement of the heating boiler equipment at
Piper’s Opera House. The above estimate of Market Rent is made with the Extraordinary
Assumption that the boiler installation is complete and operational.
Respectfully submitted,
Mark E. Stafford, Certified General Appraiser
State of Nevada No. A.0000178-CG
Table of Contents
Introduction ...................................................................................................................1
Purpose of Appraisal ........................................................................................1
Market Rent Defined ........................................................................................1
Intended User ....................................................................................................2
Intended Use......................................................................................................2
Scope of the Appraisal......................................................................................2
USPAP Compliance ..........................................................................................2
Identification of the Property ..........................................................................3
Owner of Record ...............................................................................................3
Extraordinary Assumptions & Hypothetical Conditions ...........................3
Assumptions and Limiting Conditions .........................................................3
Descriptive Data ............................................................................................................7
Regional and Town Data .................................................................................7
Neighborhood Discussion ...............................................................................9
Piper’s Opera House.........................................................................................10
The Old Corner Bar-The Leased Premises ....................................................11
Lease History .....................................................................................................18
Proposed Lease..................................................................................................18
Possessory Interest ............................................................................................19
Personal Property and Trade Fixtures ...........................................................20
Rental Survey.....................................................................................................20
Rental Tabulation ..............................................................................................21
Final Statement of Market Rent ..................................................................................24
Certification of the Appraiser......................................................................................25
Introduction
Purpose of Appraisal
The purpose of this appraisal report is to provide an estimate of Market Rent
under the lease terms proposed for the herein described property. The leased
premises consist of a commercial occupancy commonly known as “The Old Corner
Bar” located in Piper’s Opera House in the unincorporated Town of Virginia City,
Storey County, Nevada. The estimate of Market Rent is made effective the last date of
physical inspection, December 19, 2025. The appraisal report was prepared January 6,
2026.
Market Rent Defined
For purposes of this appraisal report, Market Rent is defined as follows.
The most probable rent that a property should bring in a
competitive and open market under all conditions requisite to a
fair lease transaction, the lessee and lessor each acting prudently
and knowledgeably, and assuming the rent is not affected by
undue stimulus. Implicit in this definition is the execution of a
lease as of a specified date under conditions whereby:
1) Lessee and lessor are typically motivated;
2) Both parties are well informed or well advised, and acting in
what they consider their best interests;
3) Payment is made in terms of cash or in terms of financial
arrangements comparable thereto; and
4) The rent reflects specified terms and conditions, such as
permitted uses, use restrictions, expense obligations,
duration, concessions, rental adjustments and revaluations,
renewal and purchase options, and tenant improvements
(TIs).
Source: The Dictionary of Real Estate Appraisal, Seventh Edition
Chicago: Appraisal Institute, 2022, Pg 116-117
1
Intended User
This appraisal report has been prepared for the Storey County Manager’s
Office and its’ designees.
Intended Use
The intended use of this report is to provide a rental estimate to aid the client
in the proposed leasing of the commercial space herein described. Use of this report
by individuals other than the intended recipient is not permitted and shall render the
analyses and opinions contained herein null and void.
Scope of the Appraisal
The undersigned personally inspected the subject property and conducted a
rental survey of commercial occupancies in Virginia City. This included interviews
with tenants, landlords and real estate professionals. Building records maintained by
the Storey County Assessor’s Office were also consulted. In addition to rental data,
information regarding general economic conditions, building activity, occupancy
levels, property sales and offerings, employment trends, and other pertinent data
were examined.
USPAP Compliance
The appraisal process and preparation of this report have been completed in
conformance with the Uniform Standards of Professional Appraisal Practice (USPAP).
The State of Nevada’s Commission of Appraisers has adopted these standards for all
licensed and certified appraisers conducting appraisals in the State of Nevada. This
report is considered an Appraisal Report as defined by USPAP and is not a Restricted
Appraisal Report. The Departure Provision of USPAP was not invoked in the
evaluation process or preparation of this appraisal report.
The appraiser preparing this report has been a professional appraiser in the
State of Nevada since 1977. The undersigned has appraised commercial, industrial,
rural, and residential properties across central, western, and northern Nevada. These
appraisals have included the subject property type and like locations in Storey
County. The appraiser responsible for this report possesses the required experience
and resources to complete the appraisal assignment competently and accurately.
2
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