Project Information

Bid Title

INTENT AND DECISION TO LEASE THE “OLD CORNER BAR” OR THE SALOON AREA OF PIPER’S OPERA HOUSE

Issuing Agency

Storey County

Location

Nevada

Published Date

Feb 23, 2026

Closing Date

Mar 17, 2026

Government Level

State & Local

Status

Closed

Ref. #

RESOLUTION: 26-817

Original Source

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Bid Documents

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Project Description

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

Description: A RESOLUTION DECLARING STOREY COUNTY’S INTENT, AND ITS DECISION TO LEASE A PORTION OF APN 001-082-14 KNOWN AS THE “OLD CORNER BAR” OR THE SALOON AREA OF PIPER’S OPERA HOUSE, AS AUTHORIZED WITHIN NRS 244.283; AND OTHER MATTERS PROPERLY RELATED THERETO. Publication Date/Time: 2/23/2026 9:00 AM Publication Information: https://www.thecomstockchronicle.com/ Closing Date/Time: 3/17/2026 10:00 AM Contact Person: Austin Osborne PO Box 176 Virginia City, NV 89440 (775) 847-0968 aosborne@storeycounty.org Business Hours: M-F 08:00 AM - 5:00 PM Fax Number: 775-847-0949 Qualifications: INCLUDED IN RESOLUTION Special Requirements: INCLUDED IN RESOLUTION Miscellaneous: On 02/03/2026, the Storey County Board of County Commissioners approved the resolution pending modified lease terms of the "Old Corner Bar" (from 1 year lease to 3 year lease). The 02/04/2026 Modified Appraisal Report and Fair Market Rent is based on the modified lease terms. For additional information: https://www.youtube.com/live/ZqrnYC6kBJc?si=IW-NvcnrFt_93wYq Related Documents: 20260106 Corner Bar Appraisal Report Resolution of Intent to Lease OCB_FINAL 20260204 Corner Bar Appraisal Report-Modified Lease Terms

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

Commodity Codes

• NAICS 531120Lessors of Nonresidential Buildings (except Miniwarehouses)
• NAICS 541511Custom Computer Programming Services

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