Horan House

10403 High Street, Truckee, California 96161
Property Particulars
January 2026
Capital Stack
Senior Debt
$1,850,000
Tri-Counties Bank · Construction Financing
Mezzanine
$1,200,000
Subordinated Debt
Equity
$1,550,000
Land + Cash Investment
Total Capitalization
$4,600,000
Appraised Value
$4,600,000
Loan-to-Value
66%

Colliers International appraisal completed 2025. Going concern valuation reflects stabilized hospitality operations.

Property Details
AttributeValue
Guestrooms5 Rooms
Sleeping Capacity10 Guests
Total Square Footage~4,200 SF
Bathrooms4 Full + 1 Half
Levels3
AccessibilityADA Compliant (elevator between Level 0 and Level -1)
Property Photography
Living Room Kitchen Guestroom Bath

Photography: Mikael Lundblad, November 2025

Pro Forma Operating Performance
ADR per Room
$607
+ $438 services
NOI per Room
$100,475
31% margin
RevPAR
$433
4× national avg
Unlevered Yield
9.8%
vs 4–5% VR typical
Location & Regulatory

Horan House occupies an elevated position in historic downtown Truckee, commanding unobstructed views of the Sierra Nevada mountain range and overlooking the Truckee River valley. A sequence of stairs connects High Street to Donner Pass Road below, acknowledging the natural topography that defines this alpine town.

The property operates under Downtown Mixed-Use Residential (DMUR) zoning, enabling year-round professional hospitality within Truckee's historic district. This regulatory framework provides sustainable operational permissions while maintaining neighborhood character—a critical competitive advantage in supply-constrained markets.

Design & Architecture

Standing seam metal roofing in charcoal, natural wood siding, and blackened steel details reference Nordic building traditions and Truckee's mining heritage. The interior material palette centers on natural warmth—teak, walnut, concrete, marble—with earth-toned upholstery and sculptural lighting throughout.

RoleFirm
ArchitectureRyan Group Architects
Design DirectionHalfdán Pedersen, Iceland
Interior ArchitectureMichael Hsu Office of Architecture
Kitchen DesignKitchen Restaurant + Bar Specialists
Hospitality Infrastructure

The kitchen operates at professional hospitality standards: Sub-Zero refrigeration, Wolf ventilation, Miele commercial dishwashers, Hestan range with griddle and dual ovens, and La Marzocco espresso capabilities. This institutional-grade specification enables hotel-level food and beverage service within a residential setting—a fundamental principle of the distributed hotel model.

Investment Highlights
Asset Value Creation
Land acquired at $177K; total improvements $3.9M; current appraised value $4.6M
Market Position
Average Truckee hotel rate >$900/night with zero premium downtown hotels
Group Travel Opportunity
67% of travel books 2+ rooms—Horan House purpose-built for this demand