page not found for single-type.php file

Follow this tutorial for creating the custom post type.

Here is the working code as per your requirement:

function create_post_type_event() {

    //Create custom post type for event

    $labels = array(
            'name' => _x('Event', 'post type general name'),
            'singular_name' => _x('Event', 'post type singular name'),
            'add_new' => _x('Add New', 'event'),
            'add_new_item' => __('Add New Event'),
            'edit_item' => __('Edit Event'),
            'new_item' => __('New Event'),
            'all_items' => __('All Events'),
            'view_item' => __('View Event'),
            'search_items' => __('Search Event'),
            'not_found' =>  __('No event found'),
            'not_found_in_trash' => __('No event found in Trash'),
            'parent_item_colon' => '',
            'menu_name' => __('Event')

    );
    $args = array(
            'labels' => $labels,
            'public' => true,
            'publicly_queryable' => true,
            'show_ui' => true,
            'show_in_menu' => true,
            'query_var' => true,
            'rewrite' => TRUE,
            'capability_type' => 'post',
            'has_archive' => true,
            'hierarchical' => false,
            'menu_position' => 5,
            'supports' => array( 'title', 'editor', 'author', 'thumbnail', 'excerpt', 'comments', 'custom-fields' )
    );
    register_post_type('event',$args);

    flush_rewrite_rules();          // Flush the rewrite rules and re-create the above for custom post types

}

add_action( 'init', 'create_post_type_event' );

After creating this cpt you can create a single-event.php file in your active theme’s directory and it should work with no trouble.