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Shopping Neighborhood

Sharlands Square

6275 Sharlands Ave, Reno, NV 89523

Listing Price: $16,200,000

Cap Rate
5.93%
Rentable SF
49,318
Lot Size
5.13 acres
Year Built
2004

Investment Overview

The subject property is a 49,318 square foot multi-tenant retail center on a 5.13-acre lot in Reno, Nevada. The offering is part of “Sharlands Square” which is a 98,000+ square foot regional shopping center anchored by a 45,000+ square foot medical facility. The shopping center was constructed in 2004 using high-end finishes, giving the center a modern appeal that remains a destination for the surrounding residents. “Sharlands Square” is situated in a prominent location with immediate access and visibility to Interstate 80. The center is located at the intersection of Robb Drive and Sharlands Avenue, and offers ingress and egress from both streets. The surrounding “Northwest Reno” and “Somersett” submarkets are comprised of an affluent customer base, with nearly 70,000 residents that have an average household income of $107,000+ in a three mile radius. The property is currently 97.6 percent occupied by 21 tenants on triple-net Leases. All of the existing leases call for scheduled rental increases (nearly all of which are three-percent annually) and most of the tenant’s options are to be adjusted to Fair Market Value. Sharlands Square has a history of long-term tenants, along with staggered lease expiration dates significantly reducing the risk of any large vacancies in a single year. The property offers both ground floor retail and second story office suites, all of which are predominately leased by service-oriented tenants. A few of the current tenants include Sherwin Williams, Moxie’s, Port of Subs, State Farm, Edward Jones, and many others. The well thought-out property design offers all tenants excellent signage, visibility, and parking to ensure their success at this location. Offered at $16,200,000 and a 5.93 percent Cap Rate, Sharlands Square provides investors a diversified source of income that is well positioned to adjust to inflation.

Investment Highlights

  • Great Visibility From Interstate 80 (51,000+ Cars Per Day)
  • Located in an Affluent Submarket (Avg. Household Income $107,102 in a Three-Mile Radius)
  • Long-Term Tenant Base with Staggered Lease Expiration Dates
  • Quality Concrete Block Construction with High-End Finishes

Exclusively Listed By

Shopping Neighborhood

Sharlands Square

Listing Price: $16,200,000

Cap Rate
5.93%
Rentable SF
49,318
Lot Size
5.13 acres
Year Built
2004

Investment Highlights

  • Great Visibility From Interstate 80 (51,000+ Cars Per Day)
  • Located in an Affluent Submarket (Avg. Household Income $107,102 in a Three-Mile Radius)
  • Long-Term Tenant Base with Staggered Lease Expiration Dates
  • Quality Concrete Block Construction with High-End Finishes

Investment Overview

The subject property is a 49,318 square foot multi-tenant retail center on a 5.13-acre lot in Reno, Nevada. The offering is part of “Sharlands Square” which is a 98,000+ square foot regional shopping center anchored by a 45,000+ square foot medical facility. The shopping center was constructed in 2004 using high-end finishes, giving the center a modern appeal that remains a destination for the surrounding residents. “Sharlands Square” is situated in a prominent location with immediate access and visibility to Interstate 80. The center is located at the intersection of Robb Drive and Sharlands Avenue, and offers ingress and egress from both streets. The surrounding “Northwest Reno” and “Somersett” submarkets are comprised of an affluent customer base, with nearly 70,000 residents that have an average household income of $107,000+ in a three mile radius. The property is currently 97.6 percent occupied by 21 tenants on triple-net Leases. All of the existing leases call for scheduled rental increases (nearly all of which are three-percent annually) and most of the tenant’s options are to be adjusted to Fair Market Value. Sharlands Square has a history of long-term tenants, along with staggered lease expiration dates significantly reducing the risk of any large vacancies in a single year. The property offers both ground floor retail and second story office suites, all of which are predominately leased by service-oriented tenants. A few of the current tenants include Sherwin Williams, Moxie’s, Port of Subs, State Farm, Edward Jones, and many others. The well thought-out property design offers all tenants excellent signage, visibility, and parking to ensure their success at this location. Offered at $16,200,000 and a 5.93 percent Cap Rate, Sharlands Square provides investors a diversified source of income that is well positioned to adjust to inflation.

Exclusively Listed By

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