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Shopping Strip

1401 S Virginia St

1401 S Virginia St, Reno, NV 89502

Listing Price: $8,625,000

Cap Rate
6.12%
Gross SF
21,519
Rentable SF
21,198
Price/Gross SF
$400.81
Lot Size
0.71 acres
Year Built
1955

Investment Overview

The subject property is a modern 21,519-square foot multi-tenant retail/office property located in the heart of Midtown Reno, Nevada. The property is currently 100 percent occupied by five tenants on long term triple-net leases. Located in the epicenter of Midtown Reno, the property is surrounded by some of Reno’s most dynamic retail and is walking distance from Downtown Reno. Located next to Midtown’s newest apartment development, the building’s tenants’ benefit, both day and night, from the high foot and vehicle traffic in the immediate area. The subject property has excellent ingress, egress, and visibility along South Virginia Street, which is the highest traffic thoroughfare in Midtown. The property is supported by the dense housing nearby, along with the significant daytime population who works a couple blocks away in Downtown Reno. Further, the site benefits from the synergies created with an eclectic mix of local and regional restaurants, boutiques, coffee houses, and nightlife venues found in the immediate area. The building was extensively renovated in 2016 with a modern appeal that exemplifies Midtown’s newest developments. The building is constructed out of low maintenance brick construction, and as part of the redevelopment received a new elevator, façade, second-story deck, roof, electrical, and HVAC. The property also offers 31 on-site parking spaces (plus additional street parking) which is becoming exceptionally rare in Midtown Reno. The ample parking included with this offering sets it apart from it’s competition, making it more desirable for both tenants and their clientele. The building is 100-percent occupied by five tenants on a triple-net lease structures. The leases have long-term expiration dates reducing the landlord’s vacancy exposure. The largest tenant is Michael & Sons Jewelers occupying two suites totaling 7,520-square feet. Founded in 1983, Michael & Sons Jewelers initially took occupancy at this location in 2016, and then expanded into a second suite in 2019. The remaining tenants are a desirable mix of local and national branded tenants, including REMAX, Chapo’s Sports Bar, Biggest Little Steakhouse, and Red Dot Management, LLC. Offered at $8,625,000 or a 6.14-percent Cap Rate, this property presents an investor with the ability to purchase a pride of ownership asset in a phenomenal location.

Investment Highlights

  • Located in the Heart of Midtown Reno
  • Supported by an Abundance of Retailers, Residential Dwellings, and Daytime Workers
  • High Quality Brick Construction with Modern Appeal
  • Above Average Midtown On-Site Parking (31 Spaces + Street Parking)
  • Excellent Visibility, Ingress, and Egress along South Virginia Street

Exclusively Listed By

Shopping Strip

1401 S Virginia St

Listing Price: $8,625,000

Cap Rate
6.12%
Gross SF
21,519
Rentable SF
21,198
Price/Gross SF
$400.81
Lot Size
0.71 acres
Year Built
1955

Investment Highlights

  • Located in the Heart of Midtown Reno
  • Supported by an Abundance of Retailers, Residential Dwellings, and Daytime Workers
  • High Quality Brick Construction with Modern Appeal
  • Above Average Midtown On-Site Parking (31 Spaces + Street Parking)
  • Excellent Visibility, Ingress, and Egress along South Virginia Street

Investment Overview

The subject property is a modern 21,519-square foot multi-tenant retail/office property located in the heart of Midtown Reno, Nevada. The property is currently 100 percent occupied by five tenants on long term triple-net leases. Located in the epicenter of Midtown Reno, the property is surrounded by some of Reno’s most dynamic retail and is walking distance from Downtown Reno. Located next to Midtown’s newest apartment development, the building’s tenants’ benefit, both day and night, from the high foot and vehicle traffic in the immediate area. The subject property has excellent ingress, egress, and visibility along South Virginia Street, which is the highest traffic thoroughfare in Midtown. The property is supported by the dense housing nearby, along with the significant daytime population who works a couple blocks away in Downtown Reno. Further, the site benefits from the synergies created with an eclectic mix of local and regional restaurants, boutiques, coffee houses, and nightlife venues found in the immediate area. The building was extensively renovated in 2016 with a modern appeal that exemplifies Midtown’s newest developments. The building is constructed out of low maintenance brick construction, and as part of the redevelopment received a new elevator, façade, second-story deck, roof, electrical, and HVAC. The property also offers 31 on-site parking spaces (plus additional street parking) which is becoming exceptionally rare in Midtown Reno. The ample parking included with this offering sets it apart from it’s competition, making it more desirable for both tenants and their clientele. The building is 100-percent occupied by five tenants on a triple-net lease structures. The leases have long-term expiration dates reducing the landlord’s vacancy exposure. The largest tenant is Michael & Sons Jewelers occupying two suites totaling 7,520-square feet. Founded in 1983, Michael & Sons Jewelers initially took occupancy at this location in 2016, and then expanded into a second suite in 2019. The remaining tenants are a desirable mix of local and national branded tenants, including REMAX, Chapo’s Sports Bar, Biggest Little Steakhouse, and Red Dot Management, LLC. Offered at $8,625,000 or a 6.14-percent Cap Rate, this property presents an investor with the ability to purchase a pride of ownership asset in a phenomenal location.

Exclusively Listed By

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