Investment Overview

The subject property, 1150 Corporate Boulevard, presents an opportunity to acquire a single-tenant asset with a long-term lease in Reno, Nevada. The property is leased to Bowman Consulting Group Ltd., who is a national engineering firm with more than 100 offices nationwide. The existing Lease operates on a double-net structure, and the initial term runs through February 1st, 2034 with one more five-year option to renew. The in-place rent is only $1.38/SF/mo., offering a great basis and future upside upon Lease expiration. The existing business constructed and began operating at this location in 1984 as CFA, Inc., and was acquired by Bowman Consulting Group in 2023. Bowman is a multi-disciplinary consulting firm offering a broad range of real estate, energy, infrastructure, and environmental management solutions to both public and private clients across the country. The property consists of a 7,592 SF office building plus a 700 SF detached garage, both of which are masonry construction. The site is 1.03 acre(s), which offers 60 on-site parking spaces separate of the garage. The property is located just east of the Reno Tahoe International Airport, with immediate access to S McCarran Boulevard and Mill Street. The centralized location offers convenient access to all of Reno, Sparks, and the surrounding areas. Offered at $2,245,000 and $295/SF (not counting the 700 SF garage), this asset provides the hard-to-find combination of (i) a single tenant property with limited management, (ii) below-market rents, and (iii) located in income-tax free Nevada.