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Shopping Strip

Paradise Plaza

2203 -2219 Oddie Blvd, Sparks, NV 89431

Listing Price: $5,320,000

Cap Rate
7.58%
Gross SF
16,138
Rentable SF
16,138
Price/Gross SF
$329.66
Lot Size
1.39 acres
Year Built
1973

Investment Overview

The subject property is a 15,840 square-foot multi-tenant retail building located in Sparks, Nevada. More specifically the offering is a 1.39-acre outparcel of Paradise Plaza, which is a 188,608 square-foot regional shopping center. The subject property is fully occupied by five tenants on triple-net leases. Dense local populations combined with excellent visibility allow the tenants of this property to thrive. Paradise Plaza is located at the intersection of Oddie Boulevard and El Rancho Drive, which collectively see over 29,600 cars per day (NDOT Estimates). The subject property enjoys excellent frontage along Oddie Boulevard, and is easily accessibly from multiple entry points. Because of the desirable location of this intersection, the immediate surrounding area has received significant interest from developers. 288 new apartment units were constructed directly across the street last year, and a 30-million dollar redevelopment project known as the "Oddie District" is advancing on the northwest corner of the intersection. These projects intend to accommodate over a quarter million residents who live within a 5-mile radius. The property is 100-percent occupied by a balanced retail mix that serves the local community. The existing tenants are Pizza Plus, H&R Block, B&B Mini Mart, Carniceria Mi Rancho, and Sun Loan Company. All of these tenants have done well throughout the pandemic, and are all currently open for business. In addition, an abundance of nearby retailers create a synergistic environment in which these tenants can prosper. Walgreens, Jack-In-The Box, US Bank , Family Dollar, Octopharma Plasma, and more can all be found within Paradise Plaza. Offered at $5,320,000, this property offers investors an 7.2% Cap Rate on current income. All of the leases also have scheduled increases either annually or in option periods, which improve returns year-over-year. Furthermore, this asset can be delivered free and clear of existing debt, providing investors the opportunity to lock in financing at today’s historically low interest rates and achieve attractive leveraged returns.

Investment Highlights

  • Situated Near the Signalized Intersection of Oddie Boulevard and El Rancho Drive, Which Collectively Sees 29,600 Cars Per Day (NDOT Estimate)
  • Directly Across the Street From Parq Crossing Apartments - 288 Units Built in 2020
  • Located In a Densely Populated Trade Area - Over 257,000 Residents in a Five-Mile Radius

Exclusively Listed By

Listing Price: $5,320,000

Cap Rate
7.58%
Gross SF
16,138
Rentable SF
16,138
Price/Gross SF
$329.66
Lot Size
1.39 acres
Year Built
1973

Investment Highlights

  • Situated Near the Signalized Intersection of Oddie Boulevard and El Rancho Drive, Which Collectively Sees 29,600 Cars Per Day (NDOT Estimate)
  • Directly Across the Street From Parq Crossing Apartments - 288 Units Built in 2020
  • Located In a Densely Populated Trade Area - Over 257,000 Residents in a Five-Mile Radius

Investment Overview

The subject property is a 15,840 square-foot multi-tenant retail building located in Sparks, Nevada. More specifically the offering is a 1.39-acre outparcel of Paradise Plaza, which is a 188,608 square-foot regional shopping center. The subject property is fully occupied by five tenants on triple-net leases. Dense local populations combined with excellent visibility allow the tenants of this property to thrive. Paradise Plaza is located at the intersection of Oddie Boulevard and El Rancho Drive, which collectively see over 29,600 cars per day (NDOT Estimates). The subject property enjoys excellent frontage along Oddie Boulevard, and is easily accessibly from multiple entry points. Because of the desirable location of this intersection, the immediate surrounding area has received significant interest from developers. 288 new apartment units were constructed directly across the street last year, and a 30-million dollar redevelopment project known as the "Oddie District" is advancing on the northwest corner of the intersection. These projects intend to accommodate over a quarter million residents who live within a 5-mile radius. The property is 100-percent occupied by a balanced retail mix that serves the local community. The existing tenants are Pizza Plus, H&R Block, B&B Mini Mart, Carniceria Mi Rancho, and Sun Loan Company. All of these tenants have done well throughout the pandemic, and are all currently open for business. In addition, an abundance of nearby retailers create a synergistic environment in which these tenants can prosper. Walgreens, Jack-In-The Box, US Bank , Family Dollar, Octopharma Plasma, and more can all be found within Paradise Plaza. Offered at $5,320,000, this property offers investors an 7.2% Cap Rate on current income. All of the leases also have scheduled increases either annually or in option periods, which improve returns year-over-year. Furthermore, this asset can be delivered free and clear of existing debt, providing investors the opportunity to lock in financing at today’s historically low interest rates and achieve attractive leveraged returns.

Exclusively Listed By

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