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Miscellaneous

ABC Lock & Glass

1639 Prater Way, Sparks, NV 89431

Listing Price: $650,000

Cap Rate
6.01%
Tenant Name
ABC Lock & Glass
Years Remaining On Lease
4.2
Gross SF
4,626
Guarantor
No Guarantee
Rentable SF
4,626
Price/Gross SF
$140.51
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$9.08

Investment Overview

The subject property is a 4,626 square-foot masonry building situated on 0.15 acre(s) of commercial land. The tenant, “ABC Lock & Glass”, occupies 100 percent of the square-footage on a Double-Net lease, which has four years remaining on the initial term. The site is located near the signalized intersection of Prater Way and Rock Boulevard, exposing this property to over 24,000 cars per day (MPSI Estimate). 1639 Prater Way is located along two of the main thoroughfares which serve Sparks’ retail core. Nearby retailers include O’Reilly Auto Parts, Port-of-Subs, Flower Bucket, Meineke Car Care, Dairy Queen, 7-Eleven, and more. In addition, the immediate surrounding area boasts dense local populations (115,000+ residents within a three-mile radius) which further support this location. The tenant, “ABC Lock & Glass”, has been in business since 1970, and provides the community with essential services. They provide both commercial and residential users with locksmithing solutions, as well as glass installation and repair of all kinds. They currently operate at this location on a Double-Net lease at below market rents - $0.76/SF. This provides a buyer with the opportunity to increase rents once the lease expires. Offered at $650,000, or $140.51 per square foot, this property is priced well below replacement cost and offers a 6.02% Cap Rate. 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

  • Located Near the Signalized Intersection of Prater Way and Rock Boulevard (24,000 Cars Per Day Combined)
  • Low Maintenance, Masonry Construction
  • Below Market Rent, Providing for Future Upside

Exclusively Listed By

Listing Price: $650,000

Cap Rate
6.01%
Tenant Name
ABC Lock & Glass
Years Remaining On Lease
4.2
Gross SF
4,626
Guarantor
No Guarantee
Rentable SF
4,626
Price/Gross SF
$140.51
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$9.08

Investment Highlights

  • Located Near the Signalized Intersection of Prater Way and Rock Boulevard (24,000 Cars Per Day Combined)
  • Low Maintenance, Masonry Construction
  • Below Market Rent, Providing for Future Upside

Investment Overview

The subject property is a 4,626 square-foot masonry building situated on 0.15 acre(s) of commercial land. The tenant, “ABC Lock & Glass”, occupies 100 percent of the square-footage on a Double-Net lease, which has four years remaining on the initial term. The site is located near the signalized intersection of Prater Way and Rock Boulevard, exposing this property to over 24,000 cars per day (MPSI Estimate). 1639 Prater Way is located along two of the main thoroughfares which serve Sparks’ retail core. Nearby retailers include O’Reilly Auto Parts, Port-of-Subs, Flower Bucket, Meineke Car Care, Dairy Queen, 7-Eleven, and more. In addition, the immediate surrounding area boasts dense local populations (115,000+ residents within a three-mile radius) which further support this location. The tenant, “ABC Lock & Glass”, has been in business since 1970, and provides the community with essential services. They provide both commercial and residential users with locksmithing solutions, as well as glass installation and repair of all kinds. They currently operate at this location on a Double-Net lease at below market rents - $0.76/SF. This provides a buyer with the opportunity to increase rents once the lease expires. Offered at $650,000, or $140.51 per square foot, this property is priced well below replacement cost and offers a 6.02% Cap Rate. 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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