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100% Leased NNN Building 1039-1045 S Virginia St 11,700 SF 100% Leased Retail Building Reno, NV 89502 $6,459,000 ($552.05/SF) 7% Cap Rate
INVESTMENT HIGHLIGHTS
- Fully leased to strong tenants on NNN leases
- High identity, fully restored and upgraded, historically significant commercial building with state-of-the-art finishes
- Midtown is one for the most popular submarkets immediately south of Downtown Reno
- Immediate upside to new owner from collecting full reimbursements, which the current owner is not enforcing
- Highly visible location in the heart of Midtown Reno along South Virginia Street and the new roundabout
- Beneficiary of recent and extensive upgrades to the South Virginia transportation corridor
EXECUTIVE SUMMARY
CBRE, Inc. is pleased to offer for sale a meticulously maintained, state of the art NNN leased, multi-tenant commercial building in the heart of Reno's vibrant Midtown District.
The building boasts strong returns for a passive investor where premier tenants are on long-term NNN leases, including full CAM/expense recovery which also covers management and administrative fees. Current tenants are some of the most popular businesses in Midtown including: Parlay6 Brewing Co., Pizzava Pizza, Rum Sugar Lime, and The Nuclear Company. The owner of the building also owns all of the brewing equipment and restaurant fixtures within the Parlay6 suite, which is included in the purchase price.
Ideal 1031 exchange property offering ease of ownership through high quality improvements and stability of income. Originally built in 1941 and extensively renovated with lifetime warranties in 2017, the property at 1039-1045 S. Virginia features 100% brand new systems in a 1940’s brick shell.
The building boasts strong returns for a passive investor where premier tenants are on long-term NNN leases, including full CAM/expense recovery which also covers management and administrative fees. Current tenants are some of the most popular businesses in Midtown including: Parlay6 Brewing Co., Pizzava Pizza, Rum Sugar Lime, and The Nuclear Company. The owner of the building also owns all of the brewing equipment and restaurant fixtures within the Parlay6 suite, which is included in the purchase price.
Ideal 1031 exchange property offering ease of ownership through high quality improvements and stability of income. Originally built in 1941 and extensively renovated with lifetime warranties in 2017, the property at 1039-1045 S. Virginia features 100% brand new systems in a 1940’s brick shell.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
11,700 SF
Building Class
B
Year Built/Renovated
1940/2017
Price
$6,459,000
Price Per SF
$552.05
Cap Rate
7%
NOI
$452,130
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Loading Docks
4 Exterior
Building FAR
1.12
Lot Size
0.24 AC
Zoning
MU-MC - Mixed Use - Midtown Commercial
Frontage
75’ on South Virginia Street
AMENITIES
- 24 Hour Access
- Banking
- Mezzanine
- Restaurant
- Security System
- Signage
- Skylights
- Tenant Controlled HVAC
- Wheelchair Accessible
- Monument Signage
- Air Conditioning
- Fiber Optic Internet
- Smoke Detector
Walk Score®
Walker's Paradise (95)
Bike Score®
Very Bikeable (84)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 014-064-25 | Improvements Assessment | $164,450 |
| Land Assessment | $108,413 | Total Assessment | $272,862 |
PROPERTY TAXES
Parcel Number
014-064-25
Land Assessment
$108,413
Improvements Assessment
$164,450
Total Assessment
$272,862
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100% Leased NNN Building | 1039-1045 S Virginia St
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