US Bank 2193-2195 Oddie Blvd 4,076 SF 100% Leased Retail Building Sparks, NV 89431 $2,265,000 ($555.69/SF) 6% Cap Rate

The subject property is a 4,076 square-foot retail building located in Sparks, Nevada. More specifically, the offering is a 0.76 acre out parcel of Paradise Plaza, which is an approximately 190,000 square-foot regional shopping center. The site is 73.60% Occupied by US Bank on a Triple-Net Lease, offering great in-place income with additional upside through lease-up of the vacancy.
Paradise Plaza is located at the intersection of Oddie Boulevard and El Rancho Drive, which collectively see over 30,000+ cars per day (NDOT Estimates). The subject property enjoys excellent frontage along Oddie Boulevard, and has great ingress & egress.
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 in 2020, and an estimated $30-million dollar redevelopment project known as the "Oddie District" is nearly completed on the northwest corner of the intersection. These projects intend to accommodate the existing 260,000+ residents who live within a 5-mile radius.
Within Paradise Plaza, there is a balanced retail mix that serves the local community. The existing tenants include Wells Fargo, Walgreens, Jack-In The Box, US Bank, Family Dollar, Octopharma Plasma, Pizza Plus, H&R Block, and more. In addition, Panda Express just purchased an adjacent building within the center, and intends to open a location within Paradise Plaza as well.
Offered at $2,265,000, this property offers investors an initial 6.00% Cap Rate on current income, with further upside to a high 7% Cap Rate through leasing the small vacancy.