701 E 2nd St 2,532 SF 100% Leased Retail Building Reno, NV 89502 $1,000,000 ($394.94/SF) 6.79% Cap Rate

Turnkey corner retail investment offering immediate, stabilized cash flow in one of Reno's most active and appreciating commercial corridors.
Situated at the signalized intersection of S Wells Avenue and E 2nd Street, 701 E 2nd Street is a fully leased, ±2,532 SF freestanding retail asset delivering a 6.79% cap rate on a clean $1,000,000 ask — offered free and clear of existing debt.
The property is 100% occupied by two proven, service-oriented tenants with lease terms extending into 2029 and 2030. World of Smoke, a regional multi-location smoke and vape retail chain, anchors the north unit. Urban Barber Union, a thriving locally-owned barbershop that recently completed a full interior renovation, occupies the larger south unit. Both leases carry 3% annual rent escalations, producing $81,625 in scheduled base rent with built-in, compounding income growth through the hold period.
The building features recent tenant improvements, on-site surface parking, and prominent corner signage with excellent visibility from one of the area's highest-traffic arterials. Mixed Use Urban (MU) zoning provides long-term flexibility for a future owner seeking optionality beyond retail.
Located minutes from Downtown Reno, Midtown, Renown Regional Medical Center, and UNR — this is a low-management, high-visibility asset in a submarket that continues to attract new residents, development, and retail demand.
For a buyer seeking a clean, stabilized income property with predictable growth and no near-term rollover risk, 701 E 2nd Street checks every box.
Showings by appointment only. Do not disturb tenants.