1251 S Virginia St - Freestanding FOR SALE


Reno, NV 89502- Midtown Reno
$4,400,000 USD
775-771-0371
1251 S Virginia St, Reno, NV for Sale
$4,400,000 USD
Freestanding - FOR SALE
1/7
null | Request Cap Rate

NEW


1251 S Virginia St
Reno, NV 89502
Midtown Reno


HIGHLIGHTS

  • The busiest hard corner in Midtown Reno, 28,400 VPD, Walk Score of 91, in a district where retail occupancy is 96.4% and rents are up 11.8% YoY
  • 17,600 SF concrete shell on 0.85 AC with 47 on-site stalls and 240' of S. Virginia frontage, delivered vacant for an owner-occupier to make their mark
  • MU-MC zoning permits school, fitness, worship, medical, F&B, retail, and creative office by right with no special-use permit, no hearing, no variance

OVERVIEW

This is the corner. 1251 S. Virginia sits on the busiest hard corner in Midtown Reno, the densest, most-walked, and fastest-growing retail district in Northern Nevada. 28,400 vehicles per day, a Walk Score of 91, and 0.9 miles to downtown. Midtown retail occupancy is 96.4% and asking rents are up 11.8% year-over-year. Every new ground-up build on the corridor has been pre-committed before TCO. There is no remaining dirt between Liberty and Plumb. 1251 is one of the last 17,600 SF concrete-and-masonry shells of meaningful scale left on the corridor. A fully-parked 0.85 acre hard corner with 240' of frontage on S. Virginia, 155' on E. Arroyo, 47 on-site parking stalls, and two curb-cuts. Delivered vacant at close of escrow. A clean canvas. This building is asking for an owner-operator with conviction. The footprint a private school, a fitness club, a place of worship, a medical or dental practice, an F&B operator, or a six-bay retail collective simply cannot find anywhere else in Midtown. The kind of building that becomes a staple of the corridor and defines the next decade of what this district looks like. Zoned MU-MC, the most permissive commercial zone in the City of Reno. Every concept above is permitted by right. No use variance, no special-use permit, no conditional-use hearing. 5-story, 65 foot vertical entitlement at 3.0 FAR preserves a long-dated redevelopment option for the patient owner. Offered at $4,400,000, or $250 per building SF and $119 per land SF. A structural discount to recent Midtown freestanding trades and roughly $80/SF below ground-up replacement cost on the shell alone. Marmot's GC division has prepared an indicative vanilla-shell build-out budget available in the offering memorandum, giving an owner-occupier real cost certainty before letter of intent. Bring the vision. The entitlement, the location, and the basis are already in place.

FOR SALE DETAILS

PRICE

$4,400,000 USD

PRICE/SF

$250 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Owner User

BUILDING DETAILS

PROPERTY NAME

Antique Mall

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Storefront, Storefront Retail/Office, Department Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1939

SPRINKLERS

-

PARKING SPACES

47

LAND DETAILS

LAND ACRES

0.85 AC

LAND SF

37,026 SF

ZONING

MU-MC

APN/PARCEL ID

014-125-14

ASK ABOUT THIS PROPERTY

Tristen HoustonMarmot PropertiesMore Info
775-771-0371

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Tristen HoustonMarmot PropertiesMore Info
775-771-0371

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.