2125-2285 Oddie Blvd - Retail FOR SALE


Sparks, NV 89431- Downtown Sparks
$11,300,000 USD
775-348-5234
2125-2285 Oddie Blvd, Sparks, NV for Sale
$11,300,000 USD
Retail - FOR SALE
1/15
null | Request Cap Rate

2125-2285 Oddie Blvd
Sparks, NV 89431
Downtown Sparks


HIGHLIGHTS

  • True Value-Add Opportunity
  • Situated Near the Signalized Intersection of Oddie Boulevard and El Rancho Drive, Which Collectively See 30,000+ Cars Per Day (NDOT Estimate)
  • Located In a Densely Populated Trade Area
  • Over 263,000 Residents in a 5-Mile Radius

OVERVIEW

The subject property is a 132,364 square-foot multi-tenant retail center known as Paradise Plaza, in Sparks, Nevada. This offering includes the anchor space, along with the attached in-line retail spaces. The anchor space is currently vacant, creating an excellent value-add opportunity for an investor, or an owner/user. Including all outparcels (some of which are not a part of this offering), Paradise Plaza is an approximately 190,000 square-foot regional shopping center. 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 a building within the center, and intends to open a location immediately adjacent to the subject property. 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. Offered at $11,300,000, this property offers investors and owner/users a true value-add opportunity. Even after factoring in tenant improvements and leasing commissions, this is a property that offers double digit unlevered returns through lease-up of existing vacancies.

FOR SALE DETAILS

PRICE

$11,300,000 USD

PRICE/SF

$78 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Paradise Plaza

PROPERTY TYPE

Retail

ADD'L SUBTYPES

Supermarket, Health Club, Department Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1968

SPRINKLERS

-

PARKING SPACES

850

LAND DETAILS

CROSS STREETS

Oddie Blvd & Sullivan Ln

LAND ACRES

9.39 AC

LAND SF

409,028 SF

ZONING

MUD

APN/PARCEL ID

031-012-39,031-012-41

ASK ABOUT THIS PROPERTY

Bret NicholsonMarcus & MillichapMore Info
775-348-5234

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Bret NicholsonMarcus & MillichapMore Info
775-348-5234

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