2193-2195 Oddie Blvd - Freestanding FOR SALE


Sparks, NV 89431- Downtown Sparks
$2,265,000 USD
775-348-5234
2193-2195 Oddie Blvd, Sparks, NV for Sale
$2,265,000 USD
Freestanding - FOR SALE
1/9
null | 6% Cap Rate

2193-2195 Oddie Blvd
Sparks, NV 89431
Downtown Sparks


HIGHLIGHTS

  • Top 93rd Percentile Nationwide Based on Number of Visits for US Bank (according to Placer.AI)
  • Most Visited US Bank in the Region (according to Placer.AI)
  • Situated Near the Signalized Intersection of Oddie Boulevard and El Rancho Drive, Which Collectively See 30,000+ Cars Per Day (NDOT Estimate)
  • U.S. Bank Recently Exercised Its Second Renewal Option, Showing Long-Term Commitment To This Site
  • Initial 6.00% Cap Rate on Current Income, With Further Upside to a high 7% Cap Rate by Leasing the Small Vacancy
  • Located In a Densely Populated Trade Area - Over 263,000 Residents in a 5-Mile Radius

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$2,265,000 USD

PRICE/SF

$556 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

US Bank

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1967

SPRINKLERS

-

PARKING SPACES

35

LAND DETAILS

LAND ACRES

0.76 AC

LAND SF

33,106 SF

ZONING

C2

APN/PARCEL ID

031-012-31,031-012-35

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.