Marcus & Millichap is proud to present for sale a 78.66% ownership interest in 5685 South Virginia Street, in Reno, NV. The subject property, is a 50,915 square-foot commercial building situated on 4.24 acres of extremely well located land. The property is 100-percent occupied by Hobby Lobby, who have fully occupied the building since 2014. The Subject Property is located directly next to Highway 395 (90,000+ Cars Per Day) , with excellent frontage and easy access from multiple exits only blocks away both north and south. The site further benefits from having direct access and signage on South Virginia Street (20,500+ Cars Per Day), is a block away from McCarran Lane (another primary Reno thoroughfare), and Meadowood Mall. The site has multiple points of ingress and egress, and the 4.24 acre lot offers ample parking. The building was constructed in 1993 using high quality masonry construction. Around the time Hobby Lobby took occupancy (~2014), ownership invested hundreds of thousands of dollars into building by replacing the roof, rooftop heating and air conditioning units, and more. The tenant, Hobby Lobby, has over 1,000 locations nationwide and is one of the largest arts & crafts retailers in the US. According to Placer.AI, this store’s performance ranks in the top 93% of the entire country based on number of visits. In contrast to some of their competitors, Hobby Lobby maintains a very healthy balance sheet with very little debt and have consistently outperformed in the industry. Hobby Lobby operates at this location on a “Double-Net” Lease, wherein the Landlord is responsible for repair and replacement of the Roof, Structure, and HVAC, while the tenant pays for all other expenses, repairs, and replacements. The initial term of their lease runs through March 31st, 2029, and has two five-year options to extend. Once a city known for its gaming, Reno now has a robust and diversified economy comprised of Technology, Manufacturing, Medical, Distribution, and much more. Reno has experienced tremendous growth in recent years as a multitude of companies have relocated to the area to take advantage of the business-friendly tax climate and laws. Listed at $5,625,000, this offering is a 78.66% ownership share of an asset with great fundamentals. The remaining ownership is held by two separate owners, who have owned the property for approximately 25 years (as has the seller), and would like to continue to hold the property into the foreseeable future. This property sets itself apart as a passive investment that provides better fundamentals (including location, price/SF, and tenant performance) than nearly every other comparable offering in the region. Please contact agent for additional details.