Reno: Cape Rate 6,10 % Walgreens Store in Reno / Nevada

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* Single-Tenant Walgreens “One-Of-A-Kind“ Location* 750 N Virginia St Reno, NV 89501
County: Washoe

Property Use Type: Investment
Primary Type: Retail
Retail Pad
Building Size: 15,067 SF
Price: $7,040,000
Price/SF: $467.25
Cap Rate: 6.10%
Year Built: 2001
Net Lease Investment: Yes
Years left on Lease: 10+

*Property Description:*
We have been selected to offer for sale a single tenant
15,067 square foot Walgreens pad building in Reno, Nevada located on a One of a Kind prime retail location at Virginia Street and Interstate 80. This site located on top of I-80 in Downtown Reno provides exposure, visibility, and excellent marketplace recognition for the tenant. The traffic count on Virginia Street and Interstate 80 is in excess of 120,000 cars per day. This prime location provides a convenient shopping venue, therefore, creating a well positioned retail destination within this strong trade area.
Highlights
*•* Walgreen Company – SundP Credit Rating of “A+” and $8.8 Billion Net
Worth - Walgreens is the #1 drug store in the US in sales and has over
5,600 stores *•* Long Term NNN Lease with Increases – Rare opportunity
to invest in a quality tenant, on a long term NNN lease with a proven history at this location
*•* “One of a Kind” Retail Location at Virginia Street and Interstate
80 - Provides direct exposure, visibility, and excellent recognition to
120,000 CPD *•* Multiple Financing Options - Buyer may assume existing
loan, pay all cash, or cash to new loan
*•* Located within one the fastest growing cities in Nevada *•*
Excellent Trade Area Demographics - The average household income within a 5-mile radius is over $60,000 with a population in excess of 246,000 people


Financial Summary Actual

Net Operating Income: $429,280

Major Tenant Information

Tenancy Type: Single

Debt und Equity Information

Debt Type: Existing
Down Payment: $3,440,000
Loan Description:

*Location Description:*
Reno is located at the western border of Nevada in a valley known as the Truckee Meadows about 20 miles east of the Sierra Nevada mountains and Lake Tahoe, the second largest alpine lake in the world. The Truckee River passes between Reno and its sister city, Sparks.

Reno has grown into an important transportation hub for the western United States and has developed a diverse economic base. The city leaders have recognized this and responded by creating aggressive expansion plans including a railroad system that will eventually bolster travel in the area along with the boom the construction brings. Modern Reno boasts a thriving cultural scene, a refurbished downtown area, and an expanding tourist industry fueled not by the casinos, but by the many year-round resorts in the nearby mountains. The area“s mix of recreational opportunities from outdoor activities to gambling to plush accommodations coupled with a warm climate that features more than 300 sunny days every year has been the backbone to the success of the city.
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