1401 Midtown | 1401 S Virginia St
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1401 Midtown 1401 S Virginia St
21,529 SF 84% Leased Retail Building Reno, NV 89502 $11,332,672 CAD ($526 CAD/SF) 6.85% Cap Rate
Investment Highlights
- Mixed-Use Investment opportunity in MidTown
- Variety of tenants including restaurant, retail, coffee, and office users
- Frontage along S. Virginia St.
Executive Summary
1401 S. Virginia St. is a +/- 21,198 SF multi-tenant 1950's Former Bank building located in the heart of the MidTown district. The original building was a +/- 9,000 SF with an additional +/- 12,000 SF of new construction added. The original structure has 28' of clear height and built of 100% brick.
The historic Reno property was fully redeveloped in 2016 with improvements including a new elevator, new façade, second-story deck, new roof, new electrical, increased building security, and new HVAC. The property's location and prominence within Reno's burgeoning MidTown district represents some of the most highly sought-after retail and office locations in the city. Current retail trends in the market point to increased activity, new businesses, and continued rent growth in MidTown.
The historic Reno property was fully redeveloped in 2016 with improvements including a new elevator, new façade, second-story deck, new roof, new electrical, increased building security, and new HVAC. The property's location and prominence within Reno's burgeoning MidTown district represents some of the most highly sought-after retail and office locations in the city. Current retail trends in the market point to increased activity, new businesses, and continued rent growth in MidTown.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront Retail/Office
Building Size
21,529 SF
Building Class
B
Year Built/Renovated
1954/2016
Price
$11,332,672 CAD
Price Per SF
$526 CAD
Cap Rate
6.85%
NOI
$776,310 CAD
Percent Leased
84%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.70
Land Acres
0.71 AC
Zoning
MU-MC - Mixed-Use Midtown Commercial
Parking
31 Spaces (1.44 Spaces per 1,000 SF Leased)
Frontage
202 ft on S Virginia
Amenities
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Position
- Available
- Second floor class A Office space - Open floor plan with two (2) restrooms & kitchenette - Third floor private office - Ability to make executive suites
| Space | Size | Space Use | Position | Available |
| 225 | 3,385 SF | Office | - | Now |
225
| Size |
| 3,385 SF |
| Space Use |
| Office |
| Position |
| - |
| Available |
| Now |
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225
| Size | 3,385 SF |
| Space Use | Office |
| Position | - |
| Available | Now |
- Second floor class A Office space - Open floor plan with two (2) restrooms & kitchenette - Third floor private office - Ability to make executive suites
Walk Score ®
Walker's Paradise (91)
Bike Score ®
Very Bikeable (82)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,574,405 CAD | |
| Land Assessment | $545,394 CAD | Total Assessment | $2,119,802 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$545,394 CAD
Improvements Assessment
$1,574,405 CAD
Total Assessment
$2,119,802 CAD
-
Ian Cochran -
Greg Ruzzine -
Michael Keating, SIOR -
Sam Meredith -
Mike Dorn -
Logic Commercial Real Estate
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1401 Midtown | 1401 S Virginia St
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