For Sale
$8,426,000

1401 Virginia StReno, NV 89502

MidTown Reno, Net Lease, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional Class A mixed-use property, located at 1401 S. Virginia St. in Reno, Nevada, presents a compelling investment opportunity. The 21,198 square foot building, originally constructed in 1955 and extensively renovated in 2016, boasts a prime location in Reno's thriving MidTown district. The renovation included a new elevator, façade, second-story deck, roof, electrical system, enhanced security, and HVAC. The building features a strong tenant mix of retail, office, and restaurant spaces, currently enjoying 100% occupancy and generating a substantial net operating income (NOI) of $547,673, representing a 6.50% cap rate. The asking price is $8,426,000, translating to $397.49 per square foot. The property sits on a 0.71-acre lot and includes 30 on-site parking spaces—a rare amenity in MidTown. Its proximity to the Reno Public Market and the Reno Experience District (RED), coupled with the recent S. Virginia Street improvements (enhanced sidewalks, pedestrian safety, and street parking), ensures high visibility and foot traffic. The area's robust demographics, with over 125,000 residents within a 3-mile radius and a significant daytime population, further solidify its investment potential. The weighted average lease term remaining is 33 months. This two-story building, originally a bank, features 28 feet of clear height in its original 9,000 square foot section, constructed of 100% brick, and an additional 12,000 square feet of newer construction. The property's strong tenant mix, high occupancy, and strategic location make it an ideal investment for discerning buyers. The APN is 014-133-15.

Highlights

  • 2016 complete renovation including new elevator, facade, roof, HVAC, electrical, security system, second-story deck, and tenant improvements.
  • Strong tenant mix with restaurant, coffee shop, retail, and office tenants; 33-month weighted average lease term remaining.
  • Excellent Midtown location, less than one mile from the Reno Public Market and the Reno Experience District (RED), encompassing retail, apartments, and hotels.
  • 30 on-site surface parking spaces plus ample street parking.
  • High-density area with over 125,000 residents within 3 miles and a daytime population exceeding 183,000; over 1,900 businesses and 21,000 employees within 1 mile.

Property Details for 1401 Virginia St

Property type
Retail properties, Office properties
Square Feet
21,198 SF
Class
A
Year Built/Renovated
1955/2016
Buildings
1
Stories
2
Lot Size (sq. ft)
30,928 SF

Location Insight

City
Reno
County
Washoe
State
Nevada
Latitude
39.5105318
Longitude
-119.8059294
1401 Virginia St, Reno, Nevada

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1401 Virginia St
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