1408 Pittman AveSparks, NV 89431

Property Details for 1408 Pittman Ave

Year built

1965

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

2.47 AC

Property size (Sq ft)

3,616 SF

Zone code

I

Property type

Auto shops

APN

032-302-33

APU

3230233

Description

This exceptional investment opportunity presents a Net Lease (NNN) industrial property located at 1408 Pittman Ave, Sparks, NV 89431. The property encompasses a 2.47-acre fenced lot with two buildings totaling 8,866 square feet of net rentable space. The main structure features a two-story office building, a two-bay shop with 21-foot ceilings and 18-foot roll-up doors, ample storage, a lunchroom, and additional dispatch offices. A separate single-story stone building serves as an office. The property is currently 100% occupied by Cal Nevada Towing under a single-tenant Net Lease (NN+) agreement expiring December 31, 2027, with a remaining term of approximately 3.1 years. The current annual Net Operating Income (NOI) is $139,994, yielding a 5.50% cap rate and a pro-forma cap rate of 5.60%. The lease includes a 3% rent increase upon renewal in year six. The property was built in 1965 and 1991 and is zoned for industrial use. The current owner pays property taxes and covers major system repairs; the tenant is responsible for all utilities. Upon lease renewal, the tenant will assume property taxes. This property offers a strong, reliable income stream with significant potential for future rent escalation and a tenant responsible for most operational costs. The asking price is $2,500,000, representing a price per square foot of $281.98. This is a rare opportunity to acquire a well-located, income-producing industrial property in a thriving Nevada market. The property's features include a large fenced yard ideal for vehicle storage and operations.

• CAP approach

  CAP return

  Valuation

  6%

  $625,008

  6.5%

  $576,931

  7%

  $535,721

• Comparable approach

  Method

  Valuation

  Relative Method

  $861,149

  Geo Method

  $861,149

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,128,630

  Mixed-Use / Specialty

  $573,434

  Hospitality / Lodging

  $418,836

  Office

  $568,528

  Institutional / Educational

  $595,626

  Residential Income

  $696,882

  Multifamily

  $843,784

  Automotive / Energy

  $510,537

  Parking / Income-Based Land

  $177,602

  Restaurant / Food Service

  $295,175

  Healthcare / Senior Housing

  $589,522

Location Insight

City

Sparks

County

Washoe

State

Nevada

Latitude

39.5296

Longitude

-119.761

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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