Details
| APN | 036-031-05 | Property Type | Office, Retail |
| Sub Type | Medical Office, Animal Hospital, Veterinary | Square Footage | 6,200 |
| Net Rentable (SqFt) | 6,200 | Cap Rate | 8% |
| NOI | $314,000 | Occupancy | 100% |
| Tenancy | Single | Lease Type | NNN |
| Lease Term | 15 | Lease Expiration | 11/19/2030 |
| Remaining Term | 4.7 | Lease Options | 2 (5 Year) |
| Price per SqFt | $633 | Year Built | 1981 |
| Acreage | 0.420 | Parking Spaces | 33 spaces |
| Parking Per SqFt | 5.32 | Investment Type | Net Lease |
| Lease Commencement | 11/20/2015 | Ownership | Simple Interest |
Office | 8.00% CAP | 6,200 SqFt
Marketing description
TWG is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, corporate guaranteed, VCA investment property located in Sparks, Nevada. The tenant, VCA Baring Boulevard Animal Hospital, purchased the business operations of the former CAPNA facility and currently has over 5 years remaining in their initial lease term and 2 (5-year) option periods to extend. The lease is NNN with landlord responsibilities limited to roof, structure, foundation, and parking lot.
The VCA is located near the signalized, hard corner intersection of Baring Blvd and State Highway 659, averaging a combined 28,300 vehicles passing by daily. State Highway 659 is a belt line highway system that serves the downtown Reno-Sparks area, providing an alternative commuter route as well as access to many commercial districts throughout both cities. The site is surrounded by a number of master planned communities, contributing to more than 68,400 households within a 5-mile radius, providing a direct consumer base to draw from. VCA is also located near multiple national/credit tenants including Smith’s, Safeway, Walgreens, Anytime Fitness, and more, further increasing consumer draw to the subject area. The 5-mile trade area is supported by a population of nearly 184,000 residents and more than 125,000 employees. Residents within the more immediate 1-mile trade area have an average household income of $72,520.
The Reno-Sparks market has seen an influx of large, multi-national corporations to the region, such as Teslas Gigafactory, approximately 20 miles east of VCA, as well as Google, who is in the process of building a new data center campus within the same region.
Investment highlights
- Veterinary Centers of America (VCA) corporate guaranteed lease
- Over 5 years remaining in the extended lease term with 2 (5-year) option periods to extend
- Annual Rent is equal to 4% of prior years gross sales
- Superior street visibility via significant street frontage and a large monument sign situated along Baring Boulevard
- Strategically located off of Baring Blvd, which averages 14,189 vehicles passing by daily
- More than 189,104 residents and over 91,616 employees support the 5-mile trade area
- Those within 1-mile of the subject property boast an affluent average household income of $105,620
- Populated business thoroughfare shared with 7 Eleven, Starbucks and Chevron
- Tenant pays for taxes, insurance and maintains most aspects of the premises
- Landlord responsibilities limited to roof, structure, foundation, and parking lot
