Retail Shopping Center with
For Sale
$6,900,000
1565 VASSAR ST, Reno, NV 89502
For sale in Reno, a shopping center offering ample parking, strong access, and a drive-through setup for service retail tenants.
Property Size41,256 SF
Days on Market95
Property Features for 1565 VASSAR ST
General Information
Standard status
Active
Size
41,256 SF
Property subtype
Retail
Additional Details
Highway Access
Yes
Building Details
Building Size
41,256 SF
Year Built
1974
Tenancy
Multi
Listing Agency:
Johnson Group Commercial
Listed By:
Richard Johnson · License #NV #B.58025
(775) 741-0829
Source:
Johnsongroup
Added: Jun 24
Changed: Sep 14
Last Checked: Sep 24 at 9:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Johnson Group Commercial
Investment Insights
Based on property information with market context.
Town and Country Center is a retail shopping center/strip mall offering a diverse tenant mix that includes service retail and office tenants. The center is described as having stable occupancy and is positioned as an income-producing property with stated upside potential.
Located at 1565 VASSAR ST in Reno, Nevada, the property is reported to have ample parking and excellent visibility. The public remarks also note proximity to the freeway and the airport, supporting convenient access for both customers and tenants.
The center’s configuration and tenant mix make it a practical fit for buyers or investors seeking retail income with an operational, mixed retail and office component. For tenants and brokers, the drive-through feature and parking support service-oriented concepts, while the visibility and easy access points referenced in the remarks can help everyday customer reach.
Located at 1565 VASSAR ST in Reno, Nevada, the property is reported to have ample parking and excellent visibility. The public remarks also note proximity to the freeway and the airport, supporting convenient access for both customers and tenants.
The center’s configuration and tenant mix make it a practical fit for buyers or investors seeking retail income with an operational, mixed retail and office component. For tenants and brokers, the drive-through feature and parking support service-oriented concepts, while the visibility and easy access points referenced in the remarks can help everyday customer reach.
Key Highlights
- Town and Country Center retail center in Reno, NV with a drive‑through setup for service retail tenants
- 1974 year built commercial retail center
- Diverse tenant mix with service retail and office tenants (income‑producing with stable occupancy)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$522,061
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.57%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$10,441,220
$10.4M
Cap Rate 7%
$7,458,014
$7.5M
Cap Rate 9%
$5,800,678
$5.8M
Market Conditions
NOI Build-Up for 41,256 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$816.9K $19.80/SF
− Vacancy
−$71.1K −$1.72/SF
EGI
$745.8K $18.08/SF
− OpEx
−$223.7K −$5.42/SF
NOI
$522.1K $12.65/SF
Area
Reno, NV
Vacancy
8.70%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$10,441,220
Cap Rate 7%
$7,458,014
Cap Rate 9%
$5,800,678
Alternative Uses
Best Use
Retail
$7.46M
$6.53M – $8.70M
NOI $522,061 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.71M
$11.13M – $14.83M
NOI $890,021 @ 7.0% cap · market cap 12.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,475
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89502, NV
47,062
Population
20,781
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
21.5 sq mi
ZIP Area
2,189
Density / Sq Mi
$62,719
Median Household Income
$36,796
Median Earnings
$1,243
Median Rent
$389,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Reno, NV
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Frequently Asked Questions
What type of property is this?
Shopping center - For sale in Reno, a shopping center offering ample parking, strong access, and a drive-through setup for service retail tenants.
Where is this shopping center located?
The property is located at 1565 VASSAR ST Reno, NV.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: Town and Country Center retail center in Reno, NV with a drive‑through setup for service retail tenants; 1974 year built commercial retail center; Diverse tenant mix with service retail and office tenants (income‑producing with stable occupancy)
