Walgreens NNN Leased
For Sale
Contact for pricing
2299 Oddie Blvd, Sparks, NV 89431
NNN leased Walgreens in Sparks, NV with extension options.
Property Size14,550 SF
Price / SF$356.91
Days on Market152
Property Features for 2299 Oddie Blvd
General Information
Standard status
Active
Size
14,550 SF
Property subtype
Retail
Zoning
MUD
Occupancy
100%
Lease Type
Absolute Net
Net Operating Income
$375,000
Building Details
Year Built
2009
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Bang Realty
(888) 737-2264
Listed By:
Brian Brockman · License #BRK.200900214
Source:
Crexi
Added: Mar 13
Changed: Aug 8
Last Checked: Aug 9 at 2:37PM
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 Bang Realty
Investment Insights
Based on property information with market context.
This is a NNN leased investment opportunity featuring a Walgreens property located at 2299 Oddie Blvd, Sparks, NV 89431. The property has a 7.22% cap rate and a $375,000 net operating income. The initial lease term was for 25 years, with over 8 years remaining. The lease includes ten five-year extension options. The property is located at the intersection of Oddie Boulevard and El Rancho Drive, with approximately 39,000 vehicles passing by daily. The surrounding area includes residential and commercial developments, such as the Parq Crossing and a forthcoming multi-family project. The area's $52 million Oddie/Wells Improvement Project is planned to bring 1,500 new residential units. The property size is 14,550 square feet.
Key Highlights
- NNN leased Walgreens property boasting a 7.22% cap rate and $375,000 NOI.
- Over 8 years remaining on the initial 25‑year lease term, with ten five‑year extension options.
- High‑visibility location** at the intersection of Oddie Boulevard and El Rancho Drive with approximately 39,000 vehicles passing daily.
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
$360,518
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
6.94%
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%
$7,210,360
$7.2M
Cap Rate 7%
$5,150,257
$5.2M
Cap Rate 9%
$4,005,756
$4.0M
Market Conditions
NOI Build-Up for 14,550 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
$497.6K $34.20/SF
− Vacancy
−$16.9K −$1.16/SF
EGI
$480.7K $33.04/SF
− OpEx
−$120.2K −$8.26/SF
NOI
$360.5K $24.78/SF
Area
Sparks, NV
Vacancy
3.40%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
25.00%
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%
$7,210,360
Cap Rate 7%
$5,150,257
Cap Rate 9%
$4,005,756
Alternative Uses
Best Use
Specialty Retail
$5.15M
$4.51M – $6.01M
NOI $360,518 @ 7.0% cap · market cap 6.94%
Second Best
Retail
$4.81M
$4.21M – $5.61M
NOI $336,484 @ 7.0% cap · market cap 6.48%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89431, NV
40,219
Population
16,858
Households
2.4
Avg Household Size
35
Median Age
14%
College-Educated
76%
High-School Grad
9.2 sq mi
ZIP Area
4,372
Density / Sq Mi
$64,496
Median Household Income
$39,589
Median Earnings
$1,276
Median Rent
$332,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Anne L. Nelson, PharmD — 2299 Oddie Blvd, Sparks, NV 89431
- Christopher R. Smyrniotis Jr, PHARMD — 2299 Oddie Blvd, Sparks, NV 89431
- The Herb Lady — 1023 Rock Blvd # C, Sparks, NV 89431
- Walgreens Pharmacy — 2299 Oddie Blvd, Sparks, NV 89431
- butlerbodycare.com — 1995 Carville Dr, Reno, NV 89512
Frequently Asked Questions
What type of property is this?
Drug store - NNN leased Walgreens in Sparks, NV with extension options.
Where is this drug store located?
The property is located at 2299 Oddie Blvd Sparks, NV.
What is the asking price?
The asking price for this property is $5,193,000.
What are key features of this property?
This property features: NNN leased Walgreens property boasting a 7.22% cap rate and $375,000 NOI.; Over 8 years remaining on the initial 25‑year lease term, with ten five‑year extension options.; High‑visibility location** at the intersection of Oddie Boulevard and El Rancho Drive with approximately 39,000 vehicles passing daily.
