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High Sierra Lanes Entertainment Center

3390 S Virginia St, Reno, NV 89502

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For Sale

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Established entertainment center with bowling, arcade, and gambling machines.

Type:Retail, Multifamily, Mixed Use, Land, Special Purpose

Property size:

24,289 SF

Price / SF:

$205/SF

HighLights

Substantial Net Operating Income (NOI): $285,000 in 2021, trending towards $343,000 in 2022.
Prime Location: Situated on the South Virginia corridor between the Peppermill and Atlantis Hotel and Casinos.
Established Business: High Sierra Lanes has been in operation for over 20 years with a consistent cash flow.
Diverse Revenue Streams: Features 24 bowling lanes, gambling machines, arcade, snack bar, pro shop, and embroidery shop.
Strong Customer Base: Over 2000 league bowlers with leagues six nights a week.
Redevelopment Potential: Site may be suitable for apartments or a mixed‑use project.

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RYAN JOHNSON

For Sale

Contact for pricing

Established entertainment center with bowling, arcade, and gambling machines.

Type:Retail, Multifamily, Mixed Use, Land, Special Purpose

Property size:

24,289 SF

Price / SF:

$205/SF

Added:: Jul 8, 2025
Days on Market:: 354
Last Refresh:: May 19 at 10:31 pm

Property Features for 3390 S Virginia St

General Information

Standard status: Active
Size: 24,289 SF
Property subtype: Retail, Multifamily, Mixed Use, Land, Special Purpose

Building Details

Year Built: 1958

We can help!

Contact an agent

RYAN JOHNSON

Listing office Johnson Group Commercial

Listing date Jul 8, 2025

Source Crexi

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

HighLights

Substantial Net Operating Income (NOI): $285,000 in 2021, trending towards $343,000 in 2022.
Prime Location: Situated on the South Virginia corridor between the Peppermill and Atlantis Hotel and Casinos.
Established Business: High Sierra Lanes has been in operation for over 20 years with a consistent cash flow.
Diverse Revenue Streams: Features 24 bowling lanes, gambling machines, arcade, snack bar, pro shop, and embroidery shop.
Strong Customer Base: Over 2000 league bowlers with leagues six nights a week.
Redevelopment Potential: Site may be suitable for apartments or a mixed‑use project.

Overview

This property, located on the South Virginia corridor between the Peppermill and Atlantis hotels and casinos, presents an opportunity for an investor or owner-user. High Sierra Lanes, an established business of over twenty years, features a family entertainment center with 24 bowling lanes, 15 gambling machines, an arcade, a full-service snack bar, a pro shop, and an embroidery shop. The business benefits from a consistent customer base of over 2000 league bowlers, with leagues operating six nights a week. Black light bowling events are hosted on Friday and Saturday nights with a DJ. The center is a popular venue for holiday parties and business gatherings. The owner is willing to provide training to a new owner or manager. The business employs seven full-time and approximately 13 part-time employees. The property is located approximately a 1/2 mile away from the emerging development of Park Lane. The property may be suitable for redevelopment into apartments or a mixed-use project. The property size is 24289 square feet.

Local Financial Insights For Mixed Use

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$626.7k	$25.80
− Vacancy	−$59.5k	−$2.45
EGI	$567.1k	$23.35
− OpEx	−$212.7k	−$8.76
NOI	$354.5k	$14.59

24,289 SF · lease $25.80/SF/yr · vacancy 9.50% · expense 37.50%

Alternative Uses

Best Use

Mixed Use

$5.06M

$4.43M – $5.91M (±1% cap)

NOI $354,452 @ 7.0% cap · market cap 7.09%

Second Best

Retail

$4.39M

$3.84M – $5.12M (±1% cap)

NOI $307,357 @ 7.0% cap · market cap 6.15%

Theoretical Best

Office A

$7.49M

$6.55M – $8.73M (±1% cap)

NOI $523,990 @ 7.0% cap · market cap 10.48%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

High Sierra Lanes Bowling Alley GIT-R-SMOKED Take-out & Catering

Suggested Use

Location Insight

Map
Local Demand

City: Reno
County: Washoe
State: Nevada
Longitude: -119.7958589
Latitude: 39.4928761

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For sale
Bowling alleys
NV
Reno
89502
3390 S Virginia St

What type of property is this?

Bowling alley - Established entertainment center with bowling, arcade, and gambling machines.

Where is this bowling alley located?

The property is located at 3390 S Virginia St Reno, NV.

What is the asking price?

The asking price for this property is $5,000,000.

What are key features of this property?

This property features: Substantial Net Operating Income (NOI): $285,000 in 2021, trending towards $343,000 in 2022.; Prime Location: Situated on the South Virginia corridor between the Peppermill and Atlantis Hotel and Casinos.; Established Business: High Sierra Lanes has been in operation for over 20 years with a consistent cash flow.