Fully Leased Neighborhood Shopping
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For Sale
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6340 Mae Anne Ave Ste 1 & 2, Reno, NV 89523
Two tenants occupy the building under triple-net leases in Reno’s Mae Anne Avenue corridor.
Property Size6,030 SF
Price / SF$339.97
Days on Market6
Property Features for 6340 Mae Anne Ave Ste 1 & 2
General Information
Standard status
Active
Size
6,030 SF
Property subtype
Retail
Zoning
NC
Occupancy
100%
Lease Type
NNN
Financials
Asking Price
$2,050,000
Cap Rate
5.6%
Building Details
Year Built
2005
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Construction
concrete tilt-up
Listing Agency:
Logic Commercial Real Estate Reno
Listed By:
Mallory LaBranch · License #BS.144680
(775) 220-6600
Source:
Crexi
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 1 at 10:28PM
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 Logic Commercial Real Estate Reno
Investment Insights
Based on property information with market context.
This neighborhood shopping center contains a concrete tilt-up building completed in 2005 and configured for two tenant spaces. Got Pho and Stand Proud Dog Training occupy the property under triple-net lease agreements, with 100% occupancy reported. The leases place property-tax reimbursement obligations with the tenants.
The center is part of Quail North West II along Mae Anne Avenue in northwest Reno, near McCarran Boulevard. The surrounding area includes established residential rooftops and daily-needs retail, supporting the property’s neighborhood-serving commercial setting. Zoning is designated NC. The reported in-place cap rate is 5.60% for CY 2027, with a 6.74% pro forma cap rate identified in the property information.
The center is part of Quail North West II along Mae Anne Avenue in northwest Reno, near McCarran Boulevard. The surrounding area includes established residential rooftops and daily-needs retail, supporting the property’s neighborhood-serving commercial setting. Zoning is designated NC. The reported in-place cap rate is 5.60% for CY 2027, with a 6.74% pro forma cap rate identified in the property information.
Key Highlights
- 100% occupied by two tenants: Got Pho and Stand Proud Dog Training
- Triple‑net leases include tenant obligations to reimburse property taxes
- Concrete tilt‑up construction, built in 2005
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
$76,305
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
3.72%
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%
$1,526,100
$1.5M
Cap Rate 7%
$1,090,071
$1.1M
Cap Rate 9%
$847,833
$847.8K
Market Conditions
NOI Build-Up for 6,030 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
$119.4K $19.80/SF
− Vacancy
−$10.4K −$1.72/SF
EGI
$109.0K $18.08/SF
− OpEx
−$32.7K −$5.42/SF
NOI
$76.3K $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%
$1,526,100
Cap Rate 7%
$1,090,071
Cap Rate 9%
$847,833
Alternative Uses
Best Use
Retail
$1.09M
$953.8K – $1.27M
NOI $76,305 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.86M
$1.63M – $2.17M
NOI $130,086 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89523, NV
36,646
Population
16,662
Households
2.2
Avg Household Size
40
Median Age
46%
College-Educated
96%
High-School Grad
18.9 sq mi
ZIP Area
1,939
Density / Sq Mi
$97,384
Median Household Income
$50,637
Median Earnings
$1,759
Median Rent
$569,300
Median Home Value
Market
Vacancy Rate% for Retail in Reno, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Two tenants occupy the building under triple-net leases in Reno’s Mae Anne Avenue corridor.
Where is this shopping center located?
The property is located at 6340 Mae Anne Ave Ste 1 & 2 Reno, NV.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: 100% occupied by two tenants: Got Pho and Stand Proud Dog Training; Triple‑net leases include tenant obligations to reimburse property taxes; Concrete tilt‑up construction, built in 2005
