Dual-Tenant Drive-Through
For Sale
Contact for pricing
745 Sparks Blvd, Sparks, NV 89434
Freestanding restaurant property occupied by Panda Express and Starbucks within a mixed-use development zoning framework.
Property Size3,524 SF
Lot Size0.76 Acres
Price / SF$770.43
Days on Market71
Property Features for 745 Sparks Blvd
General Information
Standard status
Active
Size
3,524 SF
Total Parking Spaces
23
Lot size
0.76 Acres
Property subtype
Retail
Zoning
MUD - Mixed Use Development
Occupancy
100%
Lease Type
NN
Investment Type
Stabilized
Net Operating Income
$145,309
Financials
Asking Price
$2,715,000
Cap Rate
5.35%
Site & Location
Drive-Thru
Yes
Traffic Count
32,800 vehicles/day
Building Details
Year Built
2003
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Reno
(775) 348-5234
Listed By:
Bret Nicholson · License #NV S.0183859
Source:
Crexi
Added: Jun 22
Changed: Aug 31
Last Checked: Aug 31 at 6:13AM
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 Marcus & Millichap - Reno
Investment Insights
Based on property information with market context.
This freestanding restaurant property contains 3,524 square feet and was built in 2003. The building is configured for two occupants, Panda Express and Starbucks, with a drive-through component and on-site parking. The property is 100% occupied and operates under MUD - Mixed Use Development zoning.
Located at 745 Sparks Blvd in Sparks, Nevada, the site has prominent frontage along Sparks Boulevard and records over 32,800 vehicles per day. Its position places the property among residential neighborhoods, medical users, neighborhood retail, and other regional traffic generators. Sparks Boulevard also serves residents traveling between Sparks and Spanish Springs and employment centers such as Downtown Reno.
The parcel encompasses 0.76 acres and benefits from direct drive-to access. The combination of two established quick-service restaurant occupants, a freestanding building, drive-through functionality, and a high-traffic corridor creates a clearly defined restaurant asset.
Located at 745 Sparks Blvd in Sparks, Nevada, the site has prominent frontage along Sparks Boulevard and records over 32,800 vehicles per day. Its position places the property among residential neighborhoods, medical users, neighborhood retail, and other regional traffic generators. Sparks Boulevard also serves residents traveling between Sparks and Spanish Springs and employment centers such as Downtown Reno.
The parcel encompasses 0.76 acres and benefits from direct drive-to access. The combination of two established quick-service restaurant occupants, a freestanding building, drive-through functionality, and a high-traffic corridor creates a clearly defined restaurant asset.
Key Highlights
- 100% occupied by Panda Express and Starbucks
- 3,524‑square‑foot freestanding restaurant building constructed in 2003
- 0.76‑acre parcel with drive‑through and on‑site parking
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
$87,317
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
3.22%
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%
$1,746,340
$1.7M
Cap Rate 7%
$1,247,386
$1.2M
Cap Rate 9%
$970,189
$970.2K
Market Conditions
NOI Build-Up for 3,524 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
$120.5K $34.20/SF
− Vacancy
−$4.1K −$1.16/SF
EGI
$116.4K $33.04/SF
− OpEx
−$29.1K −$8.26/SF
NOI
$87.3K $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%
$1,746,340
Cap Rate 7%
$1,247,386
Cap Rate 9%
$970,189
Alternative Uses
Best Use
Specialty Retail
$1.25M
$1.09M – $1.46M
NOI $87,317 @ 7.0% cap · market cap 3.22%
Second Best
Retail
$1.16M
$1.02M – $1.36M
NOI $81,496 @ 7.0% cap · market cap 3.00%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32,800 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
410
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89434, NV
28,154
Population
11,680
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
125.5 sq mi
ZIP Area
224
Density / Sq Mi
$90,953
Median Household Income
$45,918
Median Earnings
$1,857
Median Rent
$439,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Freestanding restaurant property occupied by Panda Express and Starbucks within a mixed-use development zoning framework.
Where is this conventional restaurant located?
The property is located at 745 Sparks Blvd Sparks, NV.
What is the asking price?
The asking price for this property is $2,715,000.
What are key features of this property?
This property features: 100% occupied by Panda Express and Starbucks; 3,524‑square‑foot freestanding restaurant building constructed in 2003; 0.76‑acre parcel with drive‑through and on‑site parking
