1401 Virginia StReno, NV 89502

Property Details for 1401 Virginia St

Year built

1955

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.71 AC

Property size (Sq ft)

9,143 SF

Zone code

MUMC

Property type

Office properties

Property subtype

Office buildings

APN

014-133-15

APU

1413315

Description

This exceptional Class A mixed-use property, located at 1401 S. Virginia St. in Reno, Nevada, presents a compelling investment opportunity. The 21,198 square foot building, originally constructed in 1955 and extensively renovated in 2016, boasts a prime location in Reno's thriving MidTown district. The renovation included a new elevator, façade, second-story deck, roof, electrical system, enhanced security, and HVAC. The building features a strong tenant mix of retail, office, and restaurant spaces, currently enjoying 100% occupancy and generating a substantial net operating income (NOI) of $547,673, representing a 6.50% cap rate. The asking price is $8,426,000, translating to $397.49 per square foot. The property sits on a 0.71-acre lot and includes 30 on-site parking spaces—a rare amenity in MidTown. Its proximity to the Reno Public Market and the Reno Experience District (RED), coupled with the recent S. Virginia Street improvements (enhanced sidewalks, pedestrian safety, and street parking), ensures high visibility and foot traffic. The area's robust demographics, with over 125,000 residents within a 3-mile radius and a significant daytime population, further solidify its investment potential. The weighted average lease term remaining is 33 months. This two-story building, originally a bank, features 28 feet of clear height in its original 9,000 square foot section, constructed of 100% brick, and an additional 12,000 square feet of newer construction. The property's strong tenant mix, high occupancy, and strategic location make it an ideal investment for discerning buyers. The APN is 014-133-15.

• CAP approach

  CAP return

  Valuation

  6%

  $1,374,095

  6.5%

  $1,268,395

  7%

  $1,177,796

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,093,656

  Geo Method

  $2,093,656

• Alternative Use

  Use

  Valuation

  Residential

  $1,572,810

  Hospitality

  $1,440,686

  Educational

  $1,198,634

  Medical

  $1,239,856

  Retail

  $1,864,541

Location Insight

City

Reno

County

Washoe

State

Nevada

Latitude

39.5104

Longitude

-119.806

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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