1408 Pittman Ave Sparks, NV 89431-5617
- Auto shops
- 3,616 SF
- 2.47 lot acres
Nov 01, 2021
Current Use by Public Records
- Cal-Nevada Towing / Towing Service / Auto Wrecker
Property Details for 1408 Pittman Ave
- Year built
- 1965
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 2.47 lot acres
- Property size
- 3,616 SF
- Zone code
- I
- Property type
- Auto shops
- APN
- 032-302-33
- APU
- 3230233
Description
This exceptional investment opportunity presents a Net Lease (NNN) industrial property located at 1408 Pittman Ave, Sparks, NV 89431. The property encompasses a 2.47-acre fenced lot with two buildings totaling 8,866 square feet of net rentable space. The main structure features a two-story office building, a two-bay shop with 21-foot ceilings and 18-foot roll-up doors, ample storage, a lunchroom, and additional dispatch offices. A separate single-story stone building serves as an office. The property is currently 100% occupied by Cal Nevada Towing under a single-tenant Net Lease (NN+) agreement expiring December 31, 2027, with a remaining term of approximately 3.1 years. The current annual Net Operating Income (NOI) is $139,994, yielding a 5.50% cap rate and a pro-forma cap rate of 5.60%. The lease includes a 3% rent increase upon renewal in year six. The property was built in 1965 and 1991 and is zoned for industrial use. The current owner pays property taxes and covers major system repairs; the tenant is responsible for all utilities. Upon lease renewal, the tenant will assume property taxes. This property offers a strong, reliable income stream with significant potential for future rent escalation and a tenant responsible for most operational costs. The asking price is $2,500,000, representing a price per square foot of $281.98. This is a rare opportunity to acquire a well-located, income-producing industrial property in a thriving Nevada market. The property's features include a large fenced yard ideal for vehicle storage and operations.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Sparks
- County
- Washoe
- State
- Nevada
- Longitude
- -119.761
- Latitude
- 39.5296
- CBSA code
- 39900
- CBSA name
- RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA
