292 Los Altos Pkwy Sparks, NV 89436-7708

Property Details for 292 Los Altos Pkwy

Year built

2006

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.78 lot acres

Property size

13,169 SF

Zone code

NUD

Property type

Outlet malls

APN

510-492-16

APU

51049216

Description

This exceptional investment opportunity presents a 13,302 square foot Walgreens located at 292 Los Altos Pkwy, Sparks, NV 89436, within the Reno MSA. The property boasts a strong 7.00% cap rate and a long-term, absolute NNN lease with Walgreens, a creditworthy national tenant, extending until April 30, 2035, with a remaining term of 10.4 years. The lease includes built-in rent bumps of 5% every 5 years, providing consistent income growth. Situated on a 1.77-acre lot, this single-tenant retail property benefits from excellent visibility on a signalized corner with high daily traffic counts of 22,765 vehicles. The property is surrounded by other national retailers, including Costco, Walmart, and Best Buy, indicating a strong retail environment. The location enjoys a high average household income of $106,273 within a one-mile radius. Built in 2006, this property offers a secure investment with significant upside potential, given the projected 52% job growth in the Reno MSA over the next decade. The asking price is $4,634,743, and the net operating income (NOI) is $324,432. Please note that certain property details, including rentable area, lot size, lease terms, and building specifications, are estimates and should be verified during due diligence.

Location Insight

City

Sparks

County

Washoe

State

Nevada

Longitude

-119.74

Latitude

39.5843

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments