5265 Vis Blvd Sparks, NV 89436-0836

Property Details for 5265 Vis Blvd

Year built

1999

Construction

WOOD

Lot size

0.95 lot acres

Property size

10,467 SF

Zone code

PD

Property type

Medical offices

Property subtype

Medical centers

APN

516-060-13

APU

51606013

Description

This exceptional investment opportunity presents a 10,467-square-foot medical office building in Sparks, Nevada, boasting a 5.75% cap rate. The property, situated on 0.95 acres at 5265 Vista Blvd, 89436, is currently 100% occupied by two tenants under a double net lease (NN) with a remaining term of 4.7 years, commencing May 1, 2019, and expiring July 31, 2029. The lease includes two 5-year options and features attractive 2% annual rent increases. The primary tenant, Northern Nevada Medical Group (a subsidiary of Fortune 500 company Universal Health Services Inc.), has invested over $1 million in improvements, demonstrating a strong commitment to the location. The property also benefits from additional income generated by an on-site Bank of America ATM, operational since 1999. Recent capital expenditures include a parking lot replacement in June 2024 and a roof replacement in 2019 with a 10-year warranty and an option for an additional 10-year re-coating. Built in 1999 and renovated in 2019, the building is zoned PD. The strong demographics of the area, with a 5-mile population exceeding 145,000 and an average household income of $103,000 within a 1-mile radius, further enhance the investment potential. Sparks, located in the Reno MSA, is a rapidly growing city in Nevada, a state with no income tax. A 4.15% assumable debt is in place. The asking price is $3,144,000, with a net operating income (NOI) of $180,793.

Location Insight

City

Sparks

County

Washoe

State

Nevada

Longitude

-119.716

Latitude

39.5873

CBSA code

39900

CBSA name

RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments