300 S. Wells Ave.

300 S. Wells Ave., Reno, NV 89502

— For Sale —

List Price$11.00MM

Size +/- 40,852 SF

PSF $269

Property Information

Property Overview

300 S. Wells Ave. consists of two buildings totaling +/- 40,852 SF on +/- 2.30 AC of land. The property includes a +/- 40,243 SF mixed-use building and a +/- 609 SF residential conversion. The building benefits from it’s high-traffic location as the major thoroughfare into downtown and MidTown Reno from I-580 and I-80. The property has frontage along S. Wells Ave., with 15,600 CPD, and Ryland St., with +/- 10,000 CPD. Tenants in the building include Atelier Beauty Bar, Walgreen Co., Ride Concepts, and Dorinda’s Chocolates.

Originally built in 1972 and renovated in 2019, this property features a new roof, renovated common restrooms, HVAC and electrical improvements, a parking lot reseal, and a completed common area courtyard for tenants and their guests. The property is surrounded by over 10,500 homes within a 1-mile radius along with a daytime population of +/- 46,434, doubling the residential population in that same area.

Investment Highlights

Long-Term Leases in Place:
Weighted average lease term of 44 months on existing tenancy. Tenant draw has been strong since completed renovations in 2019.

Capital Improvements:
Multiple capital improvements made to the center including landscaping improvements, re-slurry of parking lot, beautiful courtyard with secured access, and renovated common areas.

Ideal Location:
Shopping center has frontage along S. Wells Ave. and Ryland Ave. with over 25,000 CPD combined. Easy access to I-80 via Wells Ave. and to I-580 via Ryland Ave.

Ample Parking:
Center offers ample parking with 144 spaces and a 3.6:1,000 parking ratio within the center’s lot. The additional parking to the east of the center has increased the parking ratio and allowed for additional retail users in the center.

Key Demographic Area:
Center is located on the eastern border of MidTown/downtown Reno along one of the major thoroughfare’s into the submarkets. Total population within a 1-mile radius is 20,356 and daytime population increases to 46,434 on average.

Contact

Shareholder

Ian Cochran, CCIM

Partner
Reno
License B.145434.LLC
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O 775.433.1102
C 775.225.0826
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Shareholder

Greg Ruzzine, CCIM

Partner
Reno
License BS.145435
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O 775.433.1103
C 775.450.5779
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Brokerage

Mike Keating

Vice President
Reno
License S.174942
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O 775.433.1104
C 775.386.9727
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