The Sparks Studios
2150 Victorian Ave., Sparks, NV 89431
List Price2.80 MM
Building size +/- 5,761 SF
Parcel Acreage +/- 0.516 AC
The Sparks Studios are located in the heart of Sparks, NV on Victorian Ave. The location provides easy access to all of Victorian Square’s year-round events, easy access to main thoroughfares, highways, and bus lines. The charming, retro, well cared for exterior offers garden-style living with ample parking. The unit mix consists of five (5) one bedroom, one bathroom units, and eighteen (18) studio units most of which have been wonderfully remodeled and rented at market rents. With a focus on providing comfortable living areas you will find each unit uniquely different from its neighbor. The in-place cap rate is based on the current t-12 financials and there is further upside to the rents! Three (3) of the units are modular Airstream units that are not on permanent foundations but are included in the sale. Units include all furnishings, a fully equipped kitchen, cable tv, on-site laundry facility, and Wi-Fi.
Victorian Square is in the center of many local events for the Reno-Sparks market. Victorian Square has been transformed into the new, modern, live-work-play submarket. The brand new +/- 8,500-seat Nugget outdoor event center hosting major concerts, Galaxy Theater, Sparks Farmers Market, Reno-Sparks Rib Cook Off, Hot August Nights, and much more. Victorian Square is easily accessed between two on-ramps to I-80, Pyramid Highway, and Rock Blvd., making transit easy for tenants.
The Sparks Studios
OFFERING MEMORANDUM CONFIDENTIALITY AGREEMENT
This Offering Memorandum contains select information pertaining to the business and affairs of 2150 Victorian Ave., Sparks, NV 89431. This Memorandum was prepared based on information supplied by Seller and Broker. It contains selected information about the Property and the real estate market but does not contain all the information necessary to evaluate the acquisition of the Property. The financial projections contained herein (or in any other Confidential Information) are for general reference only. The projections are based on assumptions relating to the general economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or legal analysis of such documents. All content provided is information of a general nature and does not address the circumstances of any particular individual or entity, nor shall the information constitute professional and/or financial advice. Recipient alone assumes the sole responsibility of evaluating the merits and risks associated with the use of any information before making any decisions based on such information.
The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Logic Commercial Real Estate (LCRE). The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Seller, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. While the information contained in the Memorandum and any other Confidential Information is believed to be reliable, neither Broker nor Seller guarantees its accuracy or completeness. Due to the foregoing and since the Property will be sold on an “As Is, Where Is” basis, a prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Confidential Information. Although additional confidential information which may include engineering, environmental or other reports may be provided to qualified parties as marketing proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers, environmental and other experts. The information contained in the research report, or any related publication are and shall remain the property of publisher and is protected by copyright, trademark, and/or other intellectual property, proprietary, work product rights and laws.
By acknowledging your receipt of this Offering Memorandum from LCRE, you agree:
- 1) The Offering Memorandum and its contents are confidential;
- 2) You will hold it and treat it in the strictest of confidence;
- 3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller; and
- You expressly authorize and permit Broker to use your email and to email you directly in connection with any future real estate marketing campaigns or offerings. You allow and permit Broker to email you details concerning any marketing materials in all electronic mediums for the purpose of marketing and promoting the Broker.
Seller and LCRE expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and/or until a written agreement for the purchase and sale of the Property has been fully executed and delivered. A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against the Seller or LCRE or any of their affiliates or any of their respective officers, directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date of this Offering Memorandum. LCRE has a policy of proactive broker cooperation with the investment brokerage community. If applicable, a cooperating broker fee of the sales price shall be paid at closing to the cooperating broker that procures and represents the buyer that acquires this property. If applicable, cooperation does not include brokers that represent themselves as Principals or broker’s whose member of his immediate family is participating in the purchase of the property. No broker will be recognized on a prospect that has previously contacted or been contacted by the Seller or the Seller’s representatives. Neither Seller, LCRE nor any of its principals and employees shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this material.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT A LCRE AGENT FOR MORE DETAILS.
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