EL RANCHO RETAIL CENTER + TWO BILLBOARDS
RENO, NV
Investment Overview
Marcus & Millichap is pleased to present an exceptional Re-Development Opportunity or Stable Cash Flow + Billboard Income
Marcus & Millichap is pleased to present the rare and exceptional opportunity to acquire a generational ownership asset. The El Rancho Retail Center, a portfolio of five freestanding buildings with single tenant occupancy situated upon an oversized plot of land—consisting of two parcels totaling ±3.1 acres—plus additional billboard income including a prominent Interstate 80 location at East 7th Street at Sutro Street sited upon .08 acres of land.
Strategically situated just one block south of the world-famous Peppermill Resort and one block north of the Atlantis Casino Resort, and 2.5 miles from the Reno-Tahoe International Airport, this location is directly accessible to the I-580 and centrally located near the Reno-Sparks Convention Center and just south of the popular MidTown District and Downtown Reno.
Surrounded by a heavy concentration of retail and entertainment offerings, including the exciting nearby developments of Reno Public Market and the Reno Experience District, the subject property is in the heart of the resort & retail trade corridor. This critical location is ripe for revitalization and potential redevelopment.
A newly energized retail center or QSR-type development geared toward the neighboring resort hotel guests is likely to attract tremendous casino and tourist traffic. The Peppermill and Atlantis resorts are consistently cited as the two top hotel/casinos in the entire Reno market. The El Rancho Retail Center lies conveniently between both resorts and boasts direct proximity to each. Additionally, residential patronage of the densely populated Park Lane submarket features 226,278 residents in the five-mile radius and an average household income of $83,981.
Market peers are experiencing full occupancy, with zero single-tenant freestanding vacancy in the entire South Virginia Street corridor between the I-80 to the I-580 and beyond.
The El Rancho Retail Center has been within family ownership since 1995 and features a long-term roster of tenants including a recently remodeled Wendy’s, as well as TitleMax, All About Cars Total Care Car, Jimboy’s Tacos and Carl’s Saloon. All retail tenants, with the exception of Wendy’s, are on short term or month-to-month leases.
EL RANCHO RETAIL CENTER + BILLBOARDS
3200-3310 South Virginia Street, Reno, NV 89502
Property Details
Offering Price:
Gross Building SF:
Occupancy:
Lot Size Total (Three Parcels):
Year(s) Built:
$4,650,000
±13,345 Sq Ft
100%
±3.18 Acres
1977/1983
Highlights
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Generational opportunity to acquire dynamic resort corridor retail assets with incredible re-positioning potential
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Oversized land parcel allows for enhanced development opportunities for QSR-type or other projects while maintaining roughly 600 linear feet of South Virginia Street frontage with eight points of ingress/egress
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Offering includes two prominent billboards providing additional stable income, one at the site and another at the I-80/Sutro Street
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Long-term occupancy has provided stable income amongst each of the five buildings with minimal landlord management effort
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Irreplaceable location on South Virginia Street lying directly between Reno’s two top resort casinos with a combined 2,400 guest rooms provides heightened demand for amenities
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Flexible re-positioning opportunity with short term or month-to-month tenancy (per landlord’s wishes) with the exception of Wendy’s
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Wendy’s (ground lease) recently received a $60,000 renovation upon signing a new lease, extending the expiration through November 2038
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Significantly below market rents for several tenants as well as leakage in expense recapture provide ample upside opportunity through efficient management practices or re-positioning
