Investment Summary:
The Old Virginia Road subject property is situated in a prime South Reno location. The Mixed Use zoning allows for a wide variety of potential commercial uses, and would be ideal for such developments as a nursing home/assisted living facility, hospice/respite care facility, multi-family project, hotel, call center, church, or fitness center. (Recently, Moody’s Economy.com forecasted near-term population growth for the Reno area based on the relocation of retirees who will find the combination of no state income tax, a comfortable climate, and proximity to San Francisco and Lake Tahoe attractive.)
The average household income is estimated at $82,145 within a one-mile radius and $78,561 within a 5-mile radius. Projected population growth for 2013-2018 is 8.79% within a one-mile radius and 7.24% within a five-mile radius.
The site is located just off the U.S. 580/395 exit at Damonte Ranch. The topography is nearly level. The site has some visibility to the elevated highway and abuts Wal Mart. Access from Damonte Ranch Parkway to Old Virginia Road is controlled by a signalized intersection. All utilities are present in the street. Approximately 20,000 cubic yards of fill dirt was brought onto this property.
The property includes 9.7 acre feet of water rights. Height limit restriction is 45 feet; a special use permit is required in order to increase height.
Investment Higlights:
- Located in fastest growing area of Metro market
- Mixed Use zoning allows for a wide range of development opportunities
- Property is nearly square in shape, allowing for a campus style development
- One of the highest average household income areas in metro area
- Excellent ingress and egress to major transportation routes
- Adjacent to major retailers and public transportation services
- Ready for development with all utilities to site
- Mature trees along perimeter
- Creek running along the west end of the property; can be amenitized
Offering: ±5.14 Acres of Commercial Land
Sale Price: $2,611,422
Price Per Square Foot: $11.00
Address: 11565 Old Virginia Rd., Reno, NV 89521
County: Washoe
APNs: 160-060-31, 160-060-32
Water Rights: 9.7 acre feet
Zoning: MUSV
Flood Zone: Outside the 100-year floodplain
For more information, please contact:
Aiman Noursoultanova, CCIM
Senior Vice President
+1 775 823 6983
Brett Edwards
Vice President
+1 775 823 6968
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