300 S. Wells Ave.
Mixed-Use | 6.20% CAP | 40,862 SqFt
Marketing description
300 S. Wells Ave. consists of two buildings totaling ± 40,862 SF on ± 2.30 AC of land, including a ± 40,253 SF mixed-use building and a ± 609 SF residential conversion. Originally built in 1972 and renovated in 2019, the property features renovated common area restrooms, HVAC, and electrical improvements, and a common area courtyard for tenants and their guests. The building is zoned Mixed-Use (MU) and accommodates a diverse mix of office, retail, and medical office suites, with current tenants including Atelier Beauty Bar, The Mill Barre + Pilates, CNET Media, Tumbles, and Dorinda's Chocolates.
The building benefits from its high-traffic location on a major thoroughfare into Downtown and MidTown Reno from I-580 and I-80, with frontage along S. Wells Ave. at ± 17,920 CPD and Ryland St. at ± 10,860 CPD. The property is surrounded by over 4,000 homes within a 0.5-mile radius, along with over 825 businesses in that same area. Sitting along the primary connection between I-580/downtown/MidTown, this property features exceptional visibility and access to a large and growing consumer base in one of Reno's most dynamic urban corridors.
Investment highlights
- Long-Term Leases in Place - Property is 100% leased to 14 individual tenants with a weighted average lease term remaining of 36 months.
- Strategic Location - Situated within the main thoroughfare connecting I-580 to the MidTown and downtown districts as well as I-80 into central Reno.
- Recent Renovation - Originally built in 1972 and renovated in 2019, this property features a new roof, renovated common restrooms, HVAC and electrical improvements, and a common area courtyard for tenants and their guests.
- Key Demographic Area - This submarket has a strong daytime population with over 825 businesses located within a 0.5-mile radius.
- Strong Tenant Mix - Variety of tenants including locally owned and seasoned operators Altelier Beauty Salon, Roamer Coffee, Dorinda's Chocolates, The Mill Barre + Pilates, Stardust Studios Medi Spa, and Kill Crew fitness apparel. Plus National tenants, CNET Media technical reviews, Terraphase water quality engineering and Tumbles children's fitness and education facility.
- Ample Parking - Ample parking on site with 144 spaces and a 3.52:1,000 parking ratio. The additional parking to the east of the center has increased the parking ratio and allowed for additional retail users in the center.
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