Meadowood Multi-use Commercial/Development Land

MEADOWOOD MULTI-USE COMMERCIAL/DEVELOPMENT LAND 1555 MARVEL WAY, RENO, NV 89502

.99 AC FOR SALE

S McCarran Blvd

Marvel Way

Tyro

ne R

d MEADOWOOD REGIONAL MALL

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Trevor Richardson

EMAIL [email protected] 775.850.3031CELL 775.233.0754

OFFERING SUMMARY

USES/DEVELOPMENT POSSIBILITIES

PROPERTY PHOTOS

TABLE OF CONTENTS

1MEADOWOOD MULTI-USE COMMERCIAL/DEVELOPMENT LAND 1555 MARVEL WAY, RENO, NV 89502

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LOCATION

REGIONAL INFO / DEMOGRAPHICS

Property Description Offering

Asking Price $475,000

House SF 1,156

Zoning MUCCPossible Uses ● Trade Office

● Mixed Use● Retail● Development ● Assemblage● Yard Space

Location Meadowood

OFFERING HIGHLIGHTS

Acres 0.99

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1555 MARVEL WAY - OFFERING SUMMARYLocated in the Meadowood submarket this nearly one acre lot offers a wide array of commercial possibilities. The property includes a vacant house and detached garage that could be used for various businesses that require a storage yard and office space. Any various construction trades with a growing business would find this property suitable for expansion. The property is visible from heavily trafficked McCarran Blvd and has access from both Marvel way and Tyrone Rd. Marvel way connects next to the US Bank building providing access to Meadowood Mall which is also near both Virginia St and I-580 - one of the busiest and most accessible areas in the Reno/Sparks metro. In addition to its possibilities as it currently sits, it offers a wide range of other development opportunities and could serve as a part of a larger infill assemblage for a multifamily or office development.

PROPERTY YARD


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Possible Uses Development

OPERATION REQUIRING YARD SPACE W/ THE HOUSE AS OFFICE SPACE

● LANDSCAPER● ELECTRICIAN● ROOFING● PLUMBER● RV/BOAT

OTHER POSSIBILITIES

● EVENT VENUE● CATERING● BREWERY

The Reno market continues to show a high demand for new housing units to add supply to a growth market with increasing employment and population. Through a possible assemblage* this property could be combined with neighboring properties for a larger development. If you are interested in this unique opportunity please contact Trevor Richardson at Dickson Commercial Group for more info on the surrounding properties.

● MULTIFAMILY (ASSEMBLAGE)● TOWNHOMES/CONDOS (ASSEMBLAGE)● OFFICE (ASSEMBLAGE)

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* Subject to property owners consent to sell, Dickson Commercial Group does not represent any owners above with the only exception as the subject property. Other owners have not committed to disposition of their property.

RESIDENTIAL/OFFICE

BUSINESS POSSIBLE USES POSSIBLE ASSEMBLAGE*


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City of Reno Zoning

1555 Marvel

Possible Multifamily DevelopmentMultifamily development is allowed in the MU/CRC/GMU zone. Code compliant development would go straight to building permit with no discretionary review required. Minimum residential density is 14 units per acre. Look at RMC 18.08.405 b for zoning overlay standards. -City of Reno

MUCC - CONVENTION REGIONAL CENTER PLAN


More info can be found at www.reno.gov

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Property Photos Exterior

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McCARRAN - STREET VIEW McCARRAN - WEST FACING

McCARRAN - EAST FACINGMcCARRAN - EAST FACING

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Property Photos Exterior

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MARVEL WAY - STREET VIEW GARAGE & STORAGE

McCARRAN - WEST FACINGOVERHEAD


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Location Assessor Map


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Location Regional Info Map

SOMERSETT GOLF COMMUNITY

UNIVERSITY OF NEVADA, RENO

LAKE TAHOE

TAHOE RENO INDUSTRIAL CENTER (TRIC)

TESLA MOTORS GIGAFACTORY

SWITCH SUPERNAP

APPLE DATA CENTER

DOWNTOWN RENO

RENO TAHOE INTERNATIONAL AIRPORT

CALI

FORN

IA

NW RENO

TRUCKEE, CA

SPARKS

MIDTOWN RENO

WINGFIELD SPRINGSNORTH VALLEYS

SOUTH RENO

INTERSTATE 80

INTERSTATE 580

SE CONNECTOR (UNDER CONST.)

1555 MARVEL

NEVADA


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Location Neighborhood Info Map

OFFICE

RENO/TAHOE AIRPORT

RETAIL

OFFICE/INDUSTRIAL

MULTIFAMILYRETAIL

MULTIFAMILY

RTC HUB (BUS TRANSIT)

1555 MARVEL

MEADOWOOD REGIONAL MALL

NV ENERGY

I-580

S McCarran Blvd

S Virginia StOFFICE

RETAIL


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Meadowood Mall Sub Market

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MEADOWOOD MALLMeadowood Mall is conveniently located near major casinos and the Reno/Sparks Convention Center at the intersection of South Virginia Street and South McCarran Boulevard. Meadowood is the area's only enclosed regional shopping mall. We're anchored by two Macy’s stores, JCPenney, Sears, and Dick's Sporting Goods (Coming Fall 2016) with more than 100 shops and a large selection of eateries.- www.simon.com/mall/meadowood-mall


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Market Info Reno/Sparks

RENO, NEVADAThe Greater Reno/Sparks area is starting to see and feel the unprecedented growth in the area thanks to many key factors. Near the end of 2014, Tesla Motors named Nevada the official site for the Tesla Gigafactory, a massive factory to produce batteries for it’s electric vehicles. According to the Governor’s Office of Economic Development, over 22,715 jobs could be created in Northern Nevada thanks to Tesla, as well as a substantial increase in construction and housing activity. Governor Sandoval, in his State of the State speech in January 2015, stated “Nevada’s job growth is third strongest in the country, we have cut our unemployment rate in half, and we have the second fastest growing population in the nation.”

The Economic Development Authority, or EDAWN, is projecting an increase of more than 51,000 primary and secondary jobs from 2015 to 2019 for the region. In 2014, EDAWN assisted 34 companies in moving or expanding into Nevada, which included 13 headquarters. Prior to that, the record for head-quarters was six. The 34 companies accounted for 4,179 new jobs for the area as well. EDAWN kicked off 2015 with 10 prospects visiting in just January alone. EDAWN credited high profile projects such as the Apple data center, Tesla Motors’ gigafactory and the Switch SUPERNAP data center for increasing interest in the region from outside companies and expects to see nearly 100 other announcements before end of 2015.

DOWNTOWN RENO

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Market Info Major Regional Developments

TESLA GIGAFACTORYCosting $5 billion and projected to employ 6,500 people once up and running, Tesla Motors' Gigafactory at the Tahoe Reno Industrial Center is considered one of the biggest wins in economic development history. The gigafactory is the linchpin in Tesla's plans for expansion, manufacturing an estimated 500,000 battery packs for the company's electric cars each year when operational. It will also allow the company to eventually scale up its Tesla Energy line of storage batteries for homes and businesses. Just as important as its raw numbers, however, is its impact on Reno's reputation as a place to do business for companies looking to expand. - rgj.com

Tesla’s mission is to accelerate the world’s transition to sustainable transportation. To achieve that goal, we must produce electric vehicles in sufficient volume to force change in the automobile industry. With a planned production rate of 500,000 cars per year in the latter half of this decade, Tesla alone will require today’s entire worldwide production of lithium ion batteries. The Tesla Gigafactory was born of necessity and will supply enough batteries to support our projected vehicle demand. Tesla broke ground on the Gigafactory in June 2014 outside Sparks, Nevada, and we expect to begin cell production in 2017. By 2020, the Gigafactory will reach full capacity and produce more lithium ion batteries annually than were produced worldwide in 2013. - teslamotors.com/gigafactory


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Demographics Overview


DEMOGRAPHICS 1 MILE 3 MILE 5 MILE

POPULATION

2016 Estimated population 9,062 71,032 167,585

2021 projected population 9,802 76,184 178,887

HOUSEHOLDS

2016 Estimated households 3,305 28,693 70,234

2021 projected households 3,533 30,593 74,562

2016 Est. Median HH Income $32,732 $40,666 $41,373

2016 Est. Average HH Income $41,856 $59,263 $64,336

2016 Est. Per Capita HH Income $15,325 $24,619 $27,797

Source: U.S. Census Bureau, Census 2010 Data. Esri forecasts for 2015 and 2020.

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Why Northern Nevada?

The Greater Reno/Sparks area is starting to see and feel the unprecedented growth in the area thanks to many key factors. Thanks to Tesla’s new Gigafactory, an economic and technological revolution is on its way, providing 6,500 new jobs at peak production. Currently, Reno has experienced a 14.7% growth in manufacturing employment over the past five years.

Nevada's unemployment rate has gone down for five years straight after peaking at 13.1 percent in November, 2010, according to a Nevada Department of Employment report. The Reno/Sparks area currently sits at a 5.5 percent unemployment rate as of July, 2016.

The Economic Development Authority, or EDAWN, projects 50,000 new jobs will open in Reno-Sparks in the next five years, meaning 9,000 homes need to be built each year leading up to 2020. Governor Sandoval, in his State of the State speech in January 2015, stated “Nevada’s job growth is third strongest in the country, we have cut our unemployment rate in half, and we have the second fastest growing population in the nation.”

WHY MOVE TO THE RENO/SPARKS AREA? According to the Whitney Group, a leader for over 30 years in providing market research and feasibility analysis in the western United States , it’s believed that the housing demand and valuations are on the verge of accelerating over the near term to perhaps historical heights never before experienced in the greater Reno region.

It is also being noted that Nevada state taxable sales are near an all-time high thanks to the strong economic recovery & visitors, according to the Nevada Department of Taxation. Specifically, Washoe County and surrounding areas are seeing the highest taxable sales since before 2006. Washoe County alone experienced a 15-20% increase of visitors to the area in February 2015 as opposed to the same time the previous years. With the area's proximity to California, Lake Tahoe and all the Sierras have to offer, the Greater Reno-Sparks area is proving to be one of the nation’s top area’s to live, work, and play.


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According to Livability.com’s “2016 Top 100 Best Places to live” selected from over 2,000 cities.

HOW DOES NEVADA STACK UP?

According to Chiefexecutive.net’s “2016 Top 50 Best Places to do business.”

Most Business-Friendly Tax Climate by the Tax Foundation for 2013.

The Kauffman Foundation Index ranks Nevada as #2 of 25 in “Highest Startup Activity in 2016” for Smaller States.

The Kauffman Foundation Index ranks Nevada as #8 of 25 in “Growth Entrepreneurship 2016” for Smaller States.

#47

#9

#3

#2

#8


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Labor Force

Greater Reno/Sparks/Tahoe has an existing labor force of over 220,000 with a close proximity to metros such as Sacramento and San Francisco, and the quality of life to attract top young professionals. Area industry and business leaders consistently give the regional labor pool top marks for productivity and quality.

Employers are able to connect with students at the University of Nevada, Reno, top-ranked in business, engineering and medicine, Truckee Meadows Community College, offering customized skills training, the Desert Research Institute and other higher education facilities in the region.

Recent economic changes have created huge opportunity for employers looking to relocate or expand. Greater Reno/Sparks/Tahoe has a readily available workforce of nearly 25,000 skilled in manufacturing, logistics, software development, business, administrative services and more.

RENO IS BUSINESS FRIENDLY

Fiber Availability

Reno has a state of the art, 100 percent digitally switched telecommunication network and high-capacity fiber optic infrastructure to attract and keep companies that require quality high speed connectivity. Reno has over 550 Fiber Lit buildings and over 1,400 miles of fiber.

Reno office buildings have access to dedicated internet services, scaled to the needs of local businesses. Delivered via a direct fiber optic connection, this Ethernet-based service easily integrates with local office area networks making for a more convenient setup.


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Education

The University of Nevada, Reno, plays an integral role with developing and maintaining a diverse and professional business economy in the Reno/Sparks/Tahoe area. Located just north of the downtown district, the UNR campus provides 145 undergraduate and 124 graduate programs for one of the more affordable universities in the area. Current students pay 80 percent less than the average Tier 1 Institution, making UNR one of the most affordable and high-quality universities in the West.

The College of Business in particular is one of the strongest assets for the university, offering degree programs ranging from accounting and business administration to information systems and gaming management. The College of Business even offers minor degrees for cyber security and entrepreneurship, both vital assets for professional labor in today’s economy.

Beyond providing a high quality and affordable education for its students, UNR is dedicated to building a genuine sense of community in Northern Nevada. The College of Business houses the Ozmen Center for Entrepreneurship and the Nevada Small Business Development Center, giving students, faculty and local aspiring business professionals the opportunity to collaborate on entrepreneurial ideas or endeavors.

UNIVERSITY OF NEVADA, RENOThe university recently opened the InNEVation Center, Powered by Switch, in Fall 2015 to serve as a center for collaboration between local technology developers, entrepreneurs and researchers. The InNEVation Center emphasizes drone research, which has contributed to Northern Nevada’s rapidly growing reputation as a hotbed for drone research.


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Housing Summary

The Months of Inventory for affordable housing in the $300,000 and below range remains low at 42 Days of inventory, according to data supplied by the Northern Nevada Multiple Listing Service as of August 29, 2016.


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Real Estate

Meadowood Multi-use Commercial/Development Land