Class A Office
New
For Sale
$26,995,000
1 E Liberty St, Reno, NV 89501
Recent lobby and chiller upgrades support a well-maintained, highly occupied office property.
Property Size84,151 SF
Price / SF$320.79
Days on Market7
Property Features for 1 E Liberty St
General Information
Standard status
Active
Size
84,151 SF
Class
Class A
Property subtype
Office
Occupancy
97%
Building Details
Year Renovated
2022
Buildings
1
Stories
6
Building Size
84,151 SF
Tenancy
Multi
Listing Agency:
Reno
Listed By:
Melissa Molyneaux · License #NV-BS.0144599.LLC
(775) 823-4674
Source:
Colliers
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 22 at 1:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Reno
Investment Insights
Based on property information with market context.
The six-story U.S. Bank Building is a Class A office property comprising 84,151 square feet. The building is 97.4% leased to a diversified group of established tenants and includes a renovated lobby and new chiller system completed in 2022. Abundant parking and ongoing physical improvements support the property’s office configuration and day-to-day functionality.
Located in Downtown Reno, the property offers walkable access to retail, dining, entertainment, and hospitality amenities. Its setting within Northern Nevada’s primary business district places the building in an established commercial environment with convenient access to surrounding downtown services.
Located in Downtown Reno, the property offers walkable access to retail, dining, entertainment, and hospitality amenities. Its setting within Northern Nevada’s primary business district places the building in an established commercial environment with convenient access to surrounding downtown services.
Key Highlights
- 84,151‑square‑foot, six‑story Class A office building
- 97.4% leased to a diverse roster of established tenants
- Renovated lobby and new chiller system completed in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$1,487,567
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$29,751,340
$29.8M
Cap Rate 7%
$21,250,957
$21.3M
Cap Rate 9%
$16,528,522
$16.5M
Market Conditions
NOI Build-Up for 84,151 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$2.43M $28.92/SF
− Vacancy
−$450.2K −$5.35/SF
EGI
$1.98M $23.57/SF
− OpEx
−$495.9K −$5.89/SF
NOI
$1.49M $17.68/SF
Area
Reno, NV
Vacancy
18.50%
Lease Rate
$28.92 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$29,751,340
Cap Rate 7%
$21,250,957
Cap Rate 9%
$16,528,522
Alternative Uses
Best Use
Office B
$21.25M
$18.59M – $24.79M
NOI $1,487,567 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$25.93M
$22.69M – $30.26M
NOI $1,815,400 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
97.4%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,107
Businesses Nearby
Explore this area
Business Placement
Demographics for 89501, NV
3,948
Population
2,975
Households
1.3
Avg Household Size
50
Median Age
40%
College-Educated
91%
High-School Grad
0.6 sq mi
ZIP Area
6,580
Density / Sq Mi
$32,990
Median Household Income
$28,774
Median Earnings
$1,089
Median Rent
$379,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Reno, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Recent lobby and chiller upgrades support a well-maintained, highly occupied office property.
Where is this office building located?
The property is located at 1 E Liberty St Reno, NV.
What is the asking price?
The asking price for this property is $26,995,000.
What are key features of this property?
This property features: 84,151‑square‑foot, six‑story Class A office building; 97.4% leased to a diverse roster of established tenants; Renovated lobby and new chiller system completed in 2022
