Office Unit with Framed
New
For Sale
Contact for pricing
123 2nd Street, Elko, NV 89801
Framing is complete, with engineering finished and construction permits ready for contractor assignment.
Property Size1,668 SF
Price / SF$149.88
Days on Market7
Property Features for 123 2nd Street
General Information
Standard status
Active
Size
1,668 SF
Property subtype
Land
Building Details
Year Built
1973
Listing Agency:
Coldwell Banker Excel Spring Creek
Listed By:
Sierra Petersen · License #NV BS.0146660
(775) 340-2393
Source:
Crexi
Added: Aug 27
Changed: Sep 1
Last Checked: Sep 1 at 4:35PM
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 Coldwell Banker Excel Spring Creek
Investment Insights
Based on property information with market context.
This 1,668-square-foot office unit offers a partially completed interior with framing in place. The existing condition allows the next owner to establish the layout and finishes needed for an office, retail, or creative-space operation. Further construction will be the buyer’s responsibility.
Engineering has been completed by Black Dolphin, and permits to complete the work are ready at the City of Elko pending assignment to the selected contractor. The property is located in Elko, Nevada, at 123 2nd St.
Engineering has been completed by Black Dolphin, and permits to complete the work are ready at the City of Elko pending assignment to the selected contractor. The property is located in Elko, Nevada, at 123 2nd St.
Key Highlights
- 1,668‑square‑foot office unit
- Interior framing is complete
- Engineering work completed by Black Dolphin
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
$17,780
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
7.11%
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%
$355,600
$355.6K
Cap Rate 7%
$254,000
$254.0K
Cap Rate 9%
$197,556
$197.6K
Market Conditions
NOI Build-Up for 1,668 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
$27.0K $16.20/SF
− Vacancy
−$1.6K −$0.97/SF
EGI
$25.4K $15.23/SF
− OpEx
−$7.6K −$4.57/SF
NOI
$17.8K $10.66/SF
Area
Elko County, NV
Vacancy
6.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$355,600
Cap Rate 7%
$254,000
Cap Rate 9%
$197,556
Alternative Uses
Best Use
Office B
$408.1K
$357.1K – $476.1K
NOI $28,568 @ 7.0% cap · market cap 11.43%
Second Best
Retail
$254.0K
$222.3K – $296.3K
NOI $17,780 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$530.0K
$463.8K – $618.4K
NOI $37,102 @ 7.0% cap · market cap 14.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,065
Businesses Nearby
Explore this area
Business Placement
Demographics for 89801, NV
26,250
Population
11,079
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
87%
High-School Grad
1,212.7 sq mi
ZIP Area
22
Density / Sq Mi
$83,777
Median Household Income
$48,886
Median Earnings
$1,185
Median Rent
$278,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Framing is complete, with engineering finished and construction permits ready for contractor assignment.
Where is this office units located?
The property is located at 123 2nd Street Elko, NV.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,668‑square‑foot office unit; Interior framing is complete; Engineering work completed by Black Dolphin
