Mixed-Use Property with
For Sale
$749,999
1921 Victorian Avenue #1921-1923, Sparks, NV 89431
MUD-zoned site combines a vacant retail building with a rear residential rental and retained store fixtures.
Property Size2,440 SF
Days on Market288
Property Features for 1921 Victorian Avenue #1921-1923
General Information
Standard status
Active
Size
2,440 SF
Total Parking Spaces
4
Property subtype
Commercial
Zoning
MUD
Additional Details
Road Access
Yes
Land Use
commercial, residential
Taxes and HOA fees
Annual Taxes
$1,564
Building Details
Building Size
2,440 SF
Year Built
1921
Buildings
2
Stories
1
Units
2
Tenancy
Single
Listing Agency:
ERA - Realty Central
(775) 636-5648
Listed By:
Abaid Khan · License #S.195183
(775) 636-5648
Source:
Fernleynvhomes
Added: Oct 28, 2025
Changed: Aug 11
Last Checked: Aug 11 at 1:45PM
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 ERA - Realty Central
Investment Insights
Based on property information with market context.
This mixed-use property includes a street-facing commercial building and a separate residential rental at the rear. The front space previously operated as a small neighborhood market and is currently vacant, with existing retail fixtures remaining in place. The rear residence is a two-story barn-style structure with off-street parking and access from the alley.
The property is located at 1921 Victorian Avenue in Sparks, near the intersection with Kietzke Lane and Rail City Casino. MUD zoning supports the property’s mixed commercial and residential configuration. The existing layout provides a storefront component at the front and residential use behind it.
The property is located at 1921 Victorian Avenue in Sparks, near the intersection with Kietzke Lane and Rail City Casino. MUD zoning supports the property’s mixed commercial and residential configuration. The existing layout provides a storefront component at the front and residential use behind it.
Key Highlights
- MUD zoning supports the existing mixed commercial and residential configuration
- Vacant front building previously operated as a small neighborhood market
- Existing retail fixtures remain in the commercial space
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
$60,458
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
8.06%
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%
$1,209,160
$1.2M
Cap Rate 7%
$863,686
$863.7K
Cap Rate 9%
$671,756
$671.8K
Market Conditions
NOI Build-Up for 2,440 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
$83.4K $34.20/SF
− Vacancy
−$2.8K −$1.16/SF
EGI
$80.6K $33.04/SF
− OpEx
−$20.2K −$8.26/SF
NOI
$60.5K $24.78/SF
Area
Sparks, NV
Vacancy
3.40%
Lease Rate
$34.20 /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%
$1,209,160
Cap Rate 7%
$863,686
Cap Rate 9%
$671,756
Alternative Uses
Best Use
Specialty Retail
$863.7K
$755.7K – $1.01M
NOI $60,458 @ 7.0% cap · market cap 8.06%
Second Best
Retail
$806.1K
$705.4K – $940.5K
NOI $56,428 @ 7.0% cap · market cap 7.52%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
904
Businesses Nearby
Explore this area
Business Placement
Demographics for 89431, NV
40,219
Population
16,858
Households
2.4
Avg Household Size
35
Median Age
14%
College-Educated
76%
High-School Grad
9.2 sq mi
ZIP Area
4,372
Density / Sq Mi
$64,496
Median Household Income
$39,589
Median Earnings
$1,276
Median Rent
$332,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - MUD-zoned site combines a vacant retail building with a rear residential rental and retained store fixtures.
Where is this mixed-use property located?
The property is located at 1921 Victorian Avenue #1921-1923 Sparks, NV.
What is the asking price?
The asking price for this property is $749,999.
What are key features of this property?
This property features: MUD zoning supports the existing mixed commercial and residential configuration; Vacant front building previously operated as a small neighborhood market; Existing retail fixtures remain in the commercial space
