Historic Flex Building with
For Sale
$2,900,000
240 7th Street, Elko, NV 89801
CommercialSale, Elko, NV
Property Size11,517 SF
Lot Size0.69 Acres
Price / SF$251.80
Days on Market138
Property Features for 240 7th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
ZC
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Exterior features
FullyFenced, Workshop
Fencing
Fenced
Subdivision
ZX-Other/None
Standard status
Active
APN
001-352-005
Size
11,517 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Annual Amount
6417
Utilities
Heating system
Radiant
Water source
Public
Amenities
kitchenette
Building Details
Year built
1920
Flooring type
Concrete
Building materials
Brick
Roof type
Metal
Additional Structures
Workshop
Listing Agency:
Coldwell Banker Commercial Excel · Coldwell Banker Real Estate
(775) 738-4078
Listed By:
Sierra Petersen · License #BS.0146660
(775) 340-2393
Added: Apr 29
Changed: Sep 12
Last Checked: Sep 13 at 1:06AM
MLS# 3627805
Copyright © 2026 Elko County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Dating to 1920, this remodeled brick flex property includes an 8,901-square-foot main building and a separate 3,408-square-foot warehouse on 0.689 acres. The main building retains a historic generator and original fixtures while adding LED lighting, radiant overhead heat, a kitchenette, and a manual 10-ton overhead crane. Its layout supports professional office, event, and creative studio applications.
The accompanying warehouse includes two 2-ton overhead cranes, a high-capacity air compressor, concrete flooring, and 200-amp, 3-phase electrical service. Both structures share public water and sewer connections and have gas and electric meters. The site is fenced and provides 7 standard parking spaces plus 1 ADA-compliant space. Located at 240 7th Street in Elko, the property also includes a workshop and 3 bathrooms.
The accompanying warehouse includes two 2-ton overhead cranes, a high-capacity air compressor, concrete flooring, and 200-amp, 3-phase electrical service. Both structures share public water and sewer connections and have gas and electric meters. The site is fenced and provides 7 standard parking spaces plus 1 ADA-compliant space. Located at 240 7th Street in Elko, the property also includes a workshop and 3 bathrooms.
Key Highlights
- 8,901‑square‑foot main building paired with a 3,408‑square‑foot warehouse
- 0.689‑acre fenced site at 240 7th Street, Elko, NV 89801
- Manual 10‑ton overhead crane in the main building
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
$197,252
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
6.80%
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%
$3,945,040
$3.9M
Cap Rate 7%
$2,817,886
$2.8M
Cap Rate 9%
$2,191,689
$2.2M
Market Conditions
NOI Build-Up for 11,517 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
$304.0K $26.40/SF
− Vacancy
−$41.0K −$3.56/SF
EGI
$263.0K $22.84/SF
− OpEx
−$65.8K −$5.71/SF
NOI
$197.3K $17.13/SF
Area
Elko County, NV
Vacancy
13.50%
Lease Rate
$26.40 /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%
$3,945,040
Cap Rate 7%
$2,817,886
Cap Rate 9%
$2,191,689
Alternative Uses
Best Use
Office B
$2.82M
$2.47M – $3.29M
NOI $197,252 @ 7.0% cap · market cap 6.80%
Second Best
Warehouse
$324.0K
$283.5K – $378.0K
NOI $22,682 @ 7.0% cap · market cap 0.78%
Theoretical Best
Office A
$3.66M
$3.20M – $4.27M
NOI $256,178 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,204
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Remodeled brick property combines office, event, studio, and warehouse functionality with fenced workshop space.
Where is this flex space located?
The property is located at 240 7th Street Elko, NV.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 8,901‑square‑foot main building paired with a 3,408‑square‑foot warehouse; 0.689‑acre fenced site at 240 7th Street, Elko, NV 89801; Manual 10‑ton overhead crane in the main building
