Medical Office Investment
For Sale
Contact for pricing
2601 N Tenaya Wy, Las Vegas, NV 89128
Standalone medical office building in Northwest Medical District for sale.
Property Size8,800 SF
Lot Size1.08 Acres
Price / SF$369.32
Days on Market197
Property Features for 2601 N Tenaya Wy
General Information
Standard status
Active
Size
8,800 SF
Lot size
1.08 Acres
Property subtype
Mixed Use, Office, Special Purpose
Building Details
Year Built
1993
Listing Agency:
IS Luxury
Listed By:
Hattie Baker · License #0073912
Source:
Crexi
Added: Jan 21
Changed: Jul 10
Last Checked: Aug 5 at 11:08AM
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 IS Luxury
Investment Insights
Based on property information with market context.
This standalone wet medical office building presents an investment opportunity in the Northwest Medical District. The single-story building encompasses approximately 8,800 square feet on a 1.08-acre lot. Currently occupied by a national credit tenant, the property offers immediate stability. The building is in excellent condition and features a functional layout that includes a reception area, 13 private offices/rooms, and three restrooms, along with dedicated kitchen and dining areas. Positioned along North Tenaya Way, the property benefits from strong frontage, signage, and substantial daytime traffic. There are 53 parking spaces available, including covered parking, resulting in a parking ratio of 5.68:1,000. The location is near MountainView Hospital, major retailers, and Interstate 95. A nearby public park with walking paths, seating, and mature shade trees enhances the surrounding environment.
Key Highlights
- Standalone wet medical office building in the Northwest Medical District.
- Currently occupied by a national credit tenant, providing immediate income.
- Excellent condition with a well‑designed layout including 13 private offices/rooms.
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
$135,432
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
4.17%
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%
$2,708,640
$2.7M
Cap Rate 7%
$1,934,743
$1.9M
Cap Rate 9%
$1,504,800
$1.5M
Market Conditions
NOI Build-Up for 8,800 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
$211.2K $24.00/SF
− Vacancy
−$30.6K −$3.48/SF
EGI
$180.6K $20.52/SF
− OpEx
−$45.1K −$5.13/SF
NOI
$135.4K $15.39/SF
Area
Las Vegas, NV
Vacancy
14.50%
Lease Rate
$24.00 /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%
$2,708,640
Cap Rate 7%
$1,934,743
Cap Rate 9%
$1,504,800
Alternative Uses
Best Use
Office B
$1.93M
$1.69M – $2.26M
NOI $135,432 @ 7.0% cap · market cap 4.17%
Second Best
Healthcare Medical
$1.67M
$1.46M – $1.94M
NOI $116,582 @ 7.0% cap · market cap 3.59%
Theoretical Best
Specialty Retail
$3.04M
$2.66M – $3.55M
NOI $212,854 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,853
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89128, NV
37,882
Population
16,840
Households
2.2
Avg Household Size
40
Median Age
31%
College-Educated
91%
High-School Grad
6.0 sq mi
ZIP Area
6,314
Density / Sq Mi
$70,641
Median Household Income
$41,581
Median Earnings
$1,621
Median Rent
$378,600
Median Home Value
Market
Vacancy Rate% for Office in Las Vegas, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Standalone medical office building in Northwest Medical District for sale.
Where is this medical office space located?
The property is located at 2601 N Tenaya Wy Las Vegas, NV.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Standalone wet medical office building in the Northwest Medical District.; Currently occupied by a national credit tenant, providing immediate income.; Excellent condition with a well‑designed layout including **13 private offices/rooms**.
