Flex Industrial Building with
For Sale
Contact for pricing
2645 W Cheyenne Ave., North Las Vegas, NV 89032
Two-story flex layout with heavy office and warehouse space, supported by 3-phase power and HVAC capability.
Property Size8,907 SF
Price / SF$269.45
Days on Market103
Property Features for 2645 W Cheyenne Ave.
General Information
Standard status
Active
Size
8,907 SF
Class
B
Total Parking Spaces
20
Property subtype
Office, Industrial
Zoning
General industrial (M-2)
Warehouse & Industrial
Clear Height
18 ft
Drive-In Doors
1
Heavy Power
Yes
Building Details
Year Built
2004
Year Renovated
2020
Buildings
1
Stories
2
Units
20
Listing Agency:
Logic Commercial Real Estate Reno
Listed By:
Michael Keating · License #S.0200781
(775) 386-9727
Source:
Crexi
Added: May 27
Changed: Aug 23
Last Checked: Sep 2 at 5:35PM
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 Logic Commercial Real Estate Reno
Investment Insights
Based on property information with market context.
Cheyenne West Corporate Center is a versatile owner-user flex property featuring a two-story building with a built-out office component and functional warehouse space. The structure includes 3,552 SF of first-floor office, 2,690 SF of second-floor office, and 2,440 SF of warehouse, creating a layout suited for office-intensive industrial operations. The warehouse is supported by 800 amps of 3-phase power and provides an 18' clear height, along with a 12'x14' grade-level door for practical loading and receiving. The warehouse space is also 100% HVAC capable, which supports a range of office-connected light industrial, lab, or manufacturing conversion concepts.
The property is positioned in North Las Vegas’s established industrial corridor and is available for sale as a single building. Parking totals 20 spaces, including 7 covered spaces. The site is designated M-2 zoning.
This offering can be a strong fit for professional services and light industrial users who need on-site offices alongside warehouse functionality. It also supports tenants or buyers looking for an industrial space that can accommodate office use and HVAC-dependent operations, while benefiting from the available power capacity and loading door configuration. As an owner-user opportunity, it’s designed to handle both day-to-day office workflows and warehouse activity under one roof.
The property is positioned in North Las Vegas’s established industrial corridor and is available for sale as a single building. Parking totals 20 spaces, including 7 covered spaces. The site is designated M-2 zoning.
This offering can be a strong fit for professional services and light industrial users who need on-site offices alongside warehouse functionality. It also supports tenants or buyers looking for an industrial space that can accommodate office use and HVAC-dependent operations, while benefiting from the available power capacity and loading door configuration. As an owner-user opportunity, it’s designed to handle both day-to-day office workflows and warehouse activity under one roof.
Key Highlights
- 8,907 SF two‑story industrial building with heavy office plus 2,440 SF warehouse space (built 2004)
- Office layout includes 3,552 SF on the first floor and 2,690 SF on the second floor
- Warehouse supported by 800 Amps 3‑phase power and 18' clear height
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
$123,371
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
5.14%
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%
$2,467,420
$2.5M
Cap Rate 7%
$1,762,443
$1.8M
Cap Rate 9%
$1,370,789
$1.4M
Market Conditions
NOI Build-Up for 8,907 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
$192.4K $21.60/SF
− Vacancy
−$27.9K −$3.13/SF
EGI
$164.5K $18.47/SF
− OpEx
−$41.1K −$4.62/SF
NOI
$123.4K $13.85/SF
Area
North Las Vegas, NV
Vacancy
14.50%
Lease Rate
$21.60 /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%
$2,467,420
Cap Rate 7%
$1,762,443
Cap Rate 9%
$1,370,789
Alternative Uses
Best Use
Office B
$1.76M
$1.54M – $2.06M
NOI $123,371 @ 7.0% cap · market cap 5.14%
Second Best
Flex RnD
$1.64M
$1.44M – $1.92M
NOI $115,050 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$2.41M
$2.11M – $2.81M
NOI $168,727 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
1
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
557
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89032, NV
47,324
Population
16,514
Households
2.9
Avg Household Size
36
Median Age
16%
College-Educated
82%
High-School Grad
10.0 sq mi
ZIP Area
4,732
Density / Sq Mi
$74,661
Median Household Income
$40,155
Median Earnings
$1,646
Median Rent
$346,500
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?
Flex space - Two-story flex layout with heavy office and warehouse space, supported by 3-phase power and HVAC capability.
Where is this flex space located?
The property is located at 2645 W Cheyenne Ave. North Las Vegas, NV.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 8,907 SF two‑story industrial building with heavy office plus 2,440 SF warehouse space (built 2004); Office layout includes 3,552 SF on the first floor and 2,690 SF on the second floor; Warehouse supported by 800 Amps 3‑phase power and 18' clear height
