Mixed-Use Building with Full
For Sale
$585,820
277 Vassar Street, Reno, NV 89502
Vacant commercial property with flexible layout, General Commercial zoning, parking, and a fully fenced lot.
Property Size1,520 SF
Price / SF$385.41
Days on Market379
Property Features for 277 Vassar Street
General Information
Standard status
Active
Size
1,520 SF
Property subtype
Mixed Use
Zoning
General Commercial
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$1,843
Amenities
partial kitchen/breakroom
cozy fireplace
detached garage
fully fenced lot
Central Air
3
Vinyl
Energy Star, Carbon Monoxide Detector
Asphalt, Shingle, Pitched
Parking.
10 Parking Spaces. Other Parking, Gravel, Off Site, Disabled Parking, Paved Driveway, On Site, On Street, Gated Parking, Alley Entrance, Concrete Driveway, Unpaved.
Level
0.15000000596046448
Freestanding, Loading Dock, Landscaped. Public Roads, Paved Road, Zero Lot Line, Open, Level.
Building Details
Year Built
1940
Stories
1
Listing Agency:
Keller Williams Group One Inc.
(775) 287-4152
Listed By:
Michael McNamara · License #S.199609
(775) 287-4152
Source:
Xome
Added: Aug 17, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:11PM
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 Keller Williams Group One Inc.
Investment Insights
Based on property information with market context.
This vacant mixed-use commercial building includes 760 square feet on the main level plus an additional 760-square-foot unfinished basement. The main floor offers an open arrangement, partial kitchen or breakroom, one bathroom, central air, and a fireplace. The basement adds storage or workshop capacity. Built in 1940, the property also includes a detached garage and a fully fenced lot.
General Commercial zoning supports a range of office, retail, salon, or studio applications identified for the property. Parking includes 10 spaces along with rear parking, and the site provides a paved driveway and alley entrance. The building is located at 277 Vassar Street in Reno, Nevada, a short distance from Midtown and within the City of Reno Opportunity Zone.
General Commercial zoning supports a range of office, retail, salon, or studio applications identified for the property. Parking includes 10 spaces along with rear parking, and the site provides a paved driveway and alley entrance. The building is located at 277 Vassar Street in Reno, Nevada, a short distance from Midtown and within the City of Reno Opportunity Zone.
Key Highlights
- 760 SF main level plus 760 SF unfinished basement
- General Commercial zoning
- 10 parking spaces with detached garage and rear parking
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
$26,870
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
4.59%
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%
$537,400
$537.4K
Cap Rate 7%
$383,857
$383.9K
Cap Rate 9%
$298,556
$298.6K
Market Conditions
NOI Build-Up for 1,520 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
$44.0K $28.92/SF
− Vacancy
−$8.1K −$5.35/SF
EGI
$35.8K $23.57/SF
− OpEx
−$9.0K −$5.89/SF
NOI
$26.9K $17.68/SF
Area
Reno, NV
Vacancy
18.50%
Lease Rate
$28.92 /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%
$537,400
Cap Rate 7%
$383,857
Cap Rate 9%
$298,556
Alternative Uses
Best Use
Office B
$383.9K
$335.9K – $447.8K
NOI $26,870 @ 7.0% cap · market cap 4.59%
Second Best
Mixed Use
$316.9K
$277.3K – $369.7K
NOI $22,182 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$468.4K
$409.9K – $546.5K
NOI $32,791 @ 7.0% cap · market cap 5.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,985
Businesses Nearby
Explore this area
Business Placement
Demographics for 89502, NV
47,062
Population
20,781
Households
2.3
Avg Household Size
36
Median Age
19%
College-Educated
80%
High-School Grad
21.5 sq mi
ZIP Area
2,189
Density / Sq Mi
$62,719
Median Household Income
$36,796
Median Earnings
$1,243
Median Rent
$389,200
Median Home Value
Market
Vacancy Rate% for Office in Reno, NV
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 - Vacant commercial property with flexible layout, General Commercial zoning, parking, and a fully fenced lot.
Where is this mixed-use property located?
The property is located at 277 Vassar Street Reno, NV.
What is the asking price?
The asking price for this property is $585,820.
What are key features of this property?
This property features: 760 SF main level plus 760 SF unfinished basement; General Commercial zoning; 10 parking spaces with detached garage and rear parking
