Single-Story Office Condo
For Sale
$325,080
295 East Warm Springs Road, Las Vegas, NV 89119
Two single-story office buildings offer flexible condo units with prominent Warm Springs Road frontage.
Property Size1,032 SF
Days on Market195
Property Features for 295 East Warm Springs Road
General Information
Standard status
Active
Size
1,032 SF
Class
B
Property subtype
Office
Building Details
Building Size
1,032 SF
Year Built
2002
Listing Agency:
MDL Group
Listed By:
Michael Greene, CCIM · License #NV #S.0186326
(917) 414-9558
Source:
Corfac
Added: Feb 26
Changed: Sep 8
Last Checked: Sep 8 at 6:19AM
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 MDL Group
Investment Insights
Based on property information with market context.
Bermuda Springs Corporate Plaza presents two single-story office buildings totaling 21,892 SF on 2.16 acres. The property includes well-maintained condo units ranging from 1,032 SF to 11,288 SF, with configurations that can be subdivided to support smaller office acquisitions. Built in 2002 and refurbished in 2025, the campus is zoned Commercial Professional (C-P) and is offered both as individual condo units and as a combined purchase.
The buildings benefit from strong access and prominent frontage along Warm Springs Road. The property is described as being within a short driving distance to Las Vegas Boulevard and the I-15 / I-215 interchange.
On-site parking totals 119 surface stalls, with covered parking available.
The buildings benefit from strong access and prominent frontage along Warm Springs Road. The property is described as being within a short driving distance to Las Vegas Boulevard and the I-15 / I-215 interchange.
On-site parking totals 119 surface stalls, with covered parking available.
Key Highlights
- Two single‑story office buildings totaling 21,892 SF on 2.16 acres, built in 2002
- Office condo units range from 1,032 SF to 11,288 SF (Building 285: 10,604 SF/6 units; Building 295: 11,288 SF/5 units)
- Units are configured as condos and can be easily subdivided/demised for smaller acquisitions
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
$15,882
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
4.89%
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%
$317,640
$317.6K
Cap Rate 7%
$226,886
$226.9K
Cap Rate 9%
$176,467
$176.5K
Market Conditions
NOI Build-Up for 1,032 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
$24.8K $24.00/SF
− Vacancy
−$3.6K −$3.48/SF
EGI
$21.2K $20.52/SF
− OpEx
−$5.3K −$5.13/SF
NOI
$15.9K $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%
$317,640
Cap Rate 7%
$226,886
Cap Rate 9%
$176,467
Alternative Uses
Best Use
Office B
$226.9K
$198.5K – $264.7K
NOI $15,882 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$356.6K
$312.0K – $416.0K
NOI $24,962 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,282
Businesses Nearby
Explore this area
Business Placement
Demographics for 89119, NV
48,895
Population
24,756
Households
2
Avg Household Size
36
Median Age
20%
College-Educated
84%
High-School Grad
12.9 sq mi
ZIP Area
3,790
Density / Sq Mi
$46,472
Median Household Income
$32,590
Median Earnings
$1,184
Median Rent
$301,000
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?
Office building - Two single-story office buildings offer flexible condo units with prominent Warm Springs Road frontage.
Where is this office building located?
The property is located at 295 East Warm Springs Road Las Vegas, NV.
What is the asking price?
The asking price for this property is $325,080.
What are key features of this property?
This property features: Two single‑story office buildings totaling 21,892 SF on 2.16 acres, built in 2002; Office condo units range from 1,032 SF to 11,288 SF (Building 285: 10,604 SF/6 units; Building 295: 11,288 SF/5 units); Units are configured as condos and can be easily subdivided/demised for smaller acquisitions
