Mixed-Use Building in
For Sale
Contact for pricing
300 S Wells Ave., Reno, NV 89502
Mixed-use property with office, retail, and medical suites.
Property Size40,862 SF
Lot Size2.30 Acres
Price / SF$330.36
Days on Market107
Property Features for 300 S Wells Ave.
General Information
Standard status
Active
Size
40,862 SF
Total Parking Spaces
144
Lot size
2.30 Acres
Property subtype
Mixed Use, Retail, Office
Zoning
MU (Mixed-Use)
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$859,855
Building Details
Year Built
1972
Year Renovated
2019
Buildings
2
Units
144
Tenancy
Multi
Listing Agency:
Logic Commercial Real Estate Reno
(775) 800-4100
Listed By:
Ian Cochran · License #NV B.145434.LLC
Source:
Crexi
Added: May 14
Changed: Aug 24
Last Checked: Aug 26 at 11:44AM
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.
The property at 300 S. Wells Ave. comprises two buildings totaling approximately 40,862 square feet on roughly 2.30 acres of land. This includes an approximately 40,253 square foot mixed-use building and an approximately 609 square foot residential conversion. Originally constructed in 1972 and renovated in 2019, the property includes renovated common area restrooms, HVAC, and electrical improvements, as well as a common area courtyard for tenants and their guests. Zoned Mixed-Use (MU), the building accommodates a diverse mix of office, retail, and medical office suites. Current tenants include Atelier Beauty Bar, The Mill Barre + Pilates, CNET Media, Tumbles, and Dorinda's Chocolates. The building benefits from its high-traffic location on a major thoroughfare into Downtown and MidTown Reno from I-580 and I-80, with frontage along S. Wells Ave. at approximately 17,920 CPD and Ryland St. at approximately 10,860 CPD. The property is surrounded by over 4,000 homes within a 0.5-mile radius, along with over 825 businesses in that same area. Situated along the primary connection between I-580, downtown, and MidTown, this property features exceptional visibility and access to a large and growing consumer base in one of Reno's most dynamic urban corridors.
Key Highlights
- High‑traffic location on S. Wells Ave. and Ryland St. connecting I‑580/I‑80 to Downtown and MidTown Reno.
- Diverse tenant mix including Atelier Beauty Bar, The Mill Barre + Pilates, CNET Media, Tumbles, and Dorinda's Chocolates.
- Renovated in 2019 with improvements to common area restrooms, HVAC, and electrical systems.
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
$596,304
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
4.42%
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%
$11,926,080
$11.9M
Cap Rate 7%
$8,518,629
$8.5M
Cap Rate 9%
$6,625,600
$6.6M
Market Conditions
NOI Build-Up for 40,862 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
$1.05M $25.80/SF
− Vacancy
−$100.2K −$2.45/SF
EGI
$954.1K $23.35/SF
− OpEx
−$357.8K −$8.76/SF
NOI
$596.3K $14.59/SF
Area
Reno, NV
Vacancy
9.50%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
37.50%
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%
$11,926,080
Cap Rate 7%
$8,518,629
Cap Rate 9%
$6,625,600
Alternative Uses
Best Use
Mixed Use
$8.52M
$7.45M – $9.94M
NOI $596,304 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.59M
$11.02M – $14.69M
NOI $881,521 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,664
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with office, retail, and medical suites.
Where is this mixed-use property located?
The property is located at 300 S Wells Ave. Reno, NV.
What is the asking price?
The asking price for this property is $13,499,000.
What are key features of this property?
This property features: High‑traffic location on S. Wells Ave. and Ryland St. connecting I‑580/I‑80 to Downtown and MidTown Reno.; Diverse tenant mix including Atelier Beauty Bar, The Mill Barre + Pilates, CNET Media, Tumbles, and Dorinda's Chocolates.; Renovated in 2019 with improvements to common area restrooms, HVAC, and electrical systems.
