Three-Story Brick
New
For Sale
$3,975,000
325 E 4th St, Reno, NV 89512
Commercial building situated in Reno’s historic Fourth Street District.
Property Size11,977 SF
Days on Market4
Property Features for 325 E 4th St
General Information
Standard status
Active
Size
11,977 SF
Property subtype
Retail
Building Details
Building Size
11,977 SF
Year Built
1902
Buildings
1
Stories
3
Construction
brick
Listed By:
Chris Shanks · License #NV #Lic# S.167217
(775) 850-3144
Source:
Corfac
Added: Sep 19
Changed: Sep 21
Last Checked: Sep 21 at 6:07AM
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 Chris Shanks
Investment Insights
Based on property information with market context.
Located at 325 E 4th St in Reno, this three-story brick storefront property occupies a prominent position within the city’s historic Fourth Street District. The building’s multi-level configuration and masonry construction provide a distinctive foundation for continued commercial use or repositioning.
The property was originally developed as the Nevada-California-Oregon Railway headquarters, adding a documented historical connection to the building’s identity. Its storefront classification supports consideration for retail-oriented occupancy.
The property was originally developed as the Nevada-California-Oregon Railway headquarters, adding a documented historical connection to the building’s identity. Its storefront classification supports consideration for retail-oriented occupancy.
Key Highlights
- Three‑story brick commercial building
- Located in Reno’s historic Fourth Street District
- Originally developed as the Nevada‑California‑Oregon Railway headquarters
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
$173,924
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
4.38%
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%
$3,478,480
$3.5M
Cap Rate 7%
$2,484,629
$2.5M
Cap Rate 9%
$1,932,489
$1.9M
Market Conditions
NOI Build-Up for 11,977 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
$251.5K $21.00/SF
− Vacancy
−$19.6K −$1.64/SF
EGI
$231.9K $19.36/SF
− OpEx
−$58.0K −$4.84/SF
NOI
$173.9K $14.52/SF
Area
Reno, NV
Vacancy
7.80%
Lease Rate
$21.00 /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%
$3,478,480
Cap Rate 7%
$2,484,629
Cap Rate 9%
$1,932,489
Alternative Uses
Best Use
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,924 @ 7.0% cap · market cap 4.38%
Second Best
Retail
$2.17M
$1.89M – $2.53M
NOI $151,559 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$3.69M
$3.23M – $4.31M
NOI $258,381 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,650
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 89512, NV
30,148
Population
12,374
Households
2.4
Avg Household Size
30
Median Age
18%
College-Educated
76%
High-School Grad
6.2 sq mi
ZIP Area
4,863
Density / Sq Mi
$45,284
Median Household Income
$34,587
Median Earnings
$1,113
Median Rent
$318,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Reno, NV
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial building situated in Reno’s historic Fourth Street District.
Where is this storefront property located?
The property is located at 325 E 4th St Reno, NV.
What is the asking price?
The asking price for this property is $3,975,000.
What are key features of this property?
This property features: Three‑story brick commercial building; Located in Reno’s historic Fourth Street District; Originally developed as the Nevada‑California‑Oregon Railway headquarters
