Modern Office Building Near
For Sale
$2,350,000
3470 E Russell Road, Las Vegas, NV 89120
Two-story office building with rentable space near Harry Reid Airport.
Property Size11,310 SF
Price / SF$207.78
Days on Market168
Property Features for 3470 E Russell Road
General Information
Standard status
Active
Size
11,310 SF
Class
B
Property subtype
Office
Building Details
Building Size
11,310 SF
Listing Agency:
SVN | The Equity Group
Listed By:
Paul Chaffee, CCIM · License #NV #BS.1000874.LLC
(702) 218-8404
Source:
Svn
Added: Mar 26
Changed: Sep 4
Last Checked: Sep 8 at 6:52AM
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 SVN | The Equity Group
Investment Insights
Based on property information with market context.
The property at 3470 E Russell Road is a modern-style, two-story office building offering approximately 9,430 square feet of rentable space within a total property size of 11,310 square feet. The building is strategically located minutes from Harry Reid International Airport. It features 12 offices, conference rooms, a reception area, storage and utility rooms, and a break room. The building also includes an elevator and 17 parking spaces. This property is suitable for an owner-user.
Key Highlights
- Strategic location minutes from Harry Reid International Airport
- Approximately 9,430 SF of versatile and rentable space suitable for an owner‑user
- Modern‑style, luxury two‑story office building
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
$174,061
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
7.41%
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%
$3,481,220
$3.5M
Cap Rate 7%
$2,486,586
$2.5M
Cap Rate 9%
$1,934,011
$1.9M
Market Conditions
NOI Build-Up for 11,310 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
$271.4K $24.00/SF
− Vacancy
−$39.4K −$3.48/SF
EGI
$232.1K $20.52/SF
− OpEx
−$58.0K −$5.13/SF
NOI
$174.1K $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%
$3,481,220
Cap Rate 7%
$2,486,586
Cap Rate 9%
$1,934,011
Alternative Uses
Best Use
Office B
$2.49M
$2.18M – $2.90M
NOI $174,061 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.91M
$3.42M – $4.56M
NOI $273,566 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,011
Businesses Nearby
Explore this area
Business Placement
Demographics for 89120, NV
24,813
Population
9,861
Households
2.5
Avg Household Size
40
Median Age
26%
College-Educated
88%
High-School Grad
7.1 sq mi
ZIP Area
3,495
Density / Sq Mi
$75,813
Median Household Income
$38,774
Median Earnings
$1,467
Median Rent
$364,800
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-story office building with rentable space near Harry Reid Airport.
Where is this office building located?
The property is located at 3470 E Russell Road Las Vegas, NV.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Strategic location minutes from Harry Reid International Airport; Approximately 9,430 SF of versatile and rentable space suitable for an owner‑user; Modern‑style, luxury two‑story office building
