Freestanding Office/Medical Building on
For Sale
Contact for pricing
3820 S Jones Blvd, Las Vegas, NV 89103
Well-maintained office/medical building with long-term tenant in central Las Vegas.
Property Size13,840 SF
Lot Size1.00 Acre
Price / SF$270.95
Days on Market460
Property Features for 3820 S Jones Blvd
General Information
Standard status
Active
Size
13,840 SF
Class
B
Lot size
1.00 Acre
Property subtype
Office
Zoning
C-G
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$254,072
Building Details
Year Built
1998
Year Renovated
2023
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Executive Realty Services
Listed By:
Cici Cong · License #S.0180161
Source:
Crexi
Added: May 26, 2025
Changed: Aug 23
Last Checked: Aug 26 at 4:44PM
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 Executive Realty Services
Investment Insights
Based on property information with market context.
This well-maintained, contemporary-style, freestanding, one-story office/medical building offers approximately 13,840 square feet of space. The property is located on S Jones Boulevard, just south of Spring Mountain Road, on the east side of the street. It features full building signage, excellent accessibility, and visibility from Jones Boulevard. The building is situated on one acre and is zoned C-1 for neighborhood commercial use. The property is currently occupied by a single tenant, Progressive Choices (PCI), which operates a vocational training center. PCI has been providing vocational training and job coaching in Clark County since 1997 and has approximately 8 years remaining on its lease with annual rent increases. The lease rate is currently below market value, offering potential for future growth. The property is conveniently located in the center of town, with a bus stop nearby and only 3 miles from the Strip. It is situated on a heavily trafficked road, providing excellent visibility. Businesses will benefit from incredible access to the Las Vegas Strip, approximately a 5-minute drive away. The property also offers superior highway connectivity, with Interstate 15, Nevada 159/W Charleston Blvd, and Interstate 215 approximately three miles away. The building is near medical facilities, such as the Spring Valley Medical Center, which is a six-minute drive away. Located in the Spring Valley residential neighborhood, the property offers convenient commuting and access to retail areas.
Key Highlights
- Freestanding, one‑story, +/-13,840‑square‑foot building with full building signage and excellent visibility.
- Long‑term lease (~8 years remaining) with established tenant (PCI) and annual rent increases.
- Below‑market lease rate with potential for future rent growth.
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
$212,998
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
5.68%
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%
$4,259,960
$4.3M
Cap Rate 7%
$3,042,829
$3.0M
Cap Rate 9%
$2,366,644
$2.4M
Market Conditions
NOI Build-Up for 13,840 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
$332.2K $24.00/SF
− Vacancy
−$48.2K −$3.48/SF
EGI
$284.0K $20.52/SF
− OpEx
−$71.0K −$5.13/SF
NOI
$213.0K $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%
$4,259,960
Cap Rate 7%
$3,042,829
Cap Rate 9%
$2,366,644
Alternative Uses
Best Use
Office B
$3.04M
$2.66M – $3.55M
NOI $212,998 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.78M
$4.18M – $5.58M
NOI $334,761 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
674
Businesses Nearby
Explore this area
Business Placement
Demographics for 89103, NV
49,461
Population
25,470
Households
1.9
Avg Household Size
39
Median Age
20%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
7,609
Density / Sq Mi
$48,311
Median Household Income
$33,520
Median Earnings
$1,300
Median Rent
$273,800
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 - Well-maintained office/medical building with long-term tenant in central Las Vegas.
Where is this office building located?
The property is located at 3820 S Jones Blvd Las Vegas, NV.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Freestanding, one‑story, +/-13,840‑square‑foot building with **full building signage and excellent visibility**.; Long‑term lease (~8 years remaining) with established tenant (PCI) and annual rent increases.; Below‑market lease rate with potential for future rent growth.
