Renovated Office/Retail/Flex
For Sale
$2,950,000
400 South Wells Avenue, Reno, NV 89502
Two-story renovated building in the Wells district, excellent user opportunity.
Property Size9,586 SF
Price / SF$307.74
Days on Market138
Property Features for 400 South Wells Avenue
General Information
Standard status
Active
Size
9,586 SF
Property subtype
Retail
Listing Agency:
CBRE - Reno
(775) 321-4459
Listed By:
David Woods · License #0072655
(775) 321-4459
Source:
Cbre
Added: Apr 15
Changed: Aug 14
Last Checked: Aug 29 at 7:30AM
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 CBRE - Reno
Investment Insights
Based on property information with market context.
Located in the Wells district, this two-story, fully renovated building offers a boutique office, retail, and flex space. The contemporary build-out features abundant natural light and outdoor patio spaces. Situated on a major thoroughfare, the property provides convenient access to Downtown and the I80 and I580 Freeways. The building is surrounded by a variety of restaurant and retail amenities and is located directly across the street from Stewart Park. The property size is 9586 square feet.
Key Highlights
- Fully renovated, two‑story boutique office/retail/flex building.
- Excellent owner‑user opportunity.
- Abundant natural light and outdoor patio spaces.
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
$169,455
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
5.74%
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%
$3,389,100
$3.4M
Cap Rate 7%
$2,420,786
$2.4M
Cap Rate 9%
$1,882,833
$1.9M
Market Conditions
NOI Build-Up for 9,586 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
$277.2K $28.92/SF
− Vacancy
−$51.3K −$5.35/SF
EGI
$225.9K $23.57/SF
− OpEx
−$56.5K −$5.89/SF
NOI
$169.5K $17.68/SF
Area
Reno, NV
Vacancy
18.50%
Lease Rate
$28.92 /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%
$3,389,100
Cap Rate 7%
$2,420,786
Cap Rate 9%
$1,882,833
Alternative Uses
Best Use
Office B
$2.42M
$2.12M – $2.82M
NOI $169,455 @ 7.0% cap · market cap 5.74%
Second Best
Mixed Use
$2.00M
$1.75M – $2.33M
NOI $139,890 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$2.95M
$2.59M – $3.45M
NOI $206,800 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,678
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
Market
Vacancy Rate% for Office in Reno, NV
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story renovated building in the Wells district, excellent user opportunity.
Where is this mixed-use property located?
The property is located at 400 South Wells Avenue Reno, NV.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Fully renovated, two‑story boutique office/retail/flex building.; Excellent owner‑user opportunity.; Abundant natural light and outdoor patio spaces.
