Single-Tenant Office
For Sale
Contact for pricing
418 Cheney St, Reno, NV 89502
Configured with private offices, reception, a breakroom, basement storage, and on-site parking.
Property Size1,542 SF
Price / SF$599.87
Days on Market230
Property Features for 418 Cheney St
General Information
Standard status
Active
Size
1,542 SF
Property subtype
Office, Retail
Zoning
GC - General Commercial
Occupancy
100%
Investment Type
Net Lease
Net Operating Income
$60,000
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Tenancy
Single
Listing Agency:
Logic Commercial Real Estate Reno
(775) 745-8100
Listed By:
Rylee Buckmaster · License #NV S.200156
Source:
Crexi
Added: Jan 12
Changed: Aug 30
Last Checked: Aug 30 at 8:53AM
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.
This single-tenant office property includes three private offices, a reception area, restroom, breakroom, and basement storage. The building is accompanied by a +/- 4,000 SF fenced yard that is separately parceled for potential development. On-site parking is also provided.
Zoned GC - General Commercial, the property is located in the Wells Business District east of MidTown Layout. It is less than 2 miles from I-80, with access to S. Virginia St. connecting the site to central and South Reno. More than 650 businesses are located within a 0.5-mile radius, and traffic along S. Wells exceeds 15,800 CPD.
Zoned GC - General Commercial, the property is located in the Wells Business District east of MidTown Layout. It is less than 2 miles from I-80, with access to S. Virginia St. connecting the site to central and South Reno. More than 650 businesses are located within a 0.5-mile radius, and traffic along S. Wells exceeds 15,800 CPD.
Key Highlights
- Three private offices with reception area, restroom, breakroom, and basement storage
- +/- 4,000 SF fenced yard separately parceled for potential development
- GC - General Commercial zoning
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
$27,258
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
2.95%
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%
$545,160
$545.2K
Cap Rate 7%
$389,400
$389.4K
Cap Rate 9%
$302,867
$302.9K
Market Conditions
NOI Build-Up for 1,542 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
$44.6K $28.92/SF
− Vacancy
−$8.3K −$5.35/SF
EGI
$36.3K $23.57/SF
− OpEx
−$9.1K −$5.89/SF
NOI
$27.3K $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%
$545,160
Cap Rate 7%
$389,400
Cap Rate 9%
$302,867
Alternative Uses
Best Use
Office B
$389.4K
$340.7K – $454.3K
NOI $27,258 @ 7.0% cap · market cap 2.95%
Second Best
Retail
$278.8K
$243.9K – $325.2K
NOI $19,513 @ 7.0% cap · market cap 2.11%
Theoretical Best
Office A
$475.2K
$415.8K – $554.4K
NOI $33,266 @ 7.0% cap · market cap 3.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,686
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?
Office units - Configured with private offices, reception, a breakroom, basement storage, and on-site parking.
Where is this office units located?
The property is located at 418 Cheney St Reno, NV.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Three private offices with reception area, restroom, breakroom, and basement storage; +/- 4,000 SF fenced yard separately parceled for potential development; GC - General Commercial zoning
