Historic Downtown Office
For Sale
Under Contract
$1,320,000
421 Court Street, Elko, NV 89801
CommercialSale, Elko, NV
Property Size5,068 SF
Lot Size0.57 Acres
Price / SF$260.46
Days on Market93
Property Features for 421 Court Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
ZC
Bathrooms
2
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Exterior features
Landscaping, MatureTreesLandscape, Workshop
Subdivision
ZX-Other/None
Standard status
Active Under Contract
APN
001-225-014, 001-225
Size
5,068 SF
Lot size
0.57 Acres
Taxes and HOA fees
Tax Annual Amount
6631
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Flooring type
Hardwood, Concrete, Tile, Carpet
Building materials
Brick, Block, Stucco, WoodSiding
Roof type
Membrane, Tile
Additional Structures
Workshop
Listing Agency:
Coldwell Banker Commercial Excel · Coldwell Banker Real Estate
(775) 738-4078
Listed By:
Sierra Petersen · License #BS.0146660
(775) 340-2393
Added: Jun 4
Changed: Sep 3
Last Checked: Sep 4 at 11:06AM
MLS# 3627951
Copyright © 2026 Elko County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office property combines a 5,068-square-foot main building with four included parcels: the primary office site, a landscaped yard, a hillside parcel, and a separate storage building. Originally built in 1900, the structure has been updated while retaining its historic character. Brick, block, stucco, and wood siding are complemented by carpet, tile, hardwood, and concrete flooring. The building is served by forced-air natural gas heat and central air conditioning, with two bathrooms.
Situated at 421 Court Street in downtown Elko, the property is located in the county seat and a commercial center for the surrounding mining and ranching region. A five-year lease is in place with extension options, and the leased spaces reflect an 8% cap rate. Exterior features include landscaping, mature trees, and a workshop.
Situated at 421 Court Street in downtown Elko, the property is located in the county seat and a commercial center for the surrounding mining and ranching region. A five-year lease is in place with extension options, and the leased spaces reflect an 8% cap rate. Exterior features include landscaping, mature trees, and a workshop.
Key Highlights
- 5,068‑square‑foot office building on 0.574 acres
- Four parcels included: office site, landscaped yard, hillside parcel, and storage building
- Originally constructed in 1900 and subsequently renovated
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
$86,800
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
6.58%
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%
$1,736,000
$1.7M
Cap Rate 7%
$1,240,000
$1.2M
Cap Rate 9%
$964,444
$964.4K
Market Conditions
NOI Build-Up for 5,068 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
$133.8K $26.40/SF
− Vacancy
−$18.1K −$3.56/SF
EGI
$115.7K $22.84/SF
− OpEx
−$28.9K −$5.71/SF
NOI
$86.8K $17.13/SF
Area
Elko County, NV
Vacancy
13.50%
Lease Rate
$26.40 /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%
$1,736,000
Cap Rate 7%
$1,240,000
Cap Rate 9%
$964,444
Alternative Uses
Best Use
Office B
$1.24M
$1.09M – $1.45M
NOI $86,800 @ 7.0% cap · market cap 6.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,730 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,312
Businesses Nearby
Explore this area
Business Placement
Demographics for 89801, NV
26,250
Population
11,079
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
87%
High-School Grad
1,212.7 sq mi
ZIP Area
22
Density / Sq Mi
$83,777
Median Household Income
$48,886
Median Earnings
$1,185
Median Rent
$278,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated office property with an in-place lease, additional parcels, and a separate equipment storage building.
Where is this office building located?
The property is located at 421 Court Street Elko, NV.
What is the asking price?
The asking price for this property is $1,320,000.
What are key features of this property?
This property features: 5,068‑square‑foot office building on 0.574 acres; Four parcels included: office site, landscaped yard, hillside parcel, and storage building; Originally constructed in 1900 and subsequently renovated
