Downtown Office Suite
For Sale
Contact for pricing
438 PYRAMID WAY, Sparks, NV 89431
ADA-accessible office and medical-style suites with dedicated parking and convenient access on Pyramid Way.
Property Size1,184 SF
Price / SF$422.21
Days on Market71
Property Features for 438 PYRAMID WAY
General Information
Standard status
Active
Size
1,184 SF
Total Parking Spaces
7
Property subtype
Mixed Use
Zoning
MUD
Additional Details
Office Units
5
Building Details
Year Built
1912
Tenancy
Multi
Listing Agency:
Real Broker, LLC
Listed By:
Josh Mansion · License #NV# S.0198515
Source:
Crexi
Added: May 28
Changed: Jul 10
Last Checked: Aug 6 at 8:24AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This well-maintained, ADA-accessible stand-alone commercial building was built in 1992 and configured for professional use. It includes five private office suites, a welcoming reception area, a spacious waiting room, and a storage area. The interior features updated flooring and a functional layout with abundant natural light, supporting a clean, modern work environment. A dedicated parking area provides 7 total spaces.
The property is located in Downtown Sparks with excellent visibility along Pyramid Way. Access is straightforward, and the building benefits from strong traffic exposure. The offering is presented as a turn-key opportunity with pride of ownership reflected throughout the improvements.
Zoned MUD, the building is positioned for a range of business uses beyond traditional office operations, including medical, wellness, therapy, professional services, beauty, and other service-based businesses. The suite-based configuration can support both owner-occupants and investors seeking a property with multiple workspaces, while the dedicated parking helps accommodate tenants and visitors.
The property is located in Downtown Sparks with excellent visibility along Pyramid Way. Access is straightforward, and the building benefits from strong traffic exposure. The offering is presented as a turn-key opportunity with pride of ownership reflected throughout the improvements.
Zoned MUD, the building is positioned for a range of business uses beyond traditional office operations, including medical, wellness, therapy, professional services, beauty, and other service-based businesses. The suite-based configuration can support both owner-occupants and investors seeking a property with multiple workspaces, while the dedicated parking helps accommodate tenants and visitors.
Key Highlights
- Downtown Sparks stand‑alone commercial building built in 1912, designed for professional office/medical‑style use
- ADA‑accessible layout with 5 private office suites plus reception area, spacious waiting room, and storage area
- Dedicated parking with 7 total spaces included
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
$17,254
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
3.45%
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%
$345,080
$345.1K
Cap Rate 7%
$246,486
$246.5K
Cap Rate 9%
$191,711
$191.7K
Market Conditions
NOI Build-Up for 1,184 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
$31.3K $26.40/SF
− Vacancy
−$2.5K −$2.11/SF
EGI
$28.8K $24.29/SF
− OpEx
−$11.5K −$9.72/SF
NOI
$17.3K $14.57/SF
Area
Sparks, NV
Vacancy
8.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$345,080
Cap Rate 7%
$246,486
Cap Rate 9%
$191,711
Alternative Uses
Best Use
Healthcare Medical
$246.5K
$215.7K – $287.6K
NOI $17,254 @ 7.0% cap · market cap 3.45%
Second Best
Office B
$239.4K
$209.5K – $279.3K
NOI $16,757 @ 7.0% cap · market cap 3.35%
Theoretical Best
Specialty Retail
$419.1K
$366.7K – $489.0K
NOI $29,337 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Explore this area
Business Placement
Demographics for 89431, NV
40,219
Population
16,858
Households
2.4
Avg Household Size
35
Median Age
14%
College-Educated
76%
High-School Grad
9.2 sq mi
ZIP Area
4,372
Density / Sq Mi
$64,496
Median Household Income
$39,589
Median Earnings
$1,276
Median Rent
$332,000
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 units - ADA-accessible office and medical-style suites with dedicated parking and convenient access on Pyramid Way.
Where is this office units located?
The property is located at 438 PYRAMID WAY Sparks, NV.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Downtown Sparks stand‑alone commercial building built in 1912, designed for professional office/medical‑style use; ADA‑accessible layout with 5 private office suites plus reception area, spacious waiting room, and storage area; Dedicated parking with 7 total spaces included
