Downtown Las Vegas Landmark
For Sale
Contact for pricing
500-516 S 4th St, Las Vegas, NV
Prime downtown location with immediate usability and income potential.
Property Size11,230 SF
Lot Size0.65 Acres
Price / SF$489.31
Days on Market421
Property Features for 500-516 S 4th St
General Information
Standard status
Active
Size
11,230 SF
Lot size
0.65 Acres
Property subtype
OFFICE
Listing Agency:
Hatrak Commercial
(702) 271-3520
Listed By:
Rob Hatrak
Source:
Moodyscre
Added: Jul 4, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:15AM
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 Hatrak Commercial
Investment Insights
Based on property information with market context.
Located in Downtown Las Vegas, the property at 500–516 S 4th Street is recognized as the headquarters of attorney Ed Bernstein. The property is situated on a hard corner, directly across from the Nevada Supreme Court and near legal, governmental, and civic institutions. The property offers immediate usability as a move-in-ready professional office, along with interim income from a separately leased suite. The two freestanding buildings are separately demised and metered, offering flexibility for owner-users planning future growth or investors seeking strategic lease-up potential. The property offers a Downtown address tied to the city’s legal and professional identity. The property has a total size of 11,230 square feet.
Key Highlights
- Landmark downtown Las Vegas location directly across from the Nevada Supreme Court.
- Move‑in‑ready professional office space with a separately leased suite providing immediate usability and interim income.
- High‑profile address recognized as the former headquarters of legendary attorney Ed Bernstein.
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
$172,830
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
3.15%
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%
$3,456,600
$3.5M
Cap Rate 7%
$2,469,000
$2.5M
Cap Rate 9%
$1,920,333
$1.9M
Market Conditions
NOI Build-Up for 11,230 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
$269.5K $24.00/SF
− Vacancy
−$39.1K −$3.48/SF
EGI
$230.4K $20.52/SF
− OpEx
−$57.6K −$5.13/SF
NOI
$172.8K $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%
$3,456,600
Cap Rate 7%
$2,469,000
Cap Rate 9%
$1,920,333
Alternative Uses
Best Use
Office B
$2.47M
$2.16M – $2.88M
NOI $172,830 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.88M
$3.40M – $4.53M
NOI $271,631 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,234
Businesses Nearby
Explore this area
Business Placement
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 - Prime downtown location with immediate usability and income potential.
Where is this office building located?
The property is located at 500-516 S 4th St Las Vegas, NV.
What is the asking price?
The asking price for this property is $5,495,000.
What are key features of this property?
This property features: Landmark downtown Las Vegas location directly across from the Nevada Supreme Court.; Move‑in‑ready professional office space with a separately leased suite providing immediate usability and interim income.; High‑profile address recognized as the former headquarters of legendary attorney Ed Bernstein.
