Medical Office Opportunity For
For Sale
Contact for pricing
521 Hammill Lane, Reno, NV 89509
Medical office building in a central, accessible location.
Property Size7,385 SF
Price / SF$473.93
Days on Market84
Property Features for 521 Hammill Lane
General Information
Standard status
Active
Size
7,385 SF
Property subtype
Office
Building Details
Year Built
1998
Listing Agency:
Logic Commercial Real Estate Reno
Listed By:
Landon Gonzalez · License #NV S.0179599
Source:
Crexi
Added: May 15
Changed: Jul 10
Last Checked: Aug 5 at 4:06PM
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 is an owner-user medical office opportunity, to be delivered vacant. The building is currently occupied. It is well located in an easily accessible and central location. The property size is 7385 square feet.
Key Highlights
- Owner‑user opportunity: Ideal for a medical practice seeking its own space.
- To be delivered vacant: Ready for immediate occupancy and customization.
- Well located in easily accessible and central location: Convenient for patients and staff.
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
$130,547
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
3.73%
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%
$2,610,940
$2.6M
Cap Rate 7%
$1,864,957
$1.9M
Cap Rate 9%
$1,450,522
$1.5M
Market Conditions
NOI Build-Up for 7,385 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
$213.6K $28.92/SF
− Vacancy
−$39.5K −$5.35/SF
EGI
$174.1K $23.57/SF
− OpEx
−$43.5K −$5.89/SF
NOI
$130.5K $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%
$2,610,940
Cap Rate 7%
$1,864,957
Cap Rate 9%
$1,450,522
Alternative Uses
Best Use
Office B
$1.86M
$1.63M – $2.18M
NOI $130,547 @ 7.0% cap · market cap 3.73%
Second Best
Healthcare Medical
$1.64M
$1.43M – $1.91M
NOI $114,708 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$2.28M
$1.99M – $2.66M
NOI $159,317 @ 7.0% cap · market cap 4.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,300
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89509, NV
34,817
Population
18,290
Households
1.9
Avg Household Size
44
Median Age
50%
College-Educated
95%
High-School Grad
8.8 sq mi
ZIP Area
3,956
Density / Sq Mi
$81,751
Median Household Income
$47,546
Median Earnings
$1,443
Median Rent
$670,700
Median Home Value
Market
Vacancy Rate% for Office in Reno, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building in a central, accessible location.
Where is this medical office space located?
The property is located at 521 Hammill Lane Reno, NV.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Owner‑user opportunity: **Ideal for a medical practice seeking its own space.**; To be delivered vacant: **Ready for immediate occupancy and customization.**; Well located in easily accessible and central location: Convenient for patients and staff.
