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    Multifamily Development Site in Sparks Title is generated by Realmo AI

    590 Pyramid Way, Sparks, NV 89431

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    108-unit multifamily-entitled development site in the heart of Sparks, NV.

    Type:Land
    Added:
    Mar 10, 2026
    Days on Market:
    73
    Last Refresh:
    Mar 16 at 1:09 pm

    Property Features for 590 Pyramid Way

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Ricci Rodriguez-Elkins
    Ricci Rodriguez-Elkins

    Listing agent Ricci Rodriguez-Elkins License #BS.146909.MGR

    Listing office KW Commercial - Group 1, Inc.

    Listing date Mar 10, 2026

    Source Crexi

    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 KW Commercial - Group 1, Inc.

    HighLights

    • Entitled for 108‑unit multifamily development with permit‑ready plans
    • Prime location in the heart of Sparks, within walking distance to downtown and Victorian Square
    • Includes 3 AC‑FT of water rights, sewer fee credits, and RTC credits
    • MUD zoning allows for multi‑family, mixed‑use retail, or office development
    • Secured garage with 124 parking spaces
    • Close proximity to I‑80 and U.S. 395, providing easy access to surrounding areas like Reno, Lake Tahoe, and Tahoe‑Reno Industrial Center

    Overview

    This property is a 108-unit multifamily-entitled development site located in Sparks, Nevada. The property includes entitled land for the development of two four-story buildings. A secured garage provides 124 parking spaces. The property includes 3 AC-FT of water rights, sewer fee credits, and RTC credits. A fully engineered, permit-ready plan set is included. The MUD zoning and prime location offer opportunities for multi-family development, mixed-use retail, or office. The location provides access to Victorian Square entertainment and restaurant venues, as well as Sparks' many renowned events, such as the Rib Cook-Off and Hot August Nights. The Sparks Marina and The Outlets at Legends are a few minutes away. Proximity to I-80 and U.S. 395 ensures connectivity to the University of Nevada, Tahoe-Reno Industrial Center, Lake Tahoe, Fernley, and Carson City.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Daycare Center Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sparks
    County
    Washoe
    State
    Nevada
    Longitude
    -119.7525159
    Latitude
    39.5385555

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    FAQs

    What type of property is this?
    Commercial land - 108-unit multifamily-entitled development site in the heart of Sparks, NV.
    Where is this commercial land located?
    The property is located at 590 Pyramid Way Sparks, NV.
    What is the asking price?
    The asking price for this property is $2,195,000.
    What are key features of this property?
    This property features: Entitled for 108‑unit multifamily development with permit‑ready plans; Prime location in the heart of Sparks, within walking distance to downtown and Victorian Square; Includes 3 AC‑FT of water rights, sewer fee credits, and RTC credits
    (775) 240-5143 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Ricci Rodriguez-Elkins
    Ricci Rodriguez-Elkins
    Real Estate License ID: BS.146909.MGR
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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