Two-Suite Office
For Sale
Contact for pricing
5920 S Rainbow Blvd, Las Vegas, NV 89118
Office condominium comprising two suites near medical facilities and major roadways in southwest Las Vegas.
Property Size3,127 SF
Price / SF$475
Days on Market163
Property Features for 5920 S Rainbow Blvd
General Information
Standard status
Active
Size
3,127 SF
Property subtype
Office
Listing Agency:
Millennium Commercial Properties LLC
Listed By:
jeff chain · License #B26141
Source:
Crexi
Added: Mar 25
Changed: Sep 2
Last Checked: Sep 2 at 11:03PM
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 Millennium Commercial Properties LLC
Investment Insights
Based on property information with market context.
This office condominium includes Suites 1 and 2 within a 3,127-square-foot office unit at 5920 S Rainbow Blvd in Las Vegas. The property is offered for sale and provides a two-suite configuration for an owner-user or office occupancy.
The property is positioned in the Las Vegas SW submarket, within a commercial area near medical facilities and major roadways. Its address at 5920 S Rainbow Blvd places the office unit within the broader 5920–5940 S Rainbow Blvd property.
The property is positioned in the Las Vegas SW submarket, within a commercial area near medical facilities and major roadways. Its address at 5920 S Rainbow Blvd places the office unit within the broader 5920–5940 S Rainbow Blvd property.
Key Highlights
- 3,127‑square‑foot office condominium
- Includes Suites 1 and 2
- Located at 5920 S Rainbow Blvd, Las Vegas, NV 89118
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
$48,125
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
3.24%
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%
$962,500
$962.5K
Cap Rate 7%
$687,500
$687.5K
Cap Rate 9%
$534,722
$534.7K
Market Conditions
NOI Build-Up for 3,127 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
$75.0K $24.00/SF
− Vacancy
−$10.9K −$3.48/SF
EGI
$64.2K $20.52/SF
− OpEx
−$16.0K −$5.13/SF
NOI
$48.1K $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%
$962,500
Cap Rate 7%
$687,500
Cap Rate 9%
$534,722
Alternative Uses
Best Use
Office B
$687.5K
$601.6K – $802.1K
NOI $48,125 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.08M
$945.5K – $1.26M
NOI $75,636 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,349
Businesses Nearby
Explore this area
Business Placement
Demographics for 89118, NV
22,588
Population
10,345
Households
2.2
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
10.6 sq mi
ZIP Area
2,131
Density / Sq Mi
$67,384
Median Household Income
$36,629
Median Earnings
$1,501
Median Rent
$391,800
Median Home Value
Market
Vacancy Rate% for Office in Las Vegas, NV
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Office condominium comprising two suites near medical facilities and major roadways in southwest Las Vegas.
Where is this office units located?
The property is located at 5920 S Rainbow Blvd Las Vegas, NV.
What is the asking price?
The asking price for this property is $1,485,325.
What are key features of this property?
This property features: 3,127‑square‑foot office condominium; Includes Suites 1 and 2; Located at 5920 S Rainbow Blvd, Las Vegas, NV 89118
