Downtown Las Vegas Office
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601 S SEVENTH ST, Las Vegas, NV 89101
P-R-zoned professional property with a lobby, receptionist area, and two open bullpen spaces.
Property Size7,585 SF
Price / SF$425
Days on Market6
Property Features for 601 S SEVENTH ST
General Information
Standard status
Active
Size
7,585 SF
Class
B
Total Parking Spaces
17
Property subtype
Office
Zoning
P-R
Investment Type
Owner/User
Amenities
professional lobby entrance
receptionist area
open bullpens for support staff
Building Details
Year Built
2000
Buildings
1
Stories
2
Units
1
Tenancy
Single
Listing Agency:
Avison Young - Las Vegas
Listed By:
James Griffis, SIOR · License #S.0170947
(702) 715-0809
Source:
Crexi
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 1 at 10:07PM
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 Avison Young - Las Vegas
Investment Insights
Based on property information with market context.
This 7,585-square-foot office building at 601 S Seventh St in Las Vegas was completed in 2000. The interior includes a professional lobby, a receptionist area, and two open bullpen areas that support office operations and staff workstations.
The property is positioned within Downtown Las Vegas’ professional office corridor, near the city’s legal and government institutions. Its P-R zoning and office configuration support continued use as a professional workplace, including an environment suited to legal and other office users.
The property is positioned within Downtown Las Vegas’ professional office corridor, near the city’s legal and government institutions. Its P-R zoning and office configuration support continued use as a professional workplace, including an environment suited to legal and other office users.
Key Highlights
- 7,585‑square‑foot office building completed in 2000
- 601 S Seventh St, Las Vegas, NV location
- P‑R zoning
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
$116,733
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
3.62%
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%
$2,334,660
$2.3M
Cap Rate 7%
$1,667,614
$1.7M
Cap Rate 9%
$1,297,033
$1.3M
Market Conditions
NOI Build-Up for 7,585 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
$182.0K $24.00/SF
− Vacancy
−$26.4K −$3.48/SF
EGI
$155.6K $20.52/SF
− OpEx
−$38.9K −$5.13/SF
NOI
$116.7K $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%
$2,334,660
Cap Rate 7%
$1,667,614
Cap Rate 9%
$1,297,033
Alternative Uses
Best Use
Office B
$1.67M
$1.46M – $1.95M
NOI $116,733 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.62M
$2.29M – $3.06M
NOI $183,466 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,603
Businesses Nearby
Explore this area
Business Placement
Demographics for 89101, NV
42,465
Population
18,258
Households
2.3
Avg Household Size
35
Median Age
11%
College-Educated
66%
High-School Grad
5.4 sq mi
ZIP Area
7,864
Density / Sq Mi
$38,653
Median Household Income
$29,471
Median Earnings
$1,008
Median Rent
$258,100
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 building - P-R-zoned professional property with a lobby, receptionist area, and two open bullpen spaces.
Where is this office building located?
The property is located at 601 S SEVENTH ST Las Vegas, NV.
What is the asking price?
The asking price for this property is $3,223,625.
What are key features of this property?
This property features: 7,585‑square‑foot office building completed in 2000; 601 S Seventh St, Las Vegas, NV location; P‑R zoning
