Downtown Reno Office
For Sale
Contact for pricing
604 Lander St, Reno, NV 89509
Two-story office building in Downtown Reno's vibrant submarket.
Property Size3,290 SF
Price / SF$288.75
Days on Market710
Property Features for 604 Lander St
General Information
Standard status
Active
Size
3,290 SF
Property subtype
Office
Zoning
PO
Investment Type
Owner/User
Building Details
Year Built
1917
Year Renovated
1947
Buildings
1
Stories
2
Listing Agency:
Colliers - Reno, Nevada
Listed By:
Melissa Molyneaux · License #NV BS.0144599
(775) 823-4674
Source:
Crexi
Added: Sep 30, 2024
Changed: Sep 3
Last Checked: Sep 8 at 4:53AM
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 Colliers - Reno, Nevada
Investment Insights
Based on property information with market context.
Located on a corner lot in the Downtown submarket of Reno, Nevada, the property at 604 Lander Street is a two-story building with a fully finished basement. Constructed in 1917, the building features a brick exterior and numerous windows that provide natural light. The location is near courthouses, the financial district, entertainment venues, restaurants, retail shops, and housing. The property includes landscaping and is suited for professional office use. The building has a size of 3290 square feet.
Key Highlights
- Prime Downtown Reno location near courthouses, financial district, entertainment, restaurants, retail, and housing.
- Charming two‑story building with a fully finished basement.
- Abundance of windows providing natural light.
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
$58,158
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
6.12%
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%
$1,163,160
$1.2M
Cap Rate 7%
$830,829
$830.8K
Cap Rate 9%
$646,200
$646.2K
Market Conditions
NOI Build-Up for 3,290 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
$95.1K $28.92/SF
− Vacancy
−$17.6K −$5.35/SF
EGI
$77.5K $23.57/SF
− OpEx
−$19.4K −$5.89/SF
NOI
$58.2K $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%
$1,163,160
Cap Rate 7%
$830,829
Cap Rate 9%
$646,200
Alternative Uses
Best Use
Office B
$830.8K
$727.0K – $969.3K
NOI $58,158 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$887.2K – $1.18M
NOI $70,976 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,805
Businesses Nearby
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?
Office building - Two-story office building in Downtown Reno's vibrant submarket.
Where is this office building located?
The property is located at 604 Lander St Reno, NV.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Prime Downtown Reno location near courthouses, financial district, entertainment, restaurants, retail, and housing.; Charming two‑story building with a fully finished basement.; Abundance of windows providing natural light.
