Two-Story Medical Office
For Sale
Contact for pricing
6785 W Russell Rd, Las Vegas, NV 89118
Two-story medical/professional office with an NNN lease structure where tenants cover taxes, insurance, and common area maintenance.
Property Size18,006 SF
Price / SF$444.30
Days on Market51
Property Features for 6785 W Russell Rd
General Information
Standard status
Active
Size
18,006 SF
Total Parking Spaces
64
Property subtype
Office
Zoning
Commercial Professional
Occupancy
73%
Lease Type
NNN
Investment Type
Value Add
Additional Details
Highway Access
Yes
Building Details
Year Built
2003
Buildings
1
Stories
2
Units
5
Listing Agency:
JLL - Las Vegas, Nevada
Listed By:
Travis Landes · License #S.177027
Source:
Crexi
Added: Jul 9
Changed: Aug 25
Last Checked: Aug 26 at 1:48AM
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 JLL - Las Vegas, Nevada
Investment Insights
Based on property information with market context.
This two-story medical/professional office building is designed for medical and professional users, with an existing NNN lease structure in place. Under the NNN arrangement, tenants are responsible for property taxes, insurance, and common area maintenance, supporting more predictable operating expenses from a landlord perspective.
The property is located on Russell Road along South Rainbow Blvd in Las Vegas, Nevada, with close proximity to the I-215 Beltway for convenient access.
With its two-story configuration and current tenant occupancy under NNN terms, the building offers a straightforward platform for buyers seeking an office investment that shifts key expenses to the tenant.
The property is located on Russell Road along South Rainbow Blvd in Las Vegas, Nevada, with close proximity to the I-215 Beltway for convenient access.
With its two-story configuration and current tenant occupancy under NNN terms, the building offers a straightforward platform for buyers seeking an office investment that shifts key expenses to the tenant.
Key Highlights
- Two‑story medical/professional office building built in 2003
- Located on Russell Road near South Rainbow Blvd with close access to the I‑215 Beltway
- Property supports both medical and professional users with existing tenant types
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
$277,112
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
3.46%
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%
$5,542,240
$5.5M
Cap Rate 7%
$3,958,743
$4.0M
Cap Rate 9%
$3,079,022
$3.1M
Market Conditions
NOI Build-Up for 18,006 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
$432.1K $24.00/SF
− Vacancy
−$62.7K −$3.48/SF
EGI
$369.5K $20.52/SF
− OpEx
−$92.4K −$5.13/SF
NOI
$277.1K $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%
$5,542,240
Cap Rate 7%
$3,958,743
Cap Rate 9%
$3,079,022
Alternative Uses
Best Use
Office B
$3.96M
$3.46M – $4.62M
NOI $277,112 @ 7.0% cap · market cap 3.46%
Second Best
Healthcare Medical
$3.41M
$2.98M – $3.98M
NOI $238,543 @ 7.0% cap · market cap 2.98%
Theoretical Best
Specialty Retail
$6.22M
$5.44M – $7.26M
NOI $435,528 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,494
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 building - Two-story medical/professional office with an NNN lease structure where tenants cover taxes, insurance, and common area maintenance.
Where is this office building located?
The property is located at 6785 W Russell Rd Las Vegas, NV.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: Two‑story medical/professional office building built in 2003; Located on Russell Road near South Rainbow Blvd with close access to the I‑215 Beltway; Property supports both medical and professional users with existing tenant types
