Two-Story Office
For Sale
Contact for pricing
701 N Green Valley Pkwy, Henderson, NV 89074
Two-story office building with a multi-tenant first floor and an executive suite configuration on the second floor.
Property Size50,000 SF
Price / SF$420
Days on Market51
Property Features for 701 N Green Valley Pkwy
General Information
Standard status
Active
Size
50,000 SF
Class
A
Total Parking Spaces
183
Property subtype
Office
Zoning
Community Commercial
Occupancy
64%
Investment Type
Owner/User
Building Details
Year Built
1998
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
JLL - Las Vegas, Nevada
Listed By:
Travis Landes · License #S.177027
Source:
Crexi
Added: Jul 9
Changed: Aug 8
Last Checked: Aug 26 at 7:14AM
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 office building is positioned within the Class A office park at Green Valley Corporate Center North. The first floor is currently established as a multi-tenant floor, while the second floor is configured for an executive suite operator. The building’s layout supports flexibility for an owner-user looking to occupy either level or operate multiple options within the same property.
Located in the master planned community of Green Valley, the property is less than 1/4 mile from Green Valley Ranch Resort + Casino and The District at Green Valley Ranch. Las Vegas/Henderson area access includes approximately 7 miles to Harry Reid International Airport, supporting regional connectivity for business tenants.
For buyers, the combination of an in-place multi-tenant first floor and an executive suite configuration on the second level offers a practical range of office operating possibilities within a single two-story asset.
Located in the master planned community of Green Valley, the property is less than 1/4 mile from Green Valley Ranch Resort + Casino and The District at Green Valley Ranch. Las Vegas/Henderson area access includes approximately 7 miles to Harry Reid International Airport, supporting regional connectivity for business tenants.
For buyers, the combination of an in-place multi-tenant first floor and an executive suite configuration on the second level offers a practical range of office operating possibilities within a single two-story asset.
Key Highlights
- Two‑story office building built in 1998
- First floor is configured as a multi‑tenant floor
- Second floor is set up for an executive suite operator
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
$820,463
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
3.91%
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%
$16,409,260
$16.4M
Cap Rate 7%
$11,720,900
$11.7M
Cap Rate 9%
$9,116,256
$9.1M
Market Conditions
NOI Build-Up for 50,000 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
$1.33M $26.52/SF
− Vacancy
−$232.0K −$4.64/SF
EGI
$1.09M $21.88/SF
− OpEx
−$273.5K −$5.47/SF
NOI
$820.5K $16.41/SF
Area
ZIP 89074
Vacancy
17.50%
Lease Rate
$26.52 /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%
$16,409,260
Cap Rate 7%
$11,720,900
Cap Rate 9%
$9,116,256
Alternative Uses
Best Use
Office B
$11.72M
$10.26M – $13.67M
NOI $820,463 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$17.28M
$15.12M – $20.16M
NOI $1,209,398 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 89074, NV
52,243
Population
22,310
Households
2.3
Avg Household Size
42
Median Age
37%
College-Educated
94%
High-School Grad
9.1 sq mi
ZIP Area
5,741
Density / Sq Mi
$85,995
Median Household Income
$48,656
Median Earnings
$1,782
Median Rent
$436,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with a multi-tenant first floor and an executive suite configuration on the second floor.
Where is this office building located?
The property is located at 701 N Green Valley Pkwy Henderson, NV.
What is the asking price?
The asking price for this property is $21,000,000.
What are key features of this property?
This property features: Two‑story office building built in 1998; First floor is configured as a multi‑tenant floor; Second floor is set up for an executive suite operator
