Downtown Office Investment
For Sale
Contact for pricing
721 South 8th Street, Las Vegas, NV 89101
For-sale office property positioned for downtown investment or owner-user use.
Property Size1,488 SF
Price / SF$356.18
Days on Market113
Property Features for 721 South 8th Street
General Information
Standard status
Active
Size
1,488 SF
Class
C
Total Parking Spaces
2
Property subtype
Office
Zoning
P-O
Building Details
Year Built
1946
Year Renovated
2023
Buildings
2
Listing Agency:
Michaels Follmer Real Estate
Listed By:
Grant Bergdoll · License #NV. S.0204379
Source:
Crexi
Added: May 4
Changed: Aug 21
Last Checked: Aug 23 at 11:23PM
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 Michaels Follmer Real Estate
Investment Insights
Based on property information with market context.
This for-sale office property presents a downtown investment or owner-user opportunity. The offering includes commercial office space totaling 1,488 square feet.
The property is located at 721 South 8th Street in Las Vegas, Nevada 89101. It is being marketed as a flexible office use within a downtown setting, suitable for buyers evaluating an owner-occupied scenario or a controlled investment strategy.
With a defined office footprint and a compact total size, the space is positioned for purchasers seeking an office asset rather than a larger multi-tenant building.
The property is located at 721 South 8th Street in Las Vegas, Nevada 89101. It is being marketed as a flexible office use within a downtown setting, suitable for buyers evaluating an owner-occupied scenario or a controlled investment strategy.
With a defined office footprint and a compact total size, the space is positioned for purchasers seeking an office asset rather than a larger multi-tenant building.
Key Highlights
- Office property built in 1946
- Positioned for downtown investment or owner‑user use
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
$22,900
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
4.32%
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%
$458,000
$458.0K
Cap Rate 7%
$327,143
$327.1K
Cap Rate 9%
$254,444
$254.4K
Market Conditions
NOI Build-Up for 1,488 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
$35.7K $24.00/SF
− Vacancy
−$5.2K −$3.48/SF
EGI
$30.5K $20.52/SF
− OpEx
−$7.6K −$5.13/SF
NOI
$22.9K $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%
$458,000
Cap Rate 7%
$327,143
Cap Rate 9%
$254,444
Alternative Uses
Best Use
Office B
$327.1K
$286.3K – $381.7K
NOI $22,900 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$514.2K
$449.9K – $599.9K
NOI $35,992 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,780
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
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Frequently Asked Questions
What type of property is this?
Office units - For-sale office property positioned for downtown investment or owner-user use.
Where is this office units located?
The property is located at 721 South 8th Street Las Vegas, NV.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Office property built in 1946; Positioned for downtown investment or owner‑user use
