Building Details

Year Built 1935

Listing Agency: RE/MAX Gold

Listed By: Frank Picone · License #S.169095 Show Phone

Source: Ferrari-lund

Added: Dec 3, 2025 Changed: Oct 13 Last Checked: Oct 12 at 8:15PM

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Investment Insights

Based on property information with market context.

This 2,488-square-foot medical office property at 770 Mill Street includes a recently renovated interior with updated flooring and HVAC. Central air is in place, and the building will be delivered vacant for a new occupant to configure for its business needs.

The property sits along Mill Street near the Renown medical campus in Reno. Commercial zoning supports medical or office use, while on-site, off-street, and street parking options provide practical access. Built in 1935, the property includes a pitched composition roof and a level, landscaped setting.

Key Highlights

• 2,488‑square‑foot medical office property at 770 Mill Street
• Recently renovated office interior with updated flooring and HVAC
• Central air conditioning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$43,981

Cap Rate

6.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$879,620 $879.6K

Cap Rate 7%

$628,300 $628.3K

Cap Rate 9%

$488,678 $488.7K

Market Conditions

NOI Build-Up for 2,488 SF

Gross rent

$72.0K $28.92/SF

− Vacancy

−$13.3K −$5.35/SF

EGI

$58.6K $23.57/SF

− OpEx

−$14.7K −$5.89/SF

NOI

$44.0K $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 Rate 5%

$879,620

Cap Rate 7%

$628,300

Cap Rate 9%

$488,678

Alternative Uses

Best Use

Office B

$628.3K

$549.8K – $733.0K (±1% cap)

NOI $43,981 @ 7.0% cap · market cap 6.07%

Second Best

Healthcare Medical

$552.1K

$483.1K – $644.1K (±1% cap)

NOI $38,645 @ 7.0% cap · market cap 5.33%

Theoretical Best

Office A

$766.8K

$670.9K – $894.6K (±1% cap)

NOI $53,674 @ 7.0% cap · market cap 7.40%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

LifeQuest Behavioral Health ... Medical Clinic Sandra Braun Marriage Or Relationship Counselor Richard W Rafael ... Physician LORRAINE CARROLL Marriage Or Relationship Counselor Marleny Soriano Marriage Or Relationship Counselor

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store HVAC Service Veterinary Clinic Pet Store Pet Store & Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4,299

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 89502, NV

47,062

Population

20,781

Households

2.3

Avg Household Size

36

Median Age

19%

College-Educated

80%

High-School Grad

21.5 sq mi

ZIP Area

2,189

Density / Sq Mi

$62,719

Median Household Income

$36,796

Median Earnings

$1,243

Median Rent

$389,200

Median Home Value

Market

Vacancy Rate% for Office in Reno, NV

9.9% 2019

12.5% 2020

9.8% 2021

10.2% 2022

12.5% 2023

10.6% 2024

9.2% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Vacant commercial property with updated flooring, HVAC, and central air.

Where is this medical office space located?

The property is located at 770 Mill Reno, NV.

What is the asking price?

The asking price for this property is $725,000.

What are key features of this property?

This property features: 2,488‑square‑foot medical office property at 770 Mill Street; Recently renovated office interior with updated flooring and HVAC; Central air conditioning