Renovated Medical Office
For Sale
$725,000
770 Mill, Reno, NV 89502
Vacant commercial property with updated flooring, HVAC, and central air.
Property Size2,488 SF
Price / SF$291.40
Days on Market183
Property Features for 770 Mill
General Information
Standard status
Active
Size
2,488 SF
Property subtype
Commercial
Building Details
Year Built
1935
Listing Agency:
RE/MAX Gold
(386) 299-4043
Listed By:
Frank Picone
(775) 688-4000
Source:
Ferrari-lund
Added: Feb 28
Changed: Aug 29
Last Checked: Aug 30 at 6:00PM
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 RE/MAX Gold
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.
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 = 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
$43,981
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
6.07%
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%
$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
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
$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 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%
$879,620
Cap Rate 7%
$628,300
Cap Rate 9%
$488,678
Alternative Uses
Best Use
Office B
$628.3K
$549.8K – $733.0K
NOI $43,981 @ 7.0% cap · market cap 6.07%
Second Best
Healthcare Medical
$552.1K
$483.1K – $644.1K
NOI $38,645 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$766.8K
$670.9K – $894.6K
NOI $53,674 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
