Multi-Tenant Office
For Sale
$8,300,000
823 S Las Vegas Blvd, Las Vegas, NV 89101
Professional office property with boulevard frontage, existing occupancy, and available suites for immediate use.
Property Size28,354 SF
Price / SF$292.73
Days on Market142
Property Features for 823 S Las Vegas Blvd
General Information
Standard status
Active
Size
28,354 SF
Property subtype
Office
Occupancy
76%
Additional Details
Road Access
Yes
Building Details
Buildings
1
Stories
4
Building Size
28,354 SF
Tenancy
Multi
Listing Agency:
Las Vegas
(702) 836-3790
Listed By:
Patti Dillon · License #NV-S.0047352
(702) 836-3790
Source:
Colliers
Added: Apr 11
Changed: Aug 29
Last Checked: Aug 30 at 12:52PM
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 Las Vegas
Investment Insights
Based on property information with market context.
This multi-tenant professional office property contains approximately 28,354 square feet and is currently 76% leased. Three vacant suites remain in second-generation condition, offering immediate occupancy within an established office environment. The building includes existing headquarters and office users, including Hardy Painting and Drywall, The Moore Law Group, Reynolds Management, Influential Network, and Tyler Robinson Foundation, Inc.
Direct frontage on Las Vegas Boulevard places the property within walking distance of the Regional Justice Center and the U.S. Federal Courthouse. A roof-mounted cellular tower is leased to AT&T, adding an existing telecommunications component to the property. The available suites and current tenant base support both immediate occupancy and future expansion within the building.
Direct frontage on Las Vegas Boulevard places the property within walking distance of the Regional Justice Center and the U.S. Federal Courthouse. A roof-mounted cellular tower is leased to AT&T, adding an existing telecommunications component to the property. The available suites and current tenant base support both immediate occupancy and future expansion within the building.
Key Highlights
- Approximately 28,354 square feet of multi‑tenant professional office space
- 76% leased to an established roster of office and organizational users
- Three vacant suites in second‑generation condition
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
$436,368
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
5.26%
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%
$8,727,360
$8.7M
Cap Rate 7%
$6,233,829
$6.2M
Cap Rate 9%
$4,848,533
$4.8M
Market Conditions
NOI Build-Up for 28,354 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
$680.5K $24.00/SF
− Vacancy
−$98.7K −$3.48/SF
EGI
$581.8K $20.52/SF
− OpEx
−$145.5K −$5.13/SF
NOI
$436.4K $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%
$8,727,360
Cap Rate 7%
$6,233,829
Cap Rate 9%
$4,848,533
Alternative Uses
Best Use
Office B
$6.23M
$5.45M – $7.27M
NOI $436,368 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.80M
$8.57M – $11.43M
NOI $685,825 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
76%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,552
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 building - Professional office property with boulevard frontage, existing occupancy, and available suites for immediate use.
Where is this office building located?
The property is located at 823 S Las Vegas Blvd Las Vegas, NV.
What is the asking price?
The asking price for this property is $8,300,000.
What are key features of this property?
This property features: Approximately 28,354 square feet of multi‑tenant professional office space; 76% leased to an established roster of office and organizational users; Three vacant suites in second‑generation condition
