Healthcare Office Building with
For Sale
$1,224,000
831 Keystone Avenue, Reno, NV 89503
NNN-leased medical office building with private offices, reception, and exam rooms plus on-site parking and a basement.
Property Size3,245 SF
Days on Market75
Property Features for 831 Keystone Avenue
General Information
Standard status
Active
Size
3,245 SF
Class
B
Property subtype
Office
Additional Details
Highway Access
Yes
Building Details
Building Size
3,245 SF
Year Built
1948
Tenancy
Single
Listing Agency:
Johnson Group Commercial
Listed By:
Ryan Johnson, CCIM · License #NV #BS.1707
(775) 232-8551
Source:
Johnsongroup
Added: Jun 25
Changed: Aug 13
Last Checked: Sep 7 at 6:05AM
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 Johnson Group Commercial
Investment Insights
Based on property information with market context.
This NNN-leased healthcare office building is approximately 3,245 square feet and includes a basement. The space is currently occupied by Visionary Partners NV, LLC - Pritchett Eye Care Associates. Internally, it features a mix of private office space, a reception area, and exam rooms. Recent upgrades have been completed, and the roof is described as approximately 2 years old.
The property is centrally located in Reno, with stated accessibility to the University of Nevada, downtown Reno, and Interstate 80. On-site parking is available for patients and visitors.
The current lease term is effective through 3/31/2030 and includes annual rent increases. The tenant has options to renew with rent increases, and the offering is under a NNN lease structure.
The property is centrally located in Reno, with stated accessibility to the University of Nevada, downtown Reno, and Interstate 80. On-site parking is available for patients and visitors.
The current lease term is effective through 3/31/2030 and includes annual rent increases. The tenant has options to renew with rent increases, and the offering is under a NNN lease structure.
Key Highlights
- NNN‑leased healthcare office building occupied by Visionary Partners NV, LLC – Pritchett Eye Care Associates
- Approximately 3,245 sq ft with a basement and a mix of private offices, reception, and exam rooms
- Current lease term effective to 3/31/2030 with annual rent increases and tenant renewal options
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
$57,363
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
4.69%
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%
$1,147,260
$1.1M
Cap Rate 7%
$819,471
$819.5K
Cap Rate 9%
$637,367
$637.4K
Market Conditions
NOI Build-Up for 3,245 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
$93.8K $28.92/SF
− Vacancy
−$17.4K −$5.35/SF
EGI
$76.5K $23.57/SF
− OpEx
−$19.1K −$5.89/SF
NOI
$57.4K $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%
$1,147,260
Cap Rate 7%
$819,471
Cap Rate 9%
$637,367
Alternative Uses
Best Use
Office B
$819.5K
$717.0K – $956.1K
NOI $57,363 @ 7.0% cap · market cap 4.69%
Second Best
Healthcare Medical
$720.0K
$630.0K – $840.1K
NOI $50,403 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$1.00M
$875.1K – $1.17M
NOI $70,005 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,519
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89503, NV
28,737
Population
13,938
Households
2.1
Avg Household Size
33
Median Age
36%
College-Educated
91%
High-School Grad
6.2 sq mi
ZIP Area
4,635
Density / Sq Mi
$66,956
Median Household Income
$37,352
Median Earnings
$1,336
Median Rent
$441,800
Median Home Value
Market
Vacancy Rate% for Office in Reno, NV
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Frequently Asked Questions
What type of property is this?
Medical Office Space - NNN-leased medical office building with private offices, reception, and exam rooms plus on-site parking and a basement.
Where is this medical office space located?
The property is located at 831 Keystone Avenue Reno, NV.
What is the asking price?
The asking price for this property is $1,224,000.
What are key features of this property?
This property features: NNN‑leased healthcare office building occupied by Visionary Partners NV, LLC – Pritchett Eye Care Associates; Approximately 3,245 sq ft with a basement and a mix of private offices, reception, and exam rooms; Current lease term effective to 3/31/2030 with annual rent increases and tenant renewal options
