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 Market122
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: Oct 16
Last Checked: Oct 23 at 4:47AM
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
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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 / Yr
$57,363
Cap Rate
4.69%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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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
