Renovated Mixed-Use
For Sale
Contact for pricing
855 MILL ST, Reno, NV 89502
Fully leased commercial property with recent renovation and access to downtown Reno and major transportation routes.
Property Size7,304 SF
Price / SF$376.51
Days on Market9
Property Features for 855 MILL ST
General Information
Standard status
Active
Size
7,304 SF
Property subtype
Retail, Office
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$178,800
Building Details
Year Built
1980
Stories
2
Units
5
Tenancy
Single
Listing Agency:
ArchCrest Commercial Partners LLC
Listed By:
Kevin Annis SIOR, CCIM · License #NV 1000617
Source:
Crexi
Added: Aug 24
Changed: Aug 31
Last Checked: Aug 31 at 8:43AM
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 ArchCrest Commercial Partners LLC
Investment Insights
Based on property information with market context.
Located at 855 Mill St in Reno, this mixed-use commercial property contains 7,304 square feet and was built in 1980. The building recently received an extensive renovation and is currently 100% leased, providing an established occupancy profile for a commercial buyer.
The property sits along the Mill Street corridor near the main Renown Campus, with convenient connections to downtown Reno and major transportation routes. Residential and commercial development surrounds the corridor, adding context for the site’s central urban placement. Its proximity to ongoing activity and revitalization in the Reno market further defines the property’s setting.
The property sits along the Mill Street corridor near the main Renown Campus, with convenient connections to downtown Reno and major transportation routes. Residential and commercial development surrounds the corridor, adding context for the site’s central urban placement. Its proximity to ongoing activity and revitalization in the Reno market further defines the property’s setting.
Key Highlights
- 7,304‑square‑foot mixed‑use commercial property
- 100% leased occupancy
- Recently completed extensive renovation
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
$129,115
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
4.70%
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%
$2,582,300
$2.6M
Cap Rate 7%
$1,844,500
$1.8M
Cap Rate 9%
$1,434,611
$1.4M
Market Conditions
NOI Build-Up for 7,304 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
$211.2K $28.92/SF
− Vacancy
−$39.1K −$5.35/SF
EGI
$172.2K $23.57/SF
− OpEx
−$43.0K −$5.89/SF
NOI
$129.1K $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%
$2,582,300
Cap Rate 7%
$1,844,500
Cap Rate 9%
$1,434,611
Alternative Uses
Best Use
Office B
$1.84M
$1.61M – $2.15M
NOI $129,115 @ 7.0% cap · market cap 4.70%
Second Best
Mixed Use
$1.52M
$1.33M – $1.78M
NOI $106,588 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$2.25M
$1.97M – $2.63M
NOI $157,570 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,313
Businesses Nearby
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?
Mixed-use property - Fully leased commercial property with recent renovation and access to downtown Reno and major transportation routes.
Where is this mixed-use property located?
The property is located at 855 MILL ST Reno, NV.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 7,304‑square‑foot mixed‑use commercial property; 100% leased occupancy; Recently completed extensive renovation
