Premier Office Condo For
For Sale
$1,469,000
8876 Spanish Ridge Avenue, Las Vegas, NV 89148
First-floor office condo in desirable Southwest sub-market.
Property Size4,520 SF
Price / SF$325
Days on Market154
Property Features for 8876 Spanish Ridge Avenue
General Information
Standard status
Active
Size
4,520 SF
Property subtype
Office
Listing Agency:
CBRE | Las Vegas
(702) 369-4924
Listed By:
Linda Gonzales · License #BS. 0049667
(702) 369-4924
Source:
Cbre
Added: Mar 25
Changed: Aug 14
Last Checked: Aug 24 at 11:37AM
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 CBRE | Las Vegas
Investment Insights
Based on property information with market context.
Located at The Premier Park at Spanish Ridge, 8876 Spanish Ridge Avenue, Suite 104 is a first-floor office condo offering approximately 4,520 square feet of space suitable for professional and medical office users. The condo is situated within a two-story office building that measures approximately 35,500 gross square feet. The Park at Spanish Ridge, developed by Smith & Glen Development, is a 40-acre master-planned business park featuring 62,000 square feet of single and multi-story Class A offices. The property benefits from a high-profile interior design and building signage. It provides convenient access to the 215-Beltway and is located in the Southwest sub-market, near Spanish Hills, Spanish Trails, and South Summerlin. The location offers proximity to Southern Hills Hospital and Medical Center, a 265-bed hospital managed by HCA Healthcare, as well as the new Durango Casino & Resort and the new mixed-use development, UnCommons. The suite has two separate entrances. Covered parking and building signage are available. The property has beautiful common areas with mature landscaping and large interior windows. The net square footage is approximately 3,931 square feet, while the gross square footage is approximately 4,520 square feet. The zoning is C-P.
Key Highlights
- First‑floor office condo in a Class A business park.
- Easy access to the 215‑Beltway.
- Located in the desirable Southwest sub‑market.
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
$69,563
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
4.74%
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%
$1,391,260
$1.4M
Cap Rate 7%
$993,757
$993.8K
Cap Rate 9%
$772,922
$772.9K
Market Conditions
NOI Build-Up for 4,520 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
$108.5K $24.00/SF
− Vacancy
−$15.7K −$3.48/SF
EGI
$92.8K $20.52/SF
− OpEx
−$23.2K −$5.13/SF
NOI
$69.6K $15.39/SF
Area
ZIP 89148
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%
$1,391,260
Cap Rate 7%
$993,757
Cap Rate 9%
$772,922
Alternative Uses
Best Use
Office B
$993.8K
$869.5K – $1.16M
NOI $69,563 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,595 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,996
Businesses Nearby
Explore this area
Business Placement
Demographics for 89148, NV
61,281
Population
25,232
Households
2.4
Avg Household Size
36
Median Age
37%
College-Educated
93%
High-School Grad
9.7 sq mi
ZIP Area
6,318
Density / Sq Mi
$94,926
Median Household Income
$47,441
Median Earnings
$1,920
Median Rent
$443,600
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 units - First-floor office condo in desirable Southwest sub-market.
Where is this office units located?
The property is located at 8876 Spanish Ridge Avenue Las Vegas, NV.
What is the asking price?
The asking price for this property is $1,469,000.
What are key features of this property?
This property features: First‑floor office condo in a Class A business park.; Easy access to the 215‑Beltway.; Located in the desirable Southwest sub‑market.
