Four-Story Medical Office
For Sale
Contact for pricing
890 Mill St, Reno, NV 89502
Downtown healthcare property with active tenancy, a vacant second floor, solar panels, and surface parking.
Property Size25,488 SF
Price / SF$199
Days on Market154
Property Features for 890 Mill St
General Information
Standard status
Active
Size
25,488 SF
Property subtype
Office
Occupancy
81%
Additional Details
Asking Price
$5,072,112
Amenities
solar panels
Building Details
Year Built
1963
Buildings
1
Stories
4
Building Size
25,488 SF
Tenancy
Multi
Listing Agency:
Logic Commercial Real Estate Reno
(775) 386-9727
Listed By:
Michael Keating · License #NV# S.174942
Source:
Crexi
Added: Mar 31
Changed: Aug 30
Last Checked: Aug 30 at 6:01PM
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 Logic Commercial Real Estate Reno
Investment Insights
Based on property information with market context.
Built in 1963, this four-story office building contains 25,488 square feet and is configured for medical office use. The property is 81% occupied, with Labcorp, First Person Care Clinic, PPH, and Dr. Jempsa among the existing tenants. The second floor is vacant and provides approximately 5,472 square feet for occupancy or future leasing.
The building is located at 890 Mill St. in downtown Reno, within the area’s medical corridor. Renown's Downtown Medical Campus is nearby, and St. Mary's Regional Medical Center is a short drive away. Mill St. carries over 23,400 cars per day. On-site solar panels and surface parking are also part of the property.
The building is located at 890 Mill St. in downtown Reno, within the area’s medical corridor. Renown's Downtown Medical Campus is nearby, and St. Mary's Regional Medical Center is a short drive away. Mill St. carries over 23,400 cars per day. On-site solar panels and surface parking are also part of the property.
Key Highlights
- 25,488‑square‑foot, four‑story office building constructed in 1963
- Medical office configuration with 81% occupancy
- Vacant second floor measures approximately 5,472 SF
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
$450,560
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
8.88%
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%
$9,011,200
$9.0M
Cap Rate 7%
$6,436,571
$6.4M
Cap Rate 9%
$5,006,222
$5.0M
Market Conditions
NOI Build-Up for 25,488 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
$737.1K $28.92/SF
− Vacancy
−$136.4K −$5.35/SF
EGI
$600.7K $23.57/SF
− OpEx
−$150.2K −$5.89/SF
NOI
$450.6K $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%
$9,011,200
Cap Rate 7%
$6,436,571
Cap Rate 9%
$5,006,222
Alternative Uses
Best Use
Office B
$6.44M
$5.63M – $7.51M
NOI $450,560 @ 7.0% cap · market cap 8.88%
Second Best
Healthcare Medical
$5.66M
$4.95M – $6.60M
NOI $395,894 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$7.86M
$6.87M – $9.16M
NOI $549,856 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
81%
Occupancy
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Downtown healthcare property with active tenancy, a vacant second floor, solar panels, and surface parking.
Where is this office building located?
The property is located at 890 Mill St Reno, NV.
What is the asking price?
The asking price for this property is $5,072,112.
What are key features of this property?
This property features: 25,488‑square‑foot, four‑story office building constructed in 1963; Medical office configuration with 81% occupancy; Vacant second floor measures approximately 5,472 SF
