Medical/Office Building Near
For Sale
Contact for pricing
Pending
9970 W Cheyenne Ave, Las Vegas, NV 89129
Freestanding building near Mountain View Hospital and Summerlin Medical Center.
Property Size22,221 SF
Days on Market681
Property Features for 9970 W Cheyenne Ave
General Information
Standard status
Pending
Size
22,221 SF
Class
B
Property subtype
Office
Lease Type
NNN
Building Details
Year Built
2005
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Nevada Properties Las Vegas
Listed By:
Marie Carolyn Manuel · License #NV 0077493
(702) 882-4846
Source:
Crexi
Added: Oct 23, 2024
Changed: Aug 14
Last Checked: Aug 31 at 5:33AM
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 Berkshire Hathaway HomeServices Nevada Properties Las Vegas
Investment Insights
Based on property information with market context.
This freestanding office/medical building is located at 9970 W Cheyenne Ave. The building offers up to 13,107 square feet of space, which can be subdivided into units with a minimum of 3,000 square feet. The property features ample parking and visibility from Cheyenne Ave, with easy access to I-215. It is located close to Mountain View Hospital and Summerlin Medical Center, making it a suitable location for a custom-built office or medical building.
Key Highlights
- Prime location near Mountain View Hospital and Summerlin Medical Center.
- Freestanding office/medical building.
- Up to 13,107 SF available, sub‑dividable into minimum 3,000 SF units.
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
$341,981
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
3.70%
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%
$6,839,620
$6.8M
Cap Rate 7%
$4,885,443
$4.9M
Cap Rate 9%
$3,799,789
$3.8M
Market Conditions
NOI Build-Up for 22,221 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
$533.3K $24.00/SF
− Vacancy
−$77.3K −$3.48/SF
EGI
$456.0K $20.52/SF
− OpEx
−$114.0K −$5.13/SF
NOI
$342.0K $15.39/SF
Area
Las Vegas, NV
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%
$6,839,620
Cap Rate 7%
$4,885,443
Cap Rate 9%
$3,799,789
Alternative Uses
Best Use
Office B
$4.89M
$4.27M – $5.70M
NOI $341,981 @ 7.0% cap · market cap 3.70%
Second Best
Healthcare Medical
$4.21M
$3.68M – $4.91M
NOI $294,384 @ 7.0% cap · market cap 3.18%
Theoretical Best
Specialty Retail
$7.68M
$6.72M – $8.96M
NOI $537,480 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89129, NV
54,067
Population
21,941
Households
2.5
Avg Household Size
39
Median Age
33%
College-Educated
93%
High-School Grad
10.0 sq mi
ZIP Area
5,407
Density / Sq Mi
$87,544
Median Household Income
$48,690
Median Earnings
$1,767
Median Rent
$420,400
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?
Medical Office Space - Freestanding building near Mountain View Hospital and Summerlin Medical Center.
Where is this medical office space located?
The property is located at 9970 W Cheyenne Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $9,250,000.
What are key features of this property?
This property features: Prime location near Mountain View Hospital and Summerlin Medical Center.; Freestanding office/medical building.; Up to 13,107 SF available, sub‑dividable into minimum 3,000 SF units.
