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    850 Mill St Reno, NV 89502

    Sponsored
    For Sale
    $4,299,000

    21,165 SF Medical Office, High Occupancy

    Property size:
    21,165 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional three-story, 21,165 square-foot medical office building in Reno, Nevada, presents a compelling value-add investment opportunity. Located directly across from Renown Regional Medical Center's expansive 29-acre campus, this multi-tenant property boasts a 92% occupancy rate and a current cap rate of 6.6%. Recent renovations in 2017 and 2022 enhance the building's appeal, complemented by a rare additional land parcel offering significant future development potential for another medical office building. The property features a mixed-use urban zoning designation, allowing for flexibility. The building's strategic location near Interstate 580, the Wells transportation corridor, and Interstate 80 ensures excellent accessibility. Reno's thriving healthcare sector and influx of residents contribute to strong demand for medical office space, making this a highly attractive investment. The current lease-up potential of the remaining vacant suites offers a clear path to increase the cap rate to a projected 9.0% at 100% occupancy. This property benefits from Nevada's tax-free environment and the state's robust economic growth, particularly within the healthcare and advanced manufacturing industries. The asking price is $4,299,000, with a price per square foot of $203.12. The property's APN is 012-143-59, 012-143-60, and it was built in 1973.

    Property Features for 850 Mill St

    General Information

    Property type
    Medical offices
    Square Feet
    21,165 SF

    Building Details

    Year Built
    1973

    HighLights

    • High‑profile location directly across from Renown Regional Medical Center, the region's largest hospital (946 beds).
    • Includes a developable land parcel suitable for a new medical office building.
    • 92% occupancy provides stable cash flow with value‑add potential from leasing two vacant suites.
    • Recently upgraded interiors and strong tenant demand evidenced by recent leasing activity.
    • Excellent access to I‑580, the Wells transportation corridor, and I‑80.
    • Located in a tax‑free state with a robust business climate and growth in advanced manufacturing and healthcare.
    Property Profile Location Intelligence

    Current Use by Public Records

    Nancy Podewils-Baba LCSW Social Worker 850 Mill Medical ... Business Park Patricia Romo-Macaluso Psychiatrist Liver Disease Management ... Medical Clinic MD Cardiac Medical Group

    Suggested Use

    Restaurant Realty agency Building Supply Dental Office Law Firm Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.799359
    Latitude
    39.5253226

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    FAQs

    What type of property is this?
    Medical office - 21,165 SF Medical Office, High Occupancy
    Where is this medical office located?
    The property is located at 850 Mill St Reno, NV.
    What is the asking price?
    The asking price for this property is $4,299,000.
    What are key features of this property?
    This property features: High-profile location directly across from Renown Regional Medical Center, the region's largest hospital (946 beds).; Includes a developable land parcel suitable for a new medical office building.; 92% occupancy provides stable cash flow with value-add potential from leasing two vacant suites.
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    850 Mill St Reno, NV 89502
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    Reno, NV 89502
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    850 Mill St Reno, NV 89502
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