Vacant Office Building in Las
For Sale
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7690 W Cheyenne Ave, Las Vegas, NV 89129
Vacant office building in established Cheyenne Corporate Center.
Property Size74,920 SF
Price / SF$249
Days on Market666
Property Features for 7690 W Cheyenne Ave
General Information
Standard status
Active
Size
74,920 SF
Property subtype
Office
Zoning
C-1
Building Details
Year Built
2000
Listing Agency:
Cushman & Wakefield - Las Vegas, Nevada
Listed By:
Marlene Fujita · License #S.0054013
(702) 796-7900
Source:
Crexi
Added: Nov 13, 2024
Changed: Sep 8
Last Checked: Sep 10 at 7:37AM
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 Cushman & Wakefield - Las Vegas, Nevada
Investment Insights
Based on property information with market context.
Located within Cheyenne Corporate Center, this vacant building at 7690 W. Cheyenne Ave. (Building Six) is available for acquisition. Building Six is part of a mixed-use campus comprising nine buildings with office, medical office, and retail tenants. The entire campus spans approximately 321,245 square feet across nine parcels and is managed by a commercial association, minimizing management responsibilities for the building owner. Other occupants within the center include the State of Nevada Physical Therapy Board, SimonMed, Davita, TPx/MPower Communications, and Dennett Winspear Attorneys at Law. The property size is 74920 square feet.
Key Highlights
- Located within Cheyenne Corporate Center, a mixed‑use campus.
- Part of a campus consisting of ±321,245 square feet across nine parcels.
- Managed by a commercial association, minimizing owner responsibilities.
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
$1,153,019
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
6.18%
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%
$23,060,380
$23.1M
Cap Rate 7%
$16,471,700
$16.5M
Cap Rate 9%
$12,811,322
$12.8M
Market Conditions
NOI Build-Up for 74,920 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
$1.80M $24.00/SF
− Vacancy
−$260.7K −$3.48/SF
EGI
$1.54M $20.52/SF
− OpEx
−$384.3K −$5.13/SF
NOI
$1.15M $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%
$23,060,380
Cap Rate 7%
$16,471,700
Cap Rate 9%
$12,811,322
Alternative Uses
Best Use
Office B
$16.47M
$14.41M – $19.22M
NOI $1,153,019 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$25.89M
$22.65M – $30.20M
NOI $1,812,161 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
879
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Las Vegas, NV
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Frequently Asked Questions
What type of property is this?
Office building - Vacant office building in established Cheyenne Corporate Center.
Where is this office building located?
The property is located at 7690 W Cheyenne Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $18,655,080.
What are key features of this property?
This property features: Located within Cheyenne Corporate Center, a mixed‑use campus.; Part of a campus consisting of ±321,245 square feet across nine parcels.; Managed by a commercial association, minimizing owner responsibilities.
