Las Vegas Freestanding Office
For Sale
Contact for pricing
8870 S Maryland Pkwy, Las Vegas, NV 89123
Two office buildings for sale in central Las Vegas.
Property Size5,430 SF
Price / SF$366.90
Days on Market868
Property Features for 8870 S Maryland Pkwy
General Information
Standard status
Active
Size
5,430 SF
Class
C
Property subtype
Office
Zoning
CG
Occupancy
83%
Lease Type
Gross
Investment Type
Value Add
Net Operating Income
$139,459
Building Details
Year Built
2005
Buildings
1
Stories
1
Units
10
Tenancy
Multi
Listing Agency:
CAST
(702) 592-7187
Listed By:
Steve Neiger · License #NV B.0146583
Source:
Crexi
Added: Apr 15, 2024
Changed: Aug 21
Last Checked: Aug 29 at 9:26PM
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 CAST
Investment Insights
Based on property information with market context.
Scottsdale Plaza, located in central Las Vegas, presents an opportunity to acquire freestanding buildings. The sale includes two office buildings intended for owner-users seeking to locate their business in a mixed-use environment. Constructed in 2005, the plaza offers amenities such as a Dunkin, Tesla Supercharging Stations, restaurants, and a convenience store. Ample parking is available, including both covered and uncovered spaces. The property is zoned Commercial General (CG), which allows for office or retail uses. The project is located 1 mile from the freeway. The property size is 5430 square feet.
Key Highlights
- Opportunity to own freestanding office buildings with existing tenant income in a mixed‑use plaza.
- Prime location in central Las Vegas with convenient access to amenities.
- Zoned Commercial General (CG), allowing for office or retail uses.
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
$83,568
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
4.19%
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%
$1,671,360
$1.7M
Cap Rate 7%
$1,193,829
$1.2M
Cap Rate 9%
$928,533
$928.5K
Market Conditions
NOI Build-Up for 5,430 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
$130.3K $24.00/SF
− Vacancy
−$18.9K −$3.48/SF
EGI
$111.4K $20.52/SF
− OpEx
−$27.9K −$5.13/SF
NOI
$83.6K $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%
$1,671,360
Cap Rate 7%
$1,193,829
Cap Rate 9%
$928,533
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.39M
NOI $83,568 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.88M
$1.64M – $2.19M
NOI $131,341 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 89123, NV
55,584
Population
25,246
Households
2.2
Avg Household Size
42
Median Age
32%
College-Educated
92%
High-School Grad
10.4 sq mi
ZIP Area
5,345
Density / Sq Mi
$80,992
Median Household Income
$46,838
Median Earnings
$1,641
Median Rent
$424,900
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 building - Two office buildings for sale in central Las Vegas.
Where is this office building located?
The property is located at 8870 S Maryland Pkwy Las Vegas, NV.
What is the asking price?
The asking price for this property is $1,992,273.
What are key features of this property?
This property features: Opportunity to own freestanding office buildings with existing tenant income in a mixed‑use plaza.; Prime location in central Las Vegas with convenient access to amenities.; Zoned Commercial General (CG), allowing for office or retail uses.
