Downtown Las Vegas Office
For Sale
Contact for pricing
Pending
720 S 7th St, Las Vegas, NV 89101
28,366 SF office building in Downtown Las Vegas.
Property Size28,366 SF
Lot Size0.75 Acres
Days on Market747
Property Features for 720 S 7th St
General Information
Standard status
Pending
Size
28,366 SF
Class
B
Lot size
0.75 Acres
Property subtype
Office
Zoning
Professional Office
Occupancy
49%
Lease Type
Gross
Investment Type
Value Add
Net Operating Income
$298,362
Building Details
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
SVN | The Equity Group
(702) 369-4811
Listed By:
Paul Chaffee · License #NV 1000874
Source:
Crexi
Added: Aug 12, 2024
Changed: Aug 17
Last Checked: Aug 25 at 11:56PM
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 SVN | The Equity Group
Investment Insights
Based on property information with market context.
This is an opportunity to purchase a 28,366-square-foot, three-story building situated on a 0.56-acre site, with an additional 0.19 acres of uncovered parking. The property is located in the Lawyers Row historic district in Downtown Las Vegas, offering high visibility. The location provides close proximity to the Federal Justice Center, Clark County Justice Center, Las Vegas Municipal Court, the new Federal Immigration Customs Enforcement Office (ICE), and the Nevada Supreme Court. The property is surrounded by retail, entertainment, and restaurant amenities. It offers accessibility to I-15 and I-515 via W Charleston Boulevard and S Las Vegas Boulevard. The area is serviced by a mix of professional services, offering a favorable demographic that provides for the potential of a multitude of uses to thrive.
Key Highlights
- Prime location in Downtown Las Vegas' historic Lawyers Row, near prominent courts and government facilities.
- +\-28,366 SF three‑story building on an +\-0.56 acre site with additional +\-0.19 acres of uncovered parking.
- Ideal for an Owner/User seeking a professional image in a highly visible location.
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
$436,553
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
5.46%
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%
$8,731,060
$8.7M
Cap Rate 7%
$6,236,471
$6.2M
Cap Rate 9%
$4,850,589
$4.9M
Market Conditions
NOI Build-Up for 28,366 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
$680.8K $24.00/SF
− Vacancy
−$98.7K −$3.48/SF
EGI
$582.1K $20.52/SF
− OpEx
−$145.5K −$5.13/SF
NOI
$436.6K $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%
$8,731,060
Cap Rate 7%
$6,236,471
Cap Rate 9%
$4,850,589
Alternative Uses
Best Use
Office B
$6.24M
$5.46M – $7.28M
NOI $436,553 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.80M
$8.58M – $11.44M
NOI $686,115 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,294
Businesses Nearby
Explore this area
Business Placement
Demographics for 89101, NV
42,465
Population
18,258
Households
2.3
Avg Household Size
35
Median Age
11%
College-Educated
66%
High-School Grad
5.4 sq mi
ZIP Area
7,864
Density / Sq Mi
$38,653
Median Household Income
$29,471
Median Earnings
$1,008
Median Rent
$258,100
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 - 28,366 SF office building in Downtown Las Vegas.
Where is this office building located?
The property is located at 720 S 7th St Las Vegas, NV.
What is the asking price?
The asking price for this property is $7,999,999.
What are key features of this property?
This property features: Prime location in Downtown Las Vegas' historic Lawyers Row, near prominent courts and government facilities.; +\-28,366 SF three‑story building on an +\-0.56 acre site with additional +\-0.19 acres of uncovered parking.; Ideal for an Owner/User seeking a professional image in a highly visible location.
