Two-Story Office Building in Las
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311 E Warm Springs Rd, Las Vegas, NV 89119
25,000 SF professional office building near Harry Reid Airport.
Property Size25,000 SF
Price / SF$210
Days on Market1249
Property Features for 311 E Warm Springs Rd
General Information
Standard status
Active
Size
25,000 SF
Property subtype
Office
Zoning
(C-P) Office and Professional
Lease Type
NNN
Building Details
Year Built
2007
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
MDL Group
(702) 388-1800
Listed By:
Hayim Mizrachi, SIOR, CCIM · License #NV 143643
Source:
Crexi
Added: Mar 29, 2023
Changed: Aug 25
Last Checked: Aug 26 at 5:24PM
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 MDL Group
Investment Insights
Based on property information with market context.
Located at 311 E. Warm Springs Road in Las Vegas, Nevada, this is a two-story professional office building encompassing approximately 25,000 square feet. The property is situated near the intersection of East Warm Springs and Las Vegas Boulevard. Its central location provides convenient access to Harry Reid International Airport, Town Square, and the Las Vegas Strip. The property also offers easy access to the 215 Beltway and I-15 Interstate. Fronting Warm Springs Road, the building is positioned in the heart of the airport submarket. It is located minutes from Harry Reid International Airport with access from Bermuda Road and less than a mile from numerous quick-service eateries along Las Vegas Boulevard.
Key Highlights
- Prime Location: Centrally located near Harry Reid International Airport, Town Square, and the Las Vegas Strip.
- Excellent Accessibility: Convenient access to the 215 Beltway and I‑15 Interstate.
- High‑Traffic Frontage: Located on heavily trafficked Warm Springs Road.
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
$384,750
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
7.33%
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%
$7,695,000
$7.7M
Cap Rate 7%
$5,496,429
$5.5M
Cap Rate 9%
$4,275,000
$4.3M
Market Conditions
NOI Build-Up for 25,000 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
$600.0K $24.00/SF
− Vacancy
−$87.0K −$3.48/SF
EGI
$513.0K $20.52/SF
− OpEx
−$128.3K −$5.13/SF
NOI
$384.8K $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%
$7,695,000
Cap Rate 7%
$5,496,429
Cap Rate 9%
$4,275,000
Alternative Uses
Best Use
Office B
$5.50M
$4.81M – $6.41M
NOI $384,750 @ 7.0% cap · market cap 7.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.64M
$7.56M – $10.08M
NOI $604,699 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
928
Businesses Nearby
Explore this area
Business Placement
Demographics for 89119, NV
48,895
Population
24,756
Households
2
Avg Household Size
36
Median Age
20%
College-Educated
84%
High-School Grad
12.9 sq mi
ZIP Area
3,790
Density / Sq Mi
$46,472
Median Household Income
$32,590
Median Earnings
$1,184
Median Rent
$301,000
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 - 25,000 SF professional office building near Harry Reid Airport.
Where is this office building located?
The property is located at 311 E Warm Springs Rd Las Vegas, NV.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: Prime Location: Centrally located near Harry Reid International Airport, Town Square, and the Las Vegas Strip.; Excellent Accessibility: Convenient access to the 215 Beltway and I‑15 Interstate.; High‑Traffic Frontage: Located on heavily trafficked Warm Springs Road.
