Office Condominium at Conquistador
For Sale
$500,000
9960 West Cheyenne Avenue Suite 220/212, Las Vegas, NV 89129
Versatile office condo built in 2002, suited for office, creative, or loft use under Planned Development District zoning.
Property Size1,125 SF
Price / SF$444.44
Days on Market88
Property Features for 9960 West Cheyenne Avenue Suite 220/212
General Information
Standard status
Active
Size
1,125 SF
Class
A
Property subtype
Office
Zoning
PD
Building Details
Building Size
1,125 SF
Year Built
2002
Listing Agency:
SVN | The Equity Group
(702) 885-7383
Listed By:
Pete Janemark, CCIM · License #NV #S.76731
(702) 885-7383
Source:
Svn
Added: Jun 2
Changed: Aug 26
Last Checked: Aug 28 at 8:30AM
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.
Located within Conquistador Plaza, this office condominium offers a flexible, professionally finished space configured for a range of uses. Built in 2002, the 1,125 SF unit is presented as a condo, which can appeal to both owner-users and investors seeking control over their real estate asset. The layout is well-suited for traditional office requirements, and it can also support creative or loft-style use, depending on a tenant’s or operator’s needs.
The property is positioned at the edge of Summerlin within the Las Vegas area, offering a convenient setting for businesses serving local demand. Zoning is designated as Planned Development District (PD) by the City of Las Vegas, providing an important framework for prospective buyers evaluating permitted operating parameters.
From a buyer’s perspective, this is a straightforward acquisition for someone who wants an office condominium rather than a leased space, with the flexibility to tailor the environment for office, creative, or loft use. For investors, the condo format can offer a more direct path to long-term ownership, with the added advantage of a versatile interior footprint aligned to multiple professional concepts. The combination of modern construction, condo ownership, and PD zoning makes the unit a practical option to evaluate for the right user or investment strategy.
The property is positioned at the edge of Summerlin within the Las Vegas area, offering a convenient setting for businesses serving local demand. Zoning is designated as Planned Development District (PD) by the City of Las Vegas, providing an important framework for prospective buyers evaluating permitted operating parameters.
From a buyer’s perspective, this is a straightforward acquisition for someone who wants an office condominium rather than a leased space, with the flexibility to tailor the environment for office, creative, or loft use. For investors, the condo format can offer a more direct path to long-term ownership, with the added advantage of a versatile interior footprint aligned to multiple professional concepts. The combination of modern construction, condo ownership, and PD zoning makes the unit a practical option to evaluate for the right user or investment strategy.
Key Highlights
- 1,125 SF office condominium in Conquistador Plaza
- Built in 2002
- Versatile space suited for office, creative, or loft use
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
$17,314
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
3.46%
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%
$346,280
$346.3K
Cap Rate 7%
$247,343
$247.3K
Cap Rate 9%
$192,378
$192.4K
Market Conditions
NOI Build-Up for 1,125 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
$27.0K $24.00/SF
− Vacancy
−$3.9K −$3.48/SF
EGI
$23.1K $20.52/SF
− OpEx
−$5.8K −$5.13/SF
NOI
$17.3K $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%
$346,280
Cap Rate 7%
$247,343
Cap Rate 9%
$192,378
Alternative Uses
Best Use
Office B
$247.3K
$216.4K – $288.6K
NOI $17,314 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$388.7K
$340.1K – $453.5K
NOI $27,211 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
Explore this area
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
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 units - Versatile office condo built in 2002, suited for office, creative, or loft use under Planned Development District zoning.
Where is this office units located?
The property is located at 9960 West Cheyenne Avenue Suite 220/212 Las Vegas, NV.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 1,125 SF office condominium in Conquistador Plaza; Built in 2002; Versatile space suited for office, creative, or loft use
