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    Property profile & analytics

    237-395 Plumb Ln Reno, NV 89502

    • Community centers
    • 132,000 SF
    For Lease
    View listing
    $36 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Community centers

    Property Details for 237-395 Plumb Ln

    Property size
    132,000 SF
    Property type
    Community centers
    Property subtype
    Retail properties

    Description

    This vibrant 132,000 square foot community center, located in Washoe County, offers exceptional retail opportunities in the heart of Midtown Reno. The Reno Public Market is a revitalized space, boasting new architecture and public areas, and anchored by key tenants including Sprouts Farmers Market, CVS, FiftyFifty Brewing, Maker's Paradise Art Collective, BlueZone Sports, and Wyld Market Market Place. The property features a modern design, embracing Reno's food truck and beer culture with year-round indoor-outdoor common seating, a brewery/distillery taproom, and a live events stage. This dynamic environment caters to a diverse demographic, offering a blend of daily needs, fresh organic groceries, pharmacy services, dining, entertainment, and arts. Spaces range from a minimum of 260 square feet to a maximum contiguous space of 18,358 square feet, with 36,057 square feet currently vacant. The 15.91-acre lot provides ample parking with a ratio of 4.30 spaces per 1000 square feet. The property is conveniently located near S Virginia St, offering excellent visibility and accessibility. This is a unique opportunity to be part of a thriving community center experiencing a resurgence in popularity. The property's focus on food and food culture, combined with its diverse tenant mix, creates a strong draw for customers and ensures a vibrant atmosphere.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.803
    Latitude
    39.5071

    Comparable in this City

    • Value Estimation
      $1,205,000
      9,240 SF

      2000 Harvard Way

      MINI-MALL • 9,240 SF
      2000 Harvard Way, Reno, NV 89502-4058
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    • Value Estimation
      $9,150,000
      18,076 SF

      5000 Smithridge Dr

      MINI-MALL • 18,076 SF
      5000 Smithridge Dr, Reno, NV 89502-5653
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    • Value Estimation
      $9,825,000
      8,180 SF

      5000 Smithridge Dr

      MINI-MALL • 8,180 SF
      5000 Smithridge Dr, Reno, NV 89502-5653
      View Details
    • Value Estimation
      $925,000
      5,460 SF

      6001 Virginia St

      MINI-MALL • 5,460 SF
      6001 Virginia St, Reno, NV 89502-6053
      View Details
    • Value Estimation
      $17,085,000
      80,748 SF

      4001 Virginia St

      MINI-MALL • 80,748 SF
      4001 Virginia St, Reno, NV 89502-6019
      View Details
    • Value Estimation
      $700,000
      6,360 SF

      273 Plumb Ln Ste, Unit 101

      MINI-MALL • 6,360 SF
      273 Plumb Ln Ste, Reno, NV 89502-3473
      View Details

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    Similar Nearby for Lease

    • $36 SF/Yr
      132,000 SF

      Reno Public Market Retail Space

      Midtown Reno retail center; 13 spaces available.
      237-395 Plumb Ln, Reno, NV 89502
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      160,096 SF

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      Retail Space with Highway Visibility

      Retail spaces available with easy access and ample parking.
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      5,500 SF

      Reno Retail Space - Virginia St.

      Prime Reno retail space, 1,400 sq ft available.
      2062 Virginia St, Reno, NV 89502
      View Details
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    Reno, NV 89502
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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