850 Mill St Reno, NV 89502
- Medical offices
- 21,165 SF
- 0.41 lot acres
Current Use by Public Records
- Nancy Podewils-Baba LCSW / Social Worker
- 850 Mill Medical Park / Business Park
- Patricia Romo-Macaluso / Psychiatrist / Practitioner Service Location
- Liver Disease Management & Transplant: Sutter Pacific Med Foundation: Mill St / Medical Clinic
- MD Cardiac / Medical Group
Property Details for 850 Mill St
- Year built
- 1973
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.41 lot acres
- Property size
- 21,165 SF
- Zone code
- MU
- Property type
- Medical offices
- Property subtype
- Medical centers
- APN
- 012-143-59
- APU
- 1214359
Description
This exceptional three-story, 21,165 square-foot medical office building in Reno, Nevada, presents a compelling value-add investment opportunity. Located directly across from Renown Regional Medical Center's expansive 29-acre campus, this multi-tenant property boasts a 92% occupancy rate and a current cap rate of 6.6%. Recent renovations in 2017 and 2022 enhance the building's appeal, complemented by a rare additional land parcel offering significant future development potential for another medical office building. The property features a mixed-use urban zoning designation, allowing for flexibility. The building's strategic location near Interstate 580, the Wells transportation corridor, and Interstate 80 ensures excellent accessibility. Reno's thriving healthcare sector and influx of residents contribute to strong demand for medical office space, making this a highly attractive investment. The current lease-up potential of the remaining vacant suites offers a clear path to increase the cap rate to a projected 9.0% at 100% occupancy. This property benefits from Nevada's tax-free environment and the state's robust economic growth, particularly within the healthcare and advanced manufacturing industries. The asking price is $4,299,000, with a price per square foot of $203.12. The property's APN is 012-143-59, 012-143-60, and it was built in 1973.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $4,750,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $3,620,000
- 6.5%
- $3,660,000
- 7%
- $3,730,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $2,960,000
- Geo Method
- $3,230,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $3,530,000
- Retail
- $3,025,000
- Mixed-Use
- $3,665,000
- Hospitality
- $4,020,000
- Educational
- $3,375,000
- Residential Income
- $3,730,000
- Energy
- $4,020,000
- Income-Based Land
- $3,960,000
- Food Service
- $3,380,000
Location Insight
- Map
- Local Demand
- City
- Reno
- County
- Washoe
- State
- Nevada
- Longitude
- -119.799
- Latitude
- 39.5253
- CBSA code
- 39900
- CBSA name
- RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA
