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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    12240 Old Virginia Rd Reno, NV 89521-4371

    • Retail space
    • 6,030 SF
    • 0.81 lot acres
    OFF-MARKET
    Last Sale
    Jun 29, 2021
    $885,425
    Value Estimations
    $940,000
    Show details
    Cap Rate Potential
    8%
    Retail space
    Location Intelligence
    Property ID
    US62-0734197
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Silver State Relief South Reno / Cannabis Store
    • Deep Roots Harvest / Cannabis Store

    Property Details for 12240 Old Virginia Rd

    Year built
    2021
    Construction
    WOOD
    Lot size
    0.81 lot acres
    Property size
    6,030 SF
    Zone code
    MS
    Property type
    Retail space
    APN
    160-792-24
    APU
    16079224

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $955,000
      ML approach
      $960,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,270,000
      6.5%
      $1,175,000
      7%
      $1,090,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,003,000
      Market price range: $846k - $2.87M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,550,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.754
    Latitude
    39.4237
    CBSA code
    39900
    CBSA name
    RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $14,105
    $142,545
    $301,615
    $444,160
    -
    $407,272
    $861,758
    $1,269,030

    Comparable in this City

    • Value Estimation
      $1,165,000
      832 SF

      740 Mdws Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 832 SF
      740 Mdws Pkwy, Reno, NV 89521-4877
      View Details
    • Value Estimation
      $650,000
      5,520 SF

      91 Damonte Rnch Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 5,520 SF
      91 Damonte Rnch Pkwy, Reno, NV 89521-2996
      View Details
    • Value Estimation
      $630,000
      5,104 SF

      1151 Steamboat Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 5,104 SF
      1151 Steamboat Pkwy, Reno, NV 89521-6285
      View Details
    • Value Estimation by Request
      3,965 SF

      535 Double Eagle Ct

      RETAIL STORES (PERSONAL SERVICES) • 3,965 SF
      535 Double Eagle Ct, Reno, NV 89521-8991
      View Details
    • Value Estimation
      $780,000
      2,880 SF

      16960 Virginia St

      RETAIL STORES (PERSONAL SERVICES) • 2,880 SF
      16960 Virginia St, Reno, NV 89521-9784
      View Details
    • Value Estimation
      $855,000
      6,120 SF

      14825 Rim Rock Dr

      RETAIL STORES (PERSONAL SERVICES) • 6,120 SF
      14825 Rim Rock Dr, Reno, NV 89521-6321
      View Details

    Similar Nearby for Sale

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      New Build Restaurant For Sale

      New 2025 build-to-suit restaurant with drive-thru for sale.
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    • New
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      10.34-acre lot near Reno with Sierra Nevada views.
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      Serene Nevada land with building pads and mountain views.
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    Similar Nearby for Lease

    • $33 SF/Yr
      1,200 SF

      Retail Space in Reno

      Retail space available for lease in Reno, Nevada.
      175 Damonte Ranch Pkwy, Reno, NV 89521
      View Details
    • $33 SF/Yr
      1,302 SF

      Retail Space in Reno, Nevada

      Retail space available for lease in Reno, Nevada.
      191 Damonte Ranch Pkwy, Reno, NV 89521
      View Details
    • Contact for pricing
      1,250 SF

      Reno Retail Space: Meadowood Market

      High-traffic Reno retail space available.
      750 Meadows Pkwy, Reno, NV 89521
      View Details
    • Contact for pricing
      2,075 SF

      Grocery Anchored Retail Center

      Dominant retail center with high customer traffic and strong tenant mix.
      748 S Meadows Pkwy, Reno, NV 89521
      View Details
    • Contact for pricing
      27,520 SF

      Retail Space in Reno

      Retail property available for lease in Reno, Nevada.
      Damonte Ranch Pkwy, Reno, NV 89521
      View Details
    • Contact for pricing
      44,970 SF

      Double R Marketplace: Retail Opportunity

      South Reno retail center; 44,970 SF available.
      0 Damonte Rnch Pkwy & Double R Blvd, Reno, NV 89521
      View Details
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    12240 Old Virginia Rd
    Reno, NV 89521-4371
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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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