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    Property profile & analytics

    1500 2nd St Reno, NV 89502-1262

    • Medical Office Space
    • 99,972 SF
    • 3.61 lot acres
    OFF-MARKET
    Value Estimations
    $23,255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-0379726
    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

    • Dr. Charles M. Carpenter, MD / Physician
    • Center for Advanced Medicine B / Medical Clinic / Hospital
    • Unr Advanced Med / Hospital
    • Renown Advanced Wound Care / Medical Clinic
    • Renown Institute for Heart & Vascular Health / Physician / Hospital

    Property Details for 1500 2nd St

    Year built
    2000
    Construction
    FRAME
    Lot size
    3.61 lot acres
    Property size
    99,972 SF
    Zone code
    MU
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    012-161-33
    APU
    1216133

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $25,880,000
      6.5%
      $23,890,000
      7%
      $22,185,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $21,212,000
      Market price range: $4.34M - $25.1M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $34,895,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $33,005,000
      Change: -5% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $31,980,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.793
    Latitude
    39.5269
    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
    $250,315
    $770,530
    $6,622,075
    $7,392,605
    -
    $2,201,514
    $18,920,213
    $21,121,727

    Comparable in this City

    • Value Estimation
      $9,210,000
      39,568 SF

      85 Kirman Ave

      MEDICAL BUILDING • 39,568 SF
      85 Kirman Ave, Reno, NV 89502-1339
      View Details
    • Value Estimation
      $5,110,000
      23,670 SF

      21 Locust St

      MEDICAL BUILDING • 23,670 SF
      21 Locust St, Reno, NV 89502-1316
      View Details
    • Value Estimation
      $1,890,000
      9,704 SF

      5060 Meadowood Mall Cir

      MEDICAL BUILDING • 9,704 SF
      5060 Meadowood Mall Cir, Reno, NV 89502-6709
      View Details
    • Value Estimation
      $3,260,000
      14,040 SF

      5605 Riggins Ct

      MEDICAL BUILDING • 14,040 SF
      5605 Riggins Ct, Reno, NV 89502-6501
      View Details
    • Value Estimation by Request
      2,091 SF

      601 Ml St

      MEDICAL BUILDING • 2,091 SF
      601 Ml St, Reno, NV 89502-1029
      View Details
    • Value Estimation by Request
      2,488 SF

      770 Ml St

      MEDICAL BUILDING • 2,488 SF
      770 Ml St, Reno, NV 89502-1321
      View Details

    Similar Nearby for Sale

    • $4,299,000
      21,165 SF

      Reno Medical Office Building Investment

      21,165 SF Medical Office, High Occupancy
      850 Mill St, Reno, NV 89502
      View Details
    • Contact for pricing
      15,285 SF

      Medical Office Near Renown Campus

      Medical office building near Renown Medical Campus for sale.
      880 Ryland St, Reno, NV 89502
      View Details
    • $3,900,000
      11,940 SF

      Reno Office Building: Prime Location

      11,940 SF Office Building, $3.9M
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    • $1,575,000

      Historic Office Building For Sale

      Charming office space with private offices, conference rooms, and parking.
      830/832 Willow St, Reno, NV 89502
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    • $3,800,000

      Two-Story Office Building For Sale

      Freestanding two-story office building in the Meadowood submarket.
      5200 Neil Rd, Reno, NV 89502
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    • $369,000
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      Reno Commercial Space For Sale

      903 SF commercial space in Reno, NV. Renovation opportunity.
      733 S Wells Ave, Reno, NV 89502
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    Similar Nearby for Lease

    • Contact for pricing
      2,120 SF

      Turn-Key Medical Office Building

      Freestanding medical office near Renown Regional Medical Center Campus.
      1190 Ryland St, Reno, NV 89502
      View Details
    • $1.95 SF/Yr

      Medical Office Space Near Renown

      Medical office space available near Renown Regional Hospital Campus.
      850 Mill St, Reno, NV 89502
      View Details
    • $2.00 SF/Yr

      Medical Office in Reno Corridor

      Two-story medical office space in Reno's downtown medical corridor.
      730 Willow St, Reno, NV 89502
      View Details
    • $2.00 SF/Yr
      3,266 SF

      Medical Office in Reno Corridor

      Two-story medical office in Reno's downtown medical corridor.
      730 Willow St, Reno, NV 89502
      View Details
    • $1.95 SF/Yr
      22,947 SF

      Medical Office Near Renown Campus

      Medical office space available near Renown Regional Hospital Campus.
      850 Mill St, Reno, NV 89502
      View Details
    • $2.00 SF/Yr
      8,310 SF

      Medical Office Near Renown Health

      Freestanding medical/professional office near Renown Health and Downtown Reno.
      475 Kirman Ave, Reno, NV 89502
      View Details
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    1500 2nd St
    Reno, NV 89502-1262
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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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