Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1923 Prater Way Sparks, NV 89431-4708

    • Bars
    • 1,632 SF
    • 0.10 lot acres
    OFF-MARKET
    Last Sale
    Feb 24, 2023
    $300,000
    Value Estimations
    $310,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-0467423
    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

    • Tipsy Bar and Lounge / Bar

    Property Details for 1923 Prater Way

    Year built
    1964
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.10 lot acres
    Property size
    1,632 SF
    Zone code
    MUD
    Property type
    Bars
    Property subtype
    Pubs
    APN
    032-062-05
    APU
    3206205

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $270,000
      ML approach
      $285,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $437,000
      Market price range: $437k - $1.63M

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

    Location Insight

    • Map
    • Local Demand
    City
    Sparks
    County
    Washoe
    State
    Nevada
    Longitude
    -119.769
    Latitude
    39.537
    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
    $1,103
    $14,484
    $17,920
    $32,404
    -
    $41,382
    $51,201
    $92,583

    Comparable in this City

    • Value Estimation
      $285,000
      3,701 SF

      1515 Oddie Blvd

      BAR, TAVERN • 3,701 SF
      1515 Oddie Blvd, Sparks, NV 89431-0953
      View Details
    • Value Estimation
      $325,000
      5,040 SF

      516 Prater Way

      BAR, TAVERN • 5,040 SF
      516 Prater Way, Sparks, NV 89431-4649
      View Details
    • Value Estimation
      $225,000
      3,500 SF

      1114 Victorian Ave

      BAR, TAVERN • 3,500 SF
      1114 Victorian Ave, Sparks, NV 89431-4924
      View Details
    • Value Estimation
      $270,000
      2,358 SF

      2644 Prater Way

      BAR, TAVERN • 2,358 SF
      2644 Prater Way, Sparks, NV 89431-4124
      View Details
    • Value Estimation
      $350,000
      1,352 SF

      2140 Victorian Ave

      BAR, TAVERN • 1,352 SF
      2140 Victorian Ave, Sparks, NV 89431-4129
      View Details
    • Value Estimation
      $335,000
      4,192 SF

      1955 Oddie Blvd

      BAR, TAVERN • 4,192 SF
      1955 Oddie Blvd, Sparks, NV 89431-3544
      View Details

    Similar Nearby for Sale

    • $850,000
      2,354 SF

      Victorian Saloon Prime Retail Frontage

      Historic bar with prime frontage and entertainment space.
      910 Victorian Ave, Sparks, NV 89431
      View Details
    • $4,250,000
      10,000 SF

      Retail Building at Major Intersection

      Retail building with dental office and sushi restaurant tenants.
      685 E Prater Way, Sparks, NV 89431
      View Details
    • $1,500,000
      23,958 SF

      Retail Property in Sparks, Nevada

      Retail property available for sale in Sparks, Nevada.
      651 N Mccarran Blvd, Sparks, NV 89431
      View Details
    • $749,999
      2,440 SF

      Sparks Mixed-Use Development Opportunity

      Commercial and residential property near Rail City Casino.
      1921 Victorian Ave, Sparks, NV 89431
      View Details
    • $1,400,000
      6,472 SF

      High-Visibility Commercial Property Dual Frontage

      Versatile property with entrances on two major streets.
      1657 Prater Way, Sparks, NV 89431
      View Details
    • Contact for pricing
      1.75 Acres

      Sparks Commercial Land - 1.75 Acres

      Prime Commercial Land, Sparks, NV. C2 Zoning.
      2101 Sullivan Ln, Sparks, NV 89431
      View Details

    Similar Nearby for Lease

    • $2 SF/Yr
      4,390 SF

      Sparks Retail Space For Lease

      4,390 SF street-front retail space, ideal for restaurant use.
      2200 Victorian Ave, Sparks, NV 89431
      View Details
    • Contact for pricing
      113,759 SF

      Sparks Mercantile Retail Spaces

      Prime Sparks retail, multiple suites available
      0 Mccarran Blvd. & Pyramid Way, Sparks, NV 89431
      View Details
    • $1.25 SF/Yr
      81,247 SF

      Restaurant Retail Space Available

      Retail space built out as a restaurant for lease.
      2300-2360 Oddie Blvd, Sparks, NV 89431
      View Details
    • $2.00 SF/Yr
      1,331 SF

      Retail Space on Victorian Avenue

      Prime end-unit retail space in high-traffic Sparks location.
      1746 Victorian Ave, Sparks, NV 89431
      View Details
    • $12 SF/Yr
      4,450 SF

      Retail Space on Prater Way

      Retail space available for lease in Sparks, Nevada.
      550-668 E Prater Way, Sparks, NV 89431
      View Details
    • $11,300,000
      2,079 SF

      Retail Space in Sparks, Nevada

      Retail spaces available in Sparks, anchored by Walgreens and grocery store.
      2125-2285 Oddie Blvd, Sparks, NV 89431
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1923 Prater Way
    Sparks, NV 89431-4708
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.