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    Property profile & analytics

    203 S Water St Henderson, NV 89015

    • Office buildings
    • 9,428 SF
    • 0.13 lot acres
    For Sale
    View listing
    $3,800,000
    Last Sale
    May 05, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-1125012
    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

    • Water Street District Business Association / Association / Organization / Business Networking Company
    • Karns & Karns Personal Injury and Accident Attorneys / Legal Services / Trial Attorney
    • Shrunk3D Las Vegas / Photography Service / Photography Studio
    • Jenna Di Lauro / Marriage Or Relationship Counselor / Practitioner Service Location
    • Melbourne / Office Space Rental Agency

    Property Details for 203 S Water St

    Year built
    2006
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.13 lot acres
    Property size
    9,428 SF
    Property type
    Office buildings
    APN
    179-18-710-227
    APU
    17918710227

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,750,000
      6.5%
      $2,540,000
      7%
      $2,355,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,797,000
      Market price range: $471k - $1.80M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,945,000
      Current use
      RETAIL STORES
      $2,595,000
      Change: -12% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Henderson
    County
    Clark
    State
    Nevada
    Longitude
    -114.982
    Latitude
    36.032
    CBSA code
    29820
    CBSA name
    LAS VEGAS-PARADISE, 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
    $21,034
    $23,780
    $773,840
    $797,620
    -
    $67,943
    $2,210,971
    $2,278,914

    Comparable in this City

    • Value Estimation by Request
      2,600 SF

      13 Pacific Ave

      OFFICE BUILDING • 2,600 SF
      13 Pacific Ave, Henderson, NV 89015
      View Details
    • Value Estimation
      $7,720,000
      35,831 SF

      350 4th St

      OFFICE BUILDING • 35,831 SF
      350 4th St, Henderson, NV 89015-1579
      View Details
    • Value Estimation by Request
      2,121 SF

      108 Market St

      OFFICE BUILDING • 2,121 SF
      108 Market St, Henderson, NV 89015-7302
      View Details
    • Value Estimation
      $1,110,000
      2,618 SF

      30 Water St

      OFFICE BUILDING • 2,618 SF
      30 Water St, Henderson, NV 89015-2341
      View Details
    • Value Estimation
      $3,290,000
      14,048 SF

      129 Lk Mead Pkwy

      OFFICE BUILDING • 14,048 SF
      129 Lk Mead Pkwy, Henderson, NV 89015-6954
      View Details
    • Value Estimation
      $660,000
      3,807 SF

      202 Pacific Ave

      OFFICE BUILDING • 3,807 SF
      202 Pacific Ave, Henderson, NV 89015-7376
      View Details

    Similar Nearby for Sale

    • $3,800,000

      Henderson Office Building For Sale

      Office building available for purchase in Henderson, Nevada.
      203 S Water St, Henderson, NV 89015
      View Details
    • $24,787,470
      80,440 SF

      Henderson Industrial Complex

      Modernized manufacturing space, ideal owner/user.
      190 4Th St, Henderson, NV 89015
      View Details
    • $1,850,000
      2.58 Acres

      Henderson Commercial Land - 2.58 Acres

      Prime Henderson land, mixed-use zoning.
      0 Racetrack Rd, Henderson, NV 89015
      View Details
    • $550,000

      Henderson Investment Property For Sale

      Prime investment property located in Henderson, Nevada.
      210 Kola St, Henderson, NV 89015
      View Details
    • $270,000
      1.25 Acres

      Residential Land in Henderson, Nevada

      1.25 acre vacant lot ready for your dream home.
      132 N Lisbon St, Henderson, NV 89015
      View Details
    • $2,250,000
      1.03 Acres

      Henderson Land with Panoramic Views

      2.43 acres with unobstructed Las Vegas Valley views.
      Henderson, NV 89015
      View Details

    Similar Nearby for Lease

    • $1.40 SF/Yr
      3,160 SF

      Downtown Henderson Office Space Available

      Two-story office building in the Historic Water Street district.
      311 S Water St, Henderson, NV 89015
      View Details
    • $5 SF/Yr
      6,249 SF

      Henderson Office Space for Lease

      Flexible workspace solutions in Henderson, NV.
      303 Water St, Henderson, NV 89015
      View Details
    • $18 SF/Yr
      14,574 SF

      Henderson Retail/Office Opportunity

      ±1,193 SF Available in Prime Location
      270 Horizon Dr, Henderson, NV 89015
      View Details
    • $22 SF/Yr
      1 SF

      Henderson Medical Office Space

      Prime Henderson location, multiple suites available
      1410 Lake Mead Pkwy, Henderson, NV 89015
      View Details
    • $1.50 SF/Yr
      1,690 SF

      Henderson Office Space For Lease

      Office space available in southeast Henderson with freeway access.
      160 E Horizon Dr, Henderson, NV 89015
      View Details
    • Contact for pricing
      38,167 SF

      Boulder Marketplace Anchor Space

      Henderson, NV Retail Anchor Opportunity
      716 Boulder Hwy, Henderson, NV 89015
      View Details
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    203 S Water St
    Henderson, NV 89015
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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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