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

    2697 Ml St Reno, NV 89502-2102

    • Warehouses
    • 19,040 SF
    • 0.99 lot acres
    OFF-MARKET
    Last Sale
    May 13, 2024
    Value Estimations
    $510,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US62-0356468
    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

    • Apex Training / Fitness Center

    Property Details for 2697 Ml St

    Year built
    1969
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.99 lot acres
    Property size
    19,040 SF
    Zone code
    MU
    Property type
    Warehouses
    APN
    012-220-15
    APU
    1222015

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $600,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $417,000
      Market price range: $418k - $1.19M

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

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.777
    Latitude
    39.5182
    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
    $9,795
    $166,027
    $113,667
    $279,694
    -
    $474,364
    $324,763
    $799,127

    Comparable in this City

    • Value Estimation
      $1,470,000
      92,915 SF

      1316 Capital Blvd, Unit A

      WAREHOUSE, STORAGE • 92,915 SF
      1316 Capital Blvd, Reno, NV 89502-7185
      View Details
    • Value Estimation
      $1,245,000
      91,350 SF

      2410 Wrondel Way

      MINI-WAREHOUSE, STORAGE • 91,350 SF
      2410 Wrondel Way, Reno, NV 89502-3701
      View Details
    • Value Estimation by Request
      44,995 SF

      2675-2697 Mill St

      Distribution properties • 44,995 SF
      2675-2697 Mill St, Reno, NV 89502
      View Details
    • Value Estimation by Request
      314,400 SF

      4910 Longley Ln

      WAREHOUSE, STORAGE • 314,400 SF
      4910 Longley Ln, Reno, NV 89502-7961
      View Details
    • Value Estimation
      $1,520,000
      231,865 SF

      1381 Capital Blvd

      WAREHOUSE, STORAGE • 231,865 SF
      1381 Capital Blvd, Reno, NV 89502-7186
      View Details
    • Value Estimation
      $720,000
      22,266 SF

      3330 Coliseum Way

      WAREHOUSE, STORAGE • 22,266 SF
      3330 Coliseum Way, Reno, NV 89502-4677
      View Details

    Similar Nearby for Sale

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      52,080 SF

      Fully Leased Industrial Investment Property

      Two-tenant industrial property with future rental upside in Reno.
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      Reno Warehouse Space Available

      78,720 sq ft warehouse in Reno, Nevada.
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    • $17,200,000
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      Multi-Tenant Industrial Investment Opportunity

      Multi-tenant industrial portfolio with value-add features and recent renovations.
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    • $2,650,000
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      Reno Industrial Flex Space: High ROI

      Turnkey Flex Space, High Occupancy, Strong NOI
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    • $2,500,000
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      Reno Mixed-Use Investment Opportunity

      2.26-acre property with self-storage, auto sales, and residential income.
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    • $3,900,000
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      Reno Office Building: Prime Location

      11,940 SF Office Building, $3.9M
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      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      13,270 SF

      Reno Warehouse Space Available

      13,270 SF warehouse space for lease in Reno.
      580 Sunshine Ln, Reno, NV 89502
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    • Contact for pricing
      17,333 SF

      Warehouse/Distribution Center For Rent

      Single-story warehouse/distribution center with rear loading.
      1312 Capital Blvd, Reno, NV 89502
      View Details
    • Contact for pricing
      5,837 SF

      Airport Warehouse with Tarmac Access

      5,873 SF warehouse with direct Reno-Tahoe Airport tarmac access.
      1395 Air Cargo Way, Reno, NV 89502
      View Details
    • Contact for pricing
      47,276 SF

      Reno Warehouse with Office Space

      Professionally managed warehouse with office space in Reno, Nevada.
      4875 Aircenter Cir, Reno, NV 89502
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    • Contact for pricing
      39,850 SF

      Reno Warehouse in Airport Submarket

      Professionally managed warehouse facility in Reno's Airport submarket.
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      View Details
    • Contact for pricing
      4,580 SF

      Reno Warehouse with Office Space

      Professionally managed Reno warehouse featuring office space and loading docks.
      4750 Longley Ln, Reno, NV 89502
      View Details
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    2697 Ml St
    Reno, NV 89502-2102
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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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