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    Property profile & analytics

    5605 Riggins Ct Reno, NV 89502

    • Medical offices
    • 14,040 SF
    • 1.04 lot acres
    For Lease
    View listing
    $20 SF/Yr
    Last Sale
    Jan 04, 2021
    $2,800,000
    Value Estimations
    $3,905,000
    Cap Rate Potential
    5.7%
    Medical offices
    Location Intelligence
    Property ID
    US62-0375887
    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

    • eLife Drive / Computer Service
    • Diana Harper, Krch Realty / Real Estate Agent
    • Tammy Noble, Krch Realty / Real Estate Agent
    • John Forgie, Krch Realty / Real Estate Agent
    • Cindy Brenner, Krch Realty / Real Estate Agent

    Property Details for 5605 Riggins Ct

    Year built
    1995
    Construction
    WOOD
    Lot size
    1.04 lot acres
    Property size
    14,040 SF
    Zone code
    MU
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    025-552-10
    APU
    2555210

    Description

    This two-story, 14,040-square-foot office building in Reno's Meadowwood submarket offers multiple tenancy options, with 5,998 square feet currently vacant. Units range from a minimum of 1,477 square feet to a maximum contiguous space of 4,521 square feet, providing flexibility for various business needs. Built in 1995, the property features a contemporary design and is conveniently located near I-580 and major thoroughfares, including South McCarran Boulevard, South Virginia Street, and the Southeast Connector. Its proximity to the Reno Tahoe Airport, retail centers, amenities, and a bus line enhances its appeal. Ample parking is available, with a ratio of 5.25 spaces per 1,000 square feet, both in the lot and on the street. The building is elevator-served and may be suitable for medical users due to its previous tenancy. The property is situated at 5605 Riggins Ct, Reno, NV 89502, and is cross-streeted with Meadow Wood Ln in Washoe County. This presents a compelling opportunity for businesses seeking well-located, adaptable office space in a thriving Reno neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,805,000
      ML approach
      $3,550,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,635,000
      6.5%
      $3,355,000
      7%
      $3,115,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,068,000
      Market price range: $3.79M - $6.52M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $4,900,000
      Current use
      RESTAURANT
      $5,745,000
      Change: +17% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $5,640,000
      Change: +15% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $4,635,000
      Change: -5% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $4,490,000
      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
    -119.777
    Latitude
    39.4715
    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
    $14,989
    $134,773
    $593,674
    $728,447
    -
    $385,067
    $1,696,212
    $2,081,279

    Comparable in this City

    • Value Estimation
      $2,300,000
      8,310 SF

      475 Kirman Ave

      MEDICAL BUILDING • 8,310 SF
      475 Kirman Ave, Reno, NV 89502-1907
      View Details
    • Value Estimation
      $315,000
      4,125 SF

      309 Kirman Ave

      MEDICAL BUILDING • 4,125 SF
      309 Kirman Ave, Reno, NV 89502-1704
      View Details
    • Value Estimation
      $890,000
      34,554 SF

      1000 Ryland St

      MEDICAL BUILDING • 34,554 SF
      1000 Ryland St, Reno, NV 89502-1748
      View Details
    • Value Estimation
      $6,745,000
      23,104 SF

      1055 Wls Ave

      MEDICAL BUILDING • 23,104 SF
      1055 Wls Ave, Reno, NV 89502-2550
      View Details
    • Value Estimation
      $330,000
      1,974 SF

      1190 Ryland St

      MEDICAL BUILDING • 1,974 SF
      1190 Ryland St, Reno, NV 89502-1702
      View Details
    • Value Estimation
      $5,010,000
      21,165 SF

      850 Ml St

      MEDICAL BUILDING • 21,165 SF
      850 Ml St, Reno, NV 89502-1413
      View Details

    Similar Nearby for Sale

    • $4,299,000
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      Reno Medical Office Building Investment

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    • $9,930,000
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      Medical Office Near Renown Campus

      Medical office building near Renown Medical Campus for sale.
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      Reno Office Building: Prime Location

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      Versatile Commercial Building in Reno

      Multi-use commercial building in central Reno, close to Midtown.
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      Midtown Reno Commercial Opportunity

      Charming remodeled building in Midtown Reno with parking.
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      Reno Mixed-Use Investment Opportunity

      14,000 SF, Fully Renovated, Vacant
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      View Details

    Similar Nearby for Lease

    • $1.90 SF/Yr
      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
      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
      3,266 SF

      Medical Office in Reno Corridor

      Two-story medical office in Reno's downtown medical corridor.
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      View Details
    • $28 SF/Yr
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      Reno Office Suite for Lease

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    • $22 SF/Yr
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      Reno Executive Office Space

      Class A Office Suites Available
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      View Details
    • $1.65 SF/Yr
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      Reno Office Space with Amenities

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      1325 Airmotive Way, Reno, NV 89502
      View Details
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    Reno, NV 89502
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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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