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    71 Washington St Reno, NV 89503
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    71 Washington St Reno, NV 89503

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    • Office buildings
    • 5,576 SF
    • 0.44 lot acres
    For Lease
    $1,610,000
    View Listing →
    Downtown Reno Executive Suites For Lease
    $1,610,000
    2,240 SF

    Downtown Reno Executive Suites

    Executive suites for lease in downtown Reno, ranging from 176-2,240 SF.

    71 Washington Street, Reno, NV 89503
    View Listing
    Property ID
    US62-0395469
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Sullivan Michael E / Law Firm
    • Robison, Sharp, Sullivan & Brust / Law Firm
    • F. DeArmond Sharp / Law Firm
    • Robison Belaustegui Sharp Low: Martini Kristen L / Law Firm
    • Belaustegui Thomas L / Law Firm

    Property Details for 71 Washington St

    Year built
    1982
    Construction
    WOOD
    Lot size
    0.44 lot acres
    Property size
    5,576 SF
    Zone code
    MDPD
    Property type
    Office buildings
    APN
    011-093-18
    APU
    1109318

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,750,000
      6.5%
      $1,620,000
      7%
      $1,500,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,124,000
      Market price range: $1.03M - $2.12M
      AI Estimate
      $1,085,000
      Market price range: $364k - $1.14M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,480,000
      Current use
      RESTAURANT
      $2,280,000
      Change: +54% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $2,240,000
      Change: +52% Conversion: Difficult
      MEDICAL BUILDING
      $1,945,000
      Change: +32% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,875,000
      Change: +27% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,840,000
      Change: +25% Conversion: Easy
      RETAIL STORES
      $1,435,000
      Change: -3% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Reno
    County
    Washoe
    State
    Nevada
    Longitude
    -119.822
    Latitude
    39.5235
    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
    $12,959
    $123,025
    $267,951
    $390,976
    -
    $351,500
    $765,575
    $1,117,075

    Comparable in this City

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      335 1st St

      OFFICE BUILDING • 5,330 SF
      335 1st St, Reno, NV 89503-5301
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      831 Keystone Ave

      OFFICE BUILDING • 2,327 SF
      831 Keystone Ave, Reno, NV 89503-2501
      View Details
    • Value Estimation
      $1,035,000
      6,045 SF

      900 1st St

      OFFICE BUILDING • 6,045 SF
      900 1st St, Reno, NV 89503-5675
      View Details
    • Value Estimation by Request
      1,256 SF

      1026 1st St

      OFFICE BUILDING • 1,256 SF
      1026 1st St, Reno, NV 89503-5536
      View Details
    • Value Estimation by Request
      3,083 SF

      526 2nd St

      OFFICE BUILDING • 3,083 SF
      526 2nd St, Reno, NV 89503-5309
      View Details

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      Infill Development Land For Sale

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      Land For Sale Reno

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      Reno Triplex Near University

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    • New
      $995,000
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      Reno Multifamily Investment Opportunity

      Five-unit property near downtown Reno and the Truckee River.
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    Similar Nearby for Lease

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      3,385 SF

      MidTown Reno Multi-Tenant Building

      Historic building in Reno's MidTown district with on-site parking.
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      Medical Office Space Near Hospital

      Premier medical office with direct access to St. Mary's Hospital.
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      2,240 SF

      Downtown Reno Executive Suites

      Executive suites for lease in downtown Reno, ranging from 176-2,240 SF.
      71 Washington St, Reno, NV 89503
      View Details
    • $18 SF/Yr
      12,792 SF

      Downtown Reno Office Space

      Prime Reno location, renovated office suites.
      140 Washington St, Reno, NV 89503
      View Details
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      338 SF

      Office Space Available For Rent

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      Medical Office Space on Campus

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      343 Elm St, Reno, NV 89503
      View Details
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    71 Washington St
    Reno, NV 89503
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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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