850 Mill St, Reno, NV 89502
- Medical Office Space
- 21,165 SF
- 0.41 lot acres
Current Use by Public Records
- Nancy Podewils-Baba LCSW / Foster Care Service / Social Service Agency
- 850 Mill Medical Park / Business Park
- Patricia Romo-Macaluso / Physician
- Liver Disease Management & Transplant: Sutter Pacific Med Foundation: Mill St / Medical Clinic
- MD Cardiac / Medical Group
Property Details for 850 Mill St
- Year built
- 1973
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.41 lot acres
- Zone code
- MU
- Property type
- Medical Office Space
- Property subtype
- Medical centers
- APN
- 012-143-59
- APU
- 1214359
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Dec 4, 2025 | $4,200,000 | Uso2 Holdings LLC | Lalez LLC | Bargain & Sale Deed | $2.9M · Clark County Cu |
| Apr 13, 2022 | — | Lalez LLC | — | Deed · related | $2.6M · Pacific Premier Bank |
| Oct 14, 2021 | $3,495,000 | Lalez LLC | Cyprress Holdings Nevada LLC | Bargain And Sale Deed | $2.4M · Security National Life Insurance Co |
| Aug 3, 2007 | — | Cypress Holdings Nevada LLC | Owner,record | Grant Deed | — |
| Apr 30, 2004 | $1,700,000 | Covec,tr | Rutner,robert D | Grant Deed | $1.6M · First Independent Bank Nevada |
| Apr 30, 2004 | — | Robert D Rutner | Rutner,peggy | Quit Claim Deed · related | — |
| May 31, 2000 | $2,300,000 | Robert D Rutner | Witt Partnership | Grant Deed | — |
Description
This exceptional three-story, 21,165 square-foot medical office building in Reno, Nevada, presents a compelling value-add investment opportunity. Located directly across from Renown Regional Medical Center's expansive 29-acre campus, this multi-tenant property boasts a 92% occupancy rate and a current cap rate of 6.6%. Recent renovations in 2017 and 2022 enhance the building's appeal, complemented by a rare additional land parcel offering significant future development potential for another medical office building. The property features a mixed-use urban zoning designation, allowing for flexibility. The building's strategic location near Interstate 580, the Wells transportation corridor, and Interstate 80 ensures excellent accessibility. Reno's thriving healthcare sector and influx of residents contribute to strong demand for medical office space, making this a highly attractive investment. The current lease-up potential of the remaining vacant suites offers a clear path to increase the cap rate to a projected 9.0% at 100% occupancy. This property benefits from Nevada's tax-free environment and the state's robust economic growth, particularly within the healthcare and advanced manufacturing industries. The asking price is $4,299,000, with a price per square foot of $203.12. The property's APN is 012-143-59, 012-143-60, and it was built in 1973.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $4,750,000
- ML approach
- $4,590,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $5,480,000
- 6.5%
- $5,060,000
- 7%
- $4,695,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $5,708,000
Market price range: $5.71M - $9.83M -
Alternative Use
- Use
- Estimation
- MEDICAL BUILDING
- $7,385,000 Current use
- APARTMENT HOUSE (5+ UNITS)
- $6,985,000 Change: -5% Conversion: Moderate
- AUTO REPAIR, GARAGE
- $6,770,000 Change: -8% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Reno
- County
- Washoe
- State
- Nevada
- Longitude
- -119.799
- Latitude
- 39.5253
- CBSA code
- 39900
- CBSA name
- RENO-SPARKS, NV METROPOLITAN STATISTICAL AREA
