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

    8978 Spanish Rdg Ave Las Vegas, NV 89148-1351

    • Office buildings
    • 6,022 SF
    • 0.57 lot acres
    OFF-MARKET
    Last Sale
    Feb 15, 2022
    $1,755,000
    Value Estimations
    $1,810,000
    Show details
    Cap Rate Potential
    5%
    Office buildings
    Location Intelligence
    Property ID
    US62-0189104
    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

    • Carlton Group Inc / Business Management Consultant
    • Eclipse Gaming / Industrial Manufacturer / Production Facility
    • Casey Ryan, Alchemy Investments RE / Real Estate Agency
    • Custom Glow / Spa & Massage Center / Alternative Medicine Practice
    • 702 Cash Offer / Real Estate Agency

    Property Details for 8978 Spanish Rdg Ave

    Year built
    2006
    Construction
    FRAME
    Lot size
    0.57 lot acres
    Property size
    6,022 SF
    Property type
    Office buildings
    APN
    163-29-711-015
    APU
    16329711015

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,985,000
      ML approach
      $2,045,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,650,000
      6.5%
      $1,520,000
      7%
      $1,410,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,154,000
      Market price range: $372k - $1.76M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,260,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $2,615,000
      Change: +16% Conversion: Difficult
      RETAIL STORES
      $2,250,000
      Change: -0% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.288
    Latitude
    36.0896
    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
    $10,281
    $162,419
    $314,200
    $476,619
    -
    $464,054
    $897,714
    $1,361,768

    Comparable in this City

    • Value Estimation by Request
      42,224 SF

      8918 Spanish Rdg Ave

      OFFICE BUILDING • 42,224 SF
      8918 Spanish Rdg Ave, Las Vegas, NV 89148-1527
      View Details
    • Value Estimation
      $790,000
      2,828 SF

      Unassigned Situs

      OFFICE BUILDING • 2,828 SF
      Unassigned Situs, Las Vegas, NV 89148
      View Details
    • Value Estimation
      $560,000
      2,389 SF

      9455 Russell Rd

      OFFICE BUILDING • 2,389 SF
      9455 Russell Rd, Las Vegas, NV 89148-5667
      View Details
    • Value Estimation
      $765,000
      4,038 SF

      8876 Spanish Rdg Ave Ste, Unit 104

      OFFICE BUILDING • 4,038 SF
      8876 Spanish Rdg Ave Ste, Las Vegas, NV 89148-1502
      View Details
    • Value Estimation
      $820,000
      4,137 SF

      8906 Spanish Rdg Ave Ste, Unit 110

      OFFICE BUILDING • 4,137 SF
      8906 Spanish Rdg Ave Ste, Las Vegas, NV 89148-1318
      View Details
    • Value Estimation
      $805,000
      3,919 SF

      8876 Spanish Rdg Ave Ste, Unit 202

      OFFICE BUILDING • 3,919 SF
      8876 Spanish Rdg Ave Ste, Las Vegas, NV 89148-1502
      View Details

    Similar Nearby for Sale

    • $12,750,000
      29,824 SF

      Class A Office Building For Sale

      Multi-tenant office building with income and freeway visibility.
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    • $5,200,000
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      Las Vegas Bar & Office Complex

      Prime location, 8,864 SF, 100% leased.
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      4,500 SF

      Modern Retail Building in Southwest

      Anchored by 7-11, excellent visibility, surrounded by dense population.
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      1.48 Acres

      Las Vegas Commercial Land - 1.48 Acres

      High-traffic location, ideal for retail development.
      6500 Ikea Way, Las Vegas, NV 89148
      View Details
    • $169,000
      Pending

      Improved Lot in Las Vegas

      Improved lot with concrete pad and driveway in Las Vegas.
      9098 Iron Cactus Ave, Las Vegas, NV 89148
      View Details
    • $3,550,000
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      West Las Vegas Drive-Thru Restaurant

      Vacant quick-service restaurant with drive-thru in prime location.
      8660 W Warm Springs Rd, Las Vegas, NV 89148
      View Details

    Similar Nearby for Lease

    • $1.95 SF/Yr
      74,010 SF

      Red Rock Business Center Offices

      Two-story office center with excellent access and full-service amenities.
      6140-6180 Brent Thurman Way, Las Vegas, NV 89148
      View Details
    • $93 SF/Yr
      14,872 SF

      Las Vegas Executive Office Suites

      Prestigious Office Space, I-125 Access
      9205 Russell Rd Bldg 3, Las Vegas, NV 89148
      View Details
    • Contact for pricing
      15,000 SF

      Las Vegas Office Space Available

      15,000 SF Office, Multiple Tenants
      9060 Patrick Ln, Las Vegas, NV 89148
      View Details
    • $46 SF/Yr
      45,760 SF

      Sunset & Durango Retail Center

      Class A retail & office space in Las Vegas.
      8700 Sunset Rd, Las Vegas, NV 89148
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    • $22 SF/Yr
      2,501 SF

      Sunset Road Medical Office Space

      Prime 2,501 sq ft Medical Office in Las Vegas
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    • $1.90 SF/Yr
      74,010 SF

      Red Rock Executive Office Suites

      Premium Office Space, Mountain Views
      6140-6180 Brent Thurman Way, Las Vegas, NV 89148
      View Details
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    Las Vegas, NV 89148-1351
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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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