1550 College PkwyCarson City, NV 89706

Property Details for 1550 College Pkwy

Year built

1994

Lot size

3.34 AC

Property size (Sq ft)

44,456 SF

Zone code

LI

Property type

Office buildings

APN

008-124-14

APU

812414

Description

This exceptional investment opportunity presents a fully leased, 44,456 square foot office building located at 1550 E College Parkway, Carson City, Nevada. The property, situated on a 3.34-acre lot (APN 008-124-14), boasts a 7.00% cap rate and a strong net operating income (NOI) of $714,770. Currently occupied at 100% capacity by the Nevada Department of Health and Human Services, the building benefits from a new 7-year lease commencing July 14, 2024, and expiring August 30, 2031. The asking price is $10,200,000, translating to a price per square foot of $229. Extensive renovations totaling approximately $1.5 million have recently been completed, including new LED lighting, 45 additional offices, upgraded restrooms, a new break room, new flooring, fresh paint, updated window treatments, modernized fire/life safety systems, and significant HVAC improvements. Two central courtyards provide outdoor break areas for employees. The property enjoys a prime location near US395/I580 Freeway and Carson City Airport, offering convenient access to downtown and other key areas. The building, constructed in 1994 and zoned LI, benefits from ample parking and mature landscaping within a professionally managed office complex. The tenant, the State of Nevada Department of Health and Human Services, has occupied the premises since 1994, demonstrating a history of long-term stable occupancy. This presents a compelling investment opportunity with below-replacement-cost pricing.

• CAP approach

  CAP return

  Valuation

  6%

  $8,871,549

  6.5%

  $8,189,122

  7%

  $7,604,184

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,179,979

  Geo Method

  $10,179,979

• Alternative Use

  Use

  Valuation

  Residential

  $10,154,511

  Hospitality

  $9,301,478

  Educational

  $7,738,720

  Medical

  $8,004,866

  Retail

  $12,038,009

Location Insight

City

Carson City

County

Carson City

State

Nevada

Latitude

39.1905

Longitude

-119.75

CBSA code

16180

CBSA name

CARSON CITY, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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