Calculate cap rates and net operating income for commercial properties in Nevada. Compare your results against Nevada's primary market benchmarks sourced from CBRE H2 2025.
Nevada has two distinct CRE markets. Las Vegas is driven by gaming, tourism, and conventions, with growing tech diversification. Reno has transformed into a major industrial/logistics hub driven by Tesla's Gigafactory, Amazon, and warehouse operators attracted by California border access without California taxes. Both markets benefit from no state income tax.
| Property Type | Typical Low % | Typical High % |
|---|---|---|
| Multifamily | 5.0% | 6.5% |
| Industrial | 5.0% | 6.5% |
| Retail | 5.5% | 7.5% |
| Office | 6.5% | 8.5% |
Benchmarks sourced from CBRE H2 2025 Cap Rate Survey, JP Morgan, Matthews, and Cushman & Wakefield market data. Ranges represent typical stabilized assets — actual rates vary by asset quality, location, and market conditions.
Nevada cap rates range from 5.0–6.5% for multifamily and industrial, 5.5–7.5% for retail, and 6.5–8.5% for office. Reno's industrial market can trade at the lower end of the range for premier logistics facilities, while Las Vegas rates vary significantly between Strip-adjacent and suburban markets.
Reno's transformation into a logistics hub is driven by its proximity to the California border (providing access to Bay Area/LA markets without California taxes), Tesla's Gigafactory (the world's largest building by footprint), significant Amazon and data center investment, and access to major transcontinental rail and highway routes. Reno industrial cap rates have compressed significantly as institutional investors have targeted the market.
Las Vegas CRE is heavily influenced by gaming and conventions, creating unique supply/demand dynamics. Strip-adjacent retail and hospitality assets can trade at compressed cap rates due to high RevPAR and foot traffic. However, economic sensitivity to tourism cycles means investors must model downside scenarios carefully. The city's growing tech diversification (including Zappos, data centers) is reducing pure tourism dependence.
This tool is for informational and educational reference only and does not constitute real estate investment advice. Cap rate benchmarks are estimates based on published industry surveys and may not reflect current conditions in your specific market, submarket, or asset class. Actual cap rates vary significantly based on property condition, location, tenant quality, lease terms, and local market dynamics. Always consult a licensed commercial real estate broker, appraiser, or investment advisor before making real estate investment decisions.