953 e sahara ave at commercial center - loopnet...the retail strip center located at 953 e. sahara...
TRANSCRIPT
McMenemyInvestment Services
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Chris MazzoneOffice: 702.307.4925Cell: [email protected]
Offering Memorandum
THE PAVILIONat Commercial Center
NNN Leased Commercial Neighborhood Retail Center 953 E. Sahara AvenueLas Vegas, Nevada 89104
900 Karen Ave Suite C-219Las Vegas, Nevada 89109www.misvegas.com
Ron McMenemyOffice: 702.307.4925Cell: [email protected]
953 E Sahara Ave
Turnberry Place
Turnberry Tower
Westgate Wynn/EncoreLas Vegas
Convention CenterLas Vegas
Country Club
McMenemyInvestment Services
4
The Offering
McMenemy Investment Services has been retained as the advisors for the sale of the retail strip center located at 953 E. Sahara Avenue in Las Vegas, Nevada.
The Pavillion at Commercial Center is a freestanding multi-tenant retail strip center is situated on +/- 2.76 acres and enjoys non-exclusive reciprocal parking and access with adjoining retail center. The building consists of +/- 116,267 SF near the SE of Las Vegas Boulevard & Sahara Avenue.
Price: NOI:
$14,500,000$1,162,091.28 TODAY
Price / SF: $124.70Cap Rate: 8.01%
Investment Highlights
• 88.4% Occupied
• Sub-market vacancy of 10.1%
• High Identity, central east retail sub-market, located 0.89 miles east of
Las Vegas Boulevard and SLS, and 0.93 miles from Maryland Parkway
• MUD-2 Mixed Use Overlay
• Stable income stream from tenants with well established occupancy history
• Established area with limited land for future development or competition
• 3 mile demographics of more than 183,000 residents
• Below market rents on current tenants. Central East average market rents are
$1.39 NNN.
• Stable local tenant mix for 15+ years
• ADDITIONAL INCOME FROM PYLON SIGN• Excellent visibility along Sahara Avenue with a traffic count of 52,000+ cars per
day on Sahara, and 37,000+ cars per day on Maryland Parkway.
Property Summary
Constructed in 1963, this NNN leased commercial neighborhood retail center iscomprised of 116,267 SF of rentable space.
Asset Features• Unrestricted access from traffic in any direction
• NNN lease structures with full expense recovery
• Minimal landscape maintenance
• Excellent tenant signage visibility along East Sahara Avenue
• Part of a larger Neighborhood Retail Center
Las Vegas Country Club
Planned Future
Development