neighboring downtown las vegas...neighboring downtown las vegas prime multi-family investment...
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• PRIME MULTI-FAMILY INVESTMENT OPPORTUNITY
• 40 SPACIOUS APARTMENT UNITS
• BELOW MARKET RENTS
NEIGHBORING DOWNTOWN LAS VEGAS Prime Multi-Family Investment Opportunity1720 Rexford Drive, Las Vegas, NV 89104 | Ambassador Apartments
SunCommercial Real Estate, Inc.
Sun Commercial Real Estate, Inc., 6140 Brent Thurman Way, Suite 140, Las Vegas, Nevada 89148702 | 968 | 7300 Phone • 702 | 968 | 7301 Fax • www.SunCommercialRE.com
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 2
SUN COMMERCIAL REAL ESTATE, INC. (the “Broker”) has been retained on an exclusive basis to market the property described herein (the “Property”). Broker has been authorized by the Seller of the Property (the “Seller”) to prepare and distribute the enclosed information (the “Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate.
The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma.
Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.
PROPERTY WALK-THROUGHS ARE TO BE CONDUCTED BY APPOINTMENT ONLY. ACCESS IS LIMITED AND SECURED. CONTACT BROKER FOR ADDITIONAL INFORMATION.
Anders Graciano Senior Associate (702) 968-7336 [email protected] NV Lic # S0179938.LLC
Confidentiality & disClosure
The information contained herein was obtained from sources believed reliable, however, Sun Commercial Real Estate, Inc. any of its agents or employees make no guaranty, warranty or representation as to the completeness and/or accuracy thereof, inclusive of any current and future projected returns. Anyone utilizing this analysis does so at their own risk and agrees to hold Sun Commercial Real Estate, Inc., its agents and employees harmless. The presentation of this property is subject to error, omissions change of price or conditions prior to sale, or withdrawal without notice.
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 3
Property Highlights
Property Location
Section 1
Section 2
Aerial - Looking WestSurrounding AerialProperty PhotosFloor PlansAssessor Parcel MapOpportunity Zone
Property Summary & Investment HighlightsProperty Overview
Las Vegas New DevelopmentsNevada Business Advantages
Las Vegas Overview Section 3
Anders GracianoSenior Associate(702) [email protected] Lic # S0179938.LLC
ContaCt:
table of Contents
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 4
ProPerty summary & investment HigHligHts
PROPERTY SUMMARY
Sun Commercial Real Estate, Inc. is pleased to offer an excellent opportunity to purchase a 40 unit apartment complex located near Downtown Las Vegas. The surrounding area offers plenty of employment opportunities, shopping and dining experiences. Compared to the apartment complexes in the area, these 40 units are very spacious. The inner courtyard features a pool and the property furthermore offers on-site laundry facilities. The property is located within walking distance from public transportation and just a 7-8 minute drive from the Charleston/I-15 interchange, and the Charleston/I-515 interchange.
INVESTMENT HIGHLIGHTS
• Unique Multi-Family Investment Opportunity
• Spacious Apartment Units; ±200 SF larger than the average unit sold in the area
• Easy access to area amenities and Demand Generators including Las Vegas “Strip”, Downtown Fremont Street Experience, and the Charleston/I-15 Freeway Interchange
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 5
ProPerty overview
Price: $3,950,000
Price / Unit: $98,750
Price / SF: $126
Units: 40
Average Unit SF: *Average area sold comps SF:
±796±593
Proforma Average Rent: $669
Net Rentable Area: ±31,192
Year Built: 1963
Acreage: 0.89
Zoning: R-4
APN: 162-03-314-002
Proforma Occupancy: 92.5%
Proforma Gross Income: $284,461
Proforma NOI: $164,272
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 6
ProPerty overview
# OF UNITS UNIT TYPE SIZE PROFORMA RENT PROFORMA RENT / SF
24 1 x 1 608 $583 $0.96
16 2 x 2 1,100 $722 $0.65
UNIT MIX
DEMOGRAPHICS
1 MILE
3 MILES
5 MILES
16,422
173,929
513,497
POPULATION
$74,378
$52,271
$53,240
AVG. HOUSEHOLD INCOME
7,368
65,516
179433
HOUSEHOLDS
*STDB
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 7
aerial - looking west
Fremont Street Experience
Las Vegas North Premium
Outlets
E. ST. LOUIS AVENUE
REXF
ORD
DRI
VE
LAS VEGAS BOULEVARD SOUTH
E. OAKEY BOULEVARD
SUBJECT PROPERTY
E. CHARLESTON BOULEVARD
World Market Center Las
Vegas
SANTA
PAULA
DRI
VE
S. MAIN ST
REET
Clark County Government
Center
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 8
surrounding aerial
E. CHARLESTON BOULEVARD
E. SAHARA AVENUE
S. LA
S VEG
AS BO
ULEVA
RD
Clark County Government
Center
Fremont Street
Downtown Las Vegas
Arts District Las Vegas
The Strat
Las Vegas North Premium
Outlets
SUBJECT PROPERTY
SITE
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 9
ProPerty PHotos
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 10
floor Plan
1 x 1 Units - ±608 SF
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 11
floor Plan
2 x 2 Units - ±1,100 SF
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 12
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NO
TES
This map is for assessment use only and does NOT represent a survey.
No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.
This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.
MA
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USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
ASSESSOR'S PARCELS - CLARK COUNTY, NV.
Scale: 1" = 200' 5/2/2019
T21S R61E 3 N 2 SW 4 162-03-3
31
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PARCEL BOUNDARYSUB BOUNDARY
ROAD EASEMENTPM/LD BOUNDARY
HISTORIC LOT LINEMATCH / LEADER LINE
ROAD PARCEL NUMBERPARCEL NUMERACREAGE
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CONDOMINIUM UNITAIR SPACE PCLRIGHT OF WAY PCLSUB-SURFACE PCL
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124125 123Briana Johnson - Assessor
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NO
TES
This map is for assessment use only and does NOT represent a survey.
No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.
This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.
MA
P L
EG
EN
D
USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
ASSESSOR'S PARCELS - CLARK COUNTY, NV.
Scale: 1" = 200' 5/2/2019
T21S R61E 3 N 2 SW 4 162-03-3
31
30
19
1
1314
121110987
6 5 4 3 2
3635343332
29 28 27 26
24
25
23222120
18 17 16 15
BO
OK
SEC
.
MA
P
2
3
4
5
6
7
8
1
2
3
4
51
8
7
5
6
4 8
200,203
PARCEL BOUNDARYSUB BOUNDARY
ROAD EASEMENTPM/LD BOUNDARY
HISTORIC LOT LINEMATCH / LEADER LINE
ROAD PARCEL NUMBERPARCEL NUMERACREAGE
PARCEL SUB/SEQ NUMBER
PLAT RECORDING NUMBERBLOCK NUMBERLOT NUMBERGOV. LOT NUMBER
10010011.00
202PB 24-45
55
GL5
HISTORIC SUB BOUNDARYHISTORIC PM/LD BOUNDARY
15
8 4
Rev:
TAX DIST
0 200 400 600 800100 SECTION LINE
CONDOMINIUM UNITAIR SPACE PCLRIGHT OF WAY PCLSUB-SURFACE PCL
139
162 161
140138
163
177 178176
124125 123Briana Johnson - Assessor
q
assessor PareCel maP
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 13
las vegas overview
CHOOSE LAS VEGASWHY LAS VEGAS?
#1 Trade Show Destination
Trade Show News Network
Top State for Economic Growth Potential
Business Facilities (2018)
#1 State in the WestWith a probusiness environment, low cost of living and high quality of life, Nevada ranks as the top
state to do business in the western U.S.
Most Entrepreneur-Friendly StateAccording to a 2017 review by the nonpartisan
SBE Council, Nevada ranked number one as the most friendly state for entrepreneurs.
Reach 60 Million CustomersStrategically located within a one day drive of 10 major U.S. cities and Mexico. That is in reach of 60
million potential customers.
Most Secure Area in U.S.According to FEMA, southern Nevada is the least likely region in the United States to experience a
natural disaster.
147,238 Hotel Rooms in 2018
Las Vegas Convention and Visitors Authority
2nd Busiest Origination & Destination Airport in U.S.
McCarran Airport Annual Report (2017)
42,116,800 Million Visitors in 2018
Las Vegas Convention and Visitors Authority
Best Economic Health Ranking in the U.S.Forbes American Dream Index (2017)
Source: Las Vegas Global Economic Alliance
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 14
las vegas overview (Con’t)
UNITED STATES
NEVADA
CLARK COUNTY, NV
2018 Total Population
330,088,668
2018 Total Population
3,025,735
2018 Total Population
2,209,677
2023 Total Population
343,954,683
2023 Total Population
3,273,446
2023 Total Population
2,410,174
2018 Median Age
38.3
2018 Median Age
37.5
2018 Median Age
36.8
2023 Median Age
39.0
2023 Median Age
37.7
2023 Median Age
36.9
Source: (STDB) Site To Do Business
POPULATION
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 15
las vegas overview (Con’t)
2018 TOP EMPLOYERS
50,000+Employees
Hotel-Casino
11,600Employees
Hotel-Casino
27,000Employees
Hotel-Casino
2,700Employees
Hotel-Casino
1,514Financial Services
14,000Employees
Hotel-Casino
5,099Employees
Health Care
3,575Employees
Health Care
7,188Employees
Health Care
12,000Employees
Hotel-Casino
Source:Vegas Inc.
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 16
las vegas overview (Con’t)
FUTURE SPORTS CAPITAL OF THE WORLDRaiders Stadium - $1.9 Billion 62-acres west of the Strip | Debut 2020
T-Mobile Arena - Home to the Vegas Golden Knights Highest grossing arena in the world | 20,000 Seating Capacity
Raiders Corporate Headquarters 320,000 SF Practice Facility | Debut Spring 2020
Las Vegas Ballpark - $150 Million 10,000 Seating Capacity | Debut April 2019
Vegas Golden Knights Practice Facility UFC Corporate Headquarters
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 17
las vegas overview (Con’t)
McCarran International Airport • 2018 welcomed 49.7 Million passengers - Record High• 2nd busiest origination & destination (O&D) airport in the U.S. (more travelers begin or end their trips in
Las Vegas)• Ranked 8th busiest airport in North America in terms of passenger traffic - 2017• Ranked 26th busiest airport worldwide in terms of passenger traffic - 2017• Nominated the last seven (7) years in World Travel Awards
TRANSPORTATION & HIGHER EDUCATION
UNLV School of Medicine • Full-scale, four-year medical school offering an MD program in emergency medicine, family medicine
& pediatrics, surgery, and more. • Serves as the core infrastructure for the entire medical community• Project is estimated at over $230 Million (2022 Completion)• Project consists of two buildings over 230,000 square feet on 9.11 acres
www.unlv.edu/medicine
University of Nevada - Las Vegas (UNLV)• Enrollment of over 30,450 with over 200 programs• The William F. Harrah College of Hotel Administration consistently ranks among the top hospitality
programs in the country• William S. Boyd School of Law is ranked 59th of 194 accredited law schools in the U.S. & Boyd’s lawyering
process program is ranked 1st in the nation for legal writing programs• UNLV School of Dental Medicine’s DDS program is accredited by the Commission on Dental Accreditation
College of Southern Nevada (CSN) • Enrollment of approximately 33,900• 7th largest community college in the United States• Largest and most ethnically diverse college in Nevada• Continuously accredited by the Northwest Commission on Colleges and Universities since 1975
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 18
nevada business advantages
LOW COST OF DOING BUSINESS:The combination of our zero inventory tax, a rich transportation infrastructure, and the geographic location of the state’s two largest urban centers are prime reasons that top brands like Amazon, Wal-Mart, Levi Strauss & Co., Barnes & Noble, Ur-ban Outfitters, and others choose Nevada to stage their warehousing and distribution strategies.
Collectively, the cities of Las Vegas, Reno, Sparks, Carson City and surrounding towns are less than one day’s drive over arterial interstate highways to near-ly 60 million consumers as well as to the major U.S. deep water seaports serving the Pacific Rim. Major Union Pacific and Southern Pacific rail connections in Las Vegas and Reno also, too, play an essential role in carrying the world’s freight from the Pacific Coast to America’s Heartland and beyond.
Nevada offers a very competitive cost of doing business and is attracting more and more compa-nies each day from higher-cost regions.
NEVADA HAS:• An abundance of economical commercial
real estate
• Competitive utility rates for commercial operations
• Low-cost startup, regulatory, licensing and annual fees
• Proximity to West Coast/California markets and businesses, reducing shipping and storage costs
• Excellent air cargo costs for shipping by air out of Nevada
• Nevada business incentives
1. Tax abatements for job creation, capital investment and intellectual property development
2. Workforce development training grants
3. Catalyst Fund to support new business or expansion in state
EXCELLENT TAX ADVANTAGES:
NO Personal Income Tax
NO Corporate Income Tax
NO Unitary Tax
NO Franchise Tax
NO Inventory Tax
NO Estate Tax
NO Inheritance Tax
NEVADA BUSINESS ADVANTAGES
Provided by:
www.diversifynevada.com
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 19
nevada business advantages (Con't)
MORE ON LOW COSTS OF DISTRIBUTION TO WEST COAST MARKETS:The combination of our zero inventory tax, a rich trans-portation infrastructure, and the geographic location of the state’s urban centers are prime reasons that top brands like Amazon, Wal-Mart, Levi Strauss & Co., Barnes & Noble, Urban Outfitters, and others choose Nevada to stage their warehousing and distribution strategies.
Las Vegas is less than one day’s drive over arterial In-terstate highways to nearly 60 million consumers as well as to the major U.S. deep water seaports serving the Pacific Rim. Major Union Pacific and Southern Pacific rail connections in Las Vegas play an essential role in carrying the world’s freight from the Pacific Coast to America’s Heartland and beyond.
Globally, McCarran International Airport in Las Vegas has been a Top 20 airport for more than five years, an-nually serving more than 40 million and handling more than 189 million pounds of cargo. More important, the airport is served by nonstop flights to and from nearly all major metropolitan areas in the United States as well
as several important global centers in Europe, Asia and Latin America.
MORE ON NEVADA’S TAX ADVANTAGES:Nevada ranks a very favorable third in the Tax Founda-tion’s 2012 Business Tax Climate Index, an independent ranking of states in five areas of taxation: corporate taxes; individual income taxes, sales taxes, unemploy-ment insurance taxes, and taxes on property, including residential and commercial property.
The Tax Climate Index comparison to neighboring states is significant: California ranks 48th, Arizona 27th, Idaho 21st, Oregon 13th and Utah 10th.
In addition to the Tax Climate Index, Nevada ranks sec-ond in the nation for lowest state and local tax burden – an estimated 7.5% of income.
The state’s historically strong logistics and distribution business sector is as much a statement of tax policy – no Inventory Tax – as it is of the excellence of its air, rail and highway arterial infrastructure and proximity to major markets and ports.
NV State Population
3.03M2018
Employment
1.48MJUL 2019
Spending
$5.44BMAY 2019
Provided by:
www.diversifynevada.com
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 20
las vegas new develoPments
$15.2 Billion in New Capital Investment is Driving Growth
1. Resorts World Las Vegas - $4.0 Billion 2. The Drew (Former Fontainebleau) - $3.0 Billion
• $4 billion Strip resort project with a heavy Asian theme began construction in 2017. • Resorts World, developed by the Genting Group, is being built at the former site of the Stardust and Echelon. • Genting, which bought the site from Boyd in 2013 for $350 million, will be using the partially constructed Echelon structures for this property. • With a projected opening set for 2020, the initial phase will have 3,100 rooms, a 100,000-square-foot casino, shops and restaurants spread across its 88-acre site.
• The Drew is comprised of three hotels inclusive of 24 restaurants and 95,000 square feet of gaming. • The $3 billion hotel will have ±3,800 rooms and 500,000 square feet of convention and meeting space. • This project is expected to create approximately 11,000 jobs in Nevada, comprised of 3,500 construction jobs and 7,000 permanent jobs. • Heavy construction should begin by July 2019 with a 2020 debut.
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OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 21
las vegas new develoPments (Con't)
5. Union Village - $1.2 Billion
4. Convention Center Expansion - $1.4 Billion
6. Switch - $1 Billion
• Union Village will be the first Integrated Health Village in the world, and is listed as the largest healthcare building project in the United States. • The $1.2 billion dollar, 155-acre planned development not only covers healthcare, but retail, entertainment, and senior living as well. • Approximately 355,000 square feet have been completed, totaling $300 million in work, with another 476,000 square feet to be under construction soon.
• Las Vegas Convention Center will be renovated and expanded into a $1.4 billion Las Vegas Global Business District. • Planned in four phases, new facilities will replace the 26-acre Riviera Hotel site, adding ±1.4 million square-feet of exhibit and meeting space. • Phase Two of the project is projected to be completed in 2020.• Expected to draw an additional 600,000 visitors a year, drive $2.1 billion in economic activity during construction and have an annual economic impact of $810 million when finished.
• Switch is a globally recognized leader in future-proof data center design, superscale cloud, unparalleled telecom gateways and energy sustainability. • Its Southern Nevada expansion includes a $1 billion data storage site on 200 acres near its two existing data storage facilities at South Jones Boulevard and the 215 Beltway. • Idea to link 50 million people within 14 milliseconds of data hosted at each of the company’s data hubs via a superloop of fiber optic cable connecting its Reno and Las Vegas supernaps sites, with a planned facilities in LA and SF.
3. Las Vegas Stadium - $1.9 Billion
• The Oakland Raiders will move to Las Vegas for the 2020 NFL season. • The groundbreaking ceremony took place in November 2017 for a new $1.9 billion stadium just west of the Strip. • The venue’s horse-shoe shape, designed by Manica Architecture, would accommodate 65,000 spectators, 8,000 cars, tailgating amenities and mixed-use commercial facilities. • The design shows a retractable natural turf field. • This venue would also allow Las Vegas to host the annual Super Bowl.
OFFERING MEMORANDUM: PRIME INVESTMENT OPPORTUNITY 22
las vegas new develoPments (Con't)
7. Project Neon - $1 Billion
9. Palms Renovation - $485 Million
8. Extreme Sports Park - $800 Million
10. Park MGM (Former Monte Carlo) - $450 Million
• Project Neon is the largest public works project in Nevada history. • $1 billion effort to redesign and widen Interstate 15 from the U.S. Highway 95 interchange to Sahara Avenue by July 2019. • Currently this road is the busiest stretch of highway in Nevada with 300,000 vehicles daily. Traffic through the corridor is expected to double by 2035.
• Station Casinos will enhance nearly every feature of the resort by investing $485 million in improvements. • Plans include redesigned/renovated hotel rooms, 60 new hotel rooms, 29,000 square foot nightclub, new 73,000 square foot pool club, several celebrity chef restaurants, new spa, meeting/convention space, new covered parking spaces, refresh of the Pearl Theater, renovated casino floor, and a new front desk registration area to name a few. • First phase underway and the second phase is expected to be completed by early 2019.
• Josh Kearney’s $800M extreme sports park called The Edge received county approval in 2017. • 130-acre at the SEC of Las Vegas Boulevard and Sunset Road, adjacent to Town Square Las Vegas, a 1.2M SF class A open air shopping, dining, office and entertainment center.• The Park is expected to have surfing/wake boarding/rock climbing/mountain biking/indoor skydiving/bungee jumping/zip lines and a 15-story, 640 room hotel with a casino, convention space, restaurants and two rooftop pools. • Project will take approximately 2.5 years to complete.
• A transformation occurring in Las Vegas is the conversion of the Monte Carlo into two hotels: a 2,700-room luxury resort Park MGM and a 292-room hotel NoMad Las Vegas. • This $450 million makeover is projected to be completed by the end of 2018. • The new resort will feature two hotels, redesigned rooms, an Italian market Eataly with cafes, walk-up counters and dine-in restaurants. • The properties will have amenities such as dining and casinos as well as a 5,300-seat theater at the Park MGM.
The information contained herein was obtained from sources believed reliable, however, Sun Commercial Real Estate, Inc. any of its agents or employees make no guaranty, warranty or representation as to the completeness and/or accuracy thereof, inclusive of any current and future projected returns. Anyone utilizing this analysis does so at their own risk and agrees to hold Sun Commercial Real Estate, Inc., its agents and employees harmless. The presentation of this property is subject to error, omissions change of price or conditions prior to sale, or withdrawal without notice.
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