3231 N Decatur Blvd - Retail FOR SALE


Las Vegas, NV 89130
$18,761,000 USD
702-482-9675
3231 N Decatur Blvd, Las Vegas, NV for Sale
$18,761,000 USD
Retail - FOR SALE
1/6
null | 7% Cap Rate

3231 N Decatur Blvd
Las Vegas, NV 89130


HIGHLIGHTS

  • Mixed-Use Retail & Industrial Strip Center – Leased to a synergistic line up of retail, service, entertainment, fitness, medical and QSR tenants
  • Strong Historical Occupancy with Recent Leasing Momentum – 60% of the in-place tenancy at The Runway has operated at the site for 10 years or more
  • Significant NOI Growth – Property-wide, rents at The Runway are estimated to be 13% below market
  • Desirable Las Vegas Location – Quality retail and industrial investment property located in a dense, infill location

OVERVIEW

* Quintessential Mixed-Use Retail & Industrial Strip Center – The Runway is a ±142,731 SF, multi-tenant retail and industrial center that is leased to a synergistic line up of retail, service, entertainment, fitness, medical and QSR restaurant tenants including Nevada Career Institute, El Nopal Mexican Grill, Island Comfort BBQ, Gerber Automotive, Valkyrie Judo Acadamy, Allstate Insurance and others * Strong Historical Occupancy with Recent Leasing Momentum – 60% of the in-place tenancy at The Runway has operated at the site for 10 years or more with Gerber Automotive, Allstate, and Nevada Career Institute approaching 15 years, proving the strength of the location and loyalty of the current occupants * Significant NOI Growth – Property-wide, rents at The Runway are estimated to be 13% below market. Upon stabilization through the lease up of vacant space, NOI is projected to increase $633,000 (48%) over the anticipated 10-year hold period * Desirable Las Vegas Location – Quality retail and industrial investment property located in a dense, infill location with more than 183,200 residents (AHI: $87,800) within 3 miles. Furthermore, the Runway is situated just off the northwest corner of W Cheyenne Ave (±33,572 CPD) & N Decatur Rd (±29,766 CPD) placing it in a prime location to take advantage of the growth the Las Vegas area has seen over the recent years

FOR SALE DETAILS

PRICE

$18,761,000 USD

PRICE/SF

$235 USD /SF

CAP RATE

7%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Runway

PROPERTY TYPE

Retail

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2002

SPRINKLERS

-

PARKING SPACES

379

LAND DETAILS

LAND ACRES

8.43 AC

LAND SF

367,211 SF

ZONING

C-2

APN/PARCEL ID

138-12-813-001

ASK ABOUT THIS PROPERTY

Roy FritzCBREMore Info
702-482-9675

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Roy FritzCBREMore Info
702-482-9675

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.