702-369-4828
, Las Vegas, NV for Sale
Industrial - FOR SALE
1/7
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5050 & 5220 Steptoe Street
Las Vegas, NV
Whitney


HIGHLIGHTS

  • Value-Add Multi-Tenant Industrial Investment
  • Exceptional Market Fundamentals in Las Vegas
  • Up and Coming Business Location with Direct Access to I-93/515 Freeways

OVERVIEW

Value-Add Multi-Tenant Industrial Investment * The 100%-leased, multi-tenant property includes a diverse mixture of occupants representing a wide range of industries with balanced annual lease rollover. Ownership has invested over $775,000 in capital improvements since 2021. * The weighted average in-place rent provides an attractive inflation protected income stream, as demonstrated by a ±56% increase between the first and tenth year of the holding period. * Upcoming lease expirations offer new ownership the chance to renew suites at $1.05/SF (NNN) market rents. 67% of the rent roll is expiring within the first year, providing significant upside potential as current rates are 16% below market in a high-growth submarket. Exceptional Market Fundamentals * Las Vegas ranks among the top 15 investment markets in the Americas in 2025 among investors. Strong employment growth and interstate-migration have driven strong absorption and tightened vacancies. * The Las Vegas Industrial Market recorded 3.2 million sq. ft of positive net absorption during 2024, marking the 34th consecutive quarter of positive net absorption, and nearly 650,000 sq. ft. more than Q4 2023 - the highest recorded since Q1 2014. * The overall vacancy rate increased to 9.1%, largely due to a record 14.1 million square feet of new construction that became available in 2024. The overall asking rate remained steady at $1.11 as the average rent per sq. ft. NNN since Q2 2024. Up and Coming Business Location * Close freeway proximity with direct access to I-93/515 freeways. * Immediate access to Tropicana Avenue and Boulder Highway, near the Eastside Cannery Casino & Hotel and Sam Town Hotel & Casino. * Located only 6.3 miles from Harry Reid International Airport and 8.5 miles from the Las Vegas Strip, which includes 41+ hotels, shows and attractions, Allegiant Stadium, and over 11 MSF of convention space.

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702-369-4828

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702-369-4828

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