For Sale
$1,225,000

3505 Harmon AveLas Vegas, NV 89121

Las Vegas medical office, strong NOI.

Overview

Added:
Dec 11, 2024
Days on market:
119
This exceptional investment opportunity presents a 4,000 square foot, single-story Class B medical/office building situated on a 0.28-acre lot at 3505 E Harmon Ave, Las Vegas, NV 89121. The property boasts a 100% occupancy rate with two tenants. Signature Dental Partners, a major regional dental practice, occupies a significant portion of the space and has a lease expiring April 30, 2025, with options to renew for 3, 4, or 5 years, featuring annual rent increases. The second tenant, NV Land, a local real estate firm, has been a long-term occupant for over two decades, leasing 1,500 square feet. The building, constructed in 1999, is zoned C-P, County, and offers ample parking (24 spaces per 1,000 sq ft). The current net operating income (NOI) is $70,275, yielding a 5.74% cap rate and a pro-forma cap rate of 6.10%. The asking price is $1,225,000, translating to a price per square foot of $306.25. This is a net lease investment with a modified lease structure. The property's location just east of the Las Vegas Strip provides excellent visibility and accessibility. This is a rare opportunity to acquire a stable, high-performing asset in a prime Las Vegas location. The property features a multi-tenant structure with a strong tenant history and a secure leasehold.

Highlights

  • Sales Price: $1,250,000
  • Gross Building Area: 4,000 square feet
  • Current Annual Rent: $77,254.80
  • Annual CAM Charges: $6,000
  • Annual Expenses: $12,979.98
  • Net Operating Income (NOI): $70,274.82

Property Details for 3505 Harmon Ave

Property type
Office properties, Medical offices
Square Feet
4,000 SF
Class
B
Year Built
1999
Buildings
1
Stories
1
Lot Size (sq. ft)
12,197 SF
Units
2

Location Insight

City
Las Vegas
County
Clark
State
Nevada
Latitude
36.107375770783
Longitude
-115.09935636419
3505 Harmon Ave, Las Vegas, Nevada

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3505 Harmon Ave
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