For Sale
$1,975,000

3505 Flamingo RdLas Vegas, NV 89121

12,000 SF Multi-Tenant Office, High ROI Potential

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 12,000-square-foot office building presents a compelling value-add investment opportunity in Las Vegas, Nevada. Located at 3505 E Flamingo Rd, this single-story, 1993-built property sits on a 1.74-acre lot and is zoned CG (Commercial General), allowing for diverse commercial uses. Currently boasting 100% occupancy with a multi-tenant configuration and staggered leases ranging from one to five years, the property offers immediate income generation. The current Net Operating Income (NOI) is $113,161, yielding a 5.73% cap rate. However, a pro-forma NOI of $178,553 projects a significantly higher 9.04% cap rate, reflecting the substantial upside potential through lease renewals at market rates and potential interior renovations. The asking price is $1,975,000, translating to $164.58 per square foot. The property benefits from below-market lease terms with a 5% annual escalation clause, exceeding the market average. Additional income streams are generated from parking revenue and potential billboard signage. Situated near the Las Vegas Strip, T-Mobile Arena, and UNLV, this property enjoys a prime location within a thriving commercial area. This fee-simple ownership offers a rare chance to acquire a stabilized, multi-tenant office building with significant potential for increased profitability. The property's strong location, below-market leases, and diverse income streams make it an attractive investment for those seeking long-term growth and value appreciation.

Highlights

  • 12,000 SF single-story office building on a 1.74-acre lot in Las Vegas, NV.
  • Priced at $1,975,000 ($164.58/SF), offering a value-add opportunity below market rates for comparable properties.
  • Zoned CG (Commercial General), allowing for diverse commercial uses.
  • Below-market leases with a 5% annual escalation clause (above market average), providing significant upside potential.
  • Multiple income streams including parking revenue and potential billboard signage.
  • Substantial renovation potential to increase NOI and cap rate.

Property Details for 3505 Flamingo Rd

Property type
Office properties, Medical offices
Square Feet
12,000 SF
Class
B
Year Built
1993
Buildings
1
Stories
1
Lot Size (sq. ft)
75,794 SF

Location Insight

City
Las Vegas
County
Clark
State
Nevada
Latitude
36.11470828
Longitude
-115.0983733
3505 Flamingo Rd, Las Vegas, Nevada

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3505 Flamingo Rd
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