7 Water StHenderson, NV 89015

Property Details for 7 Water St

Year built

1981

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.22 AC

Property size (Sq ft)

4,025 SF

Property type

Retail properties

Property subtype

Strip malls

APN

179-18-213-001

APU

17918213001

Description

This exceptional mixed-use retail investment opportunity, Olsen Plaza, presents 7,521 square feet across two buildings situated on a 0.58-acre lot in vibrant Downtown Henderson, Nevada. The property, located at 7 S Water St, 89015, boasts a prime location at the gateway of Water Street, steps from Lake Mead Parkway and minutes from US 95 and the 215 Beltway. The property consists of six units within two single-story buildings, constructed in 1981, currently operating at 83.33% occupancy. The existing tenants are on month-to-month leases, presenting an opportunity for below-market rent increases. The Downtown Mixed Use (DX) zoning allows for flexible redevelopment options, making this an ideal property for owner-users seeking to combine their business with income generation from existing tenants. The three parcels (APN: 179-18-214-071, 179-18-213-001, 179-18-213-002) offer significant potential for future development in a rapidly growing area. The asking price is $2,950,000. This is a value-add investment with significant upside potential for both redevelopment and income generation.

• CAP approach

  CAP return

  Valuation

  6%

  $1,585,341

  6.5%

  $1,463,392

  7%

  $1,358,864

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,032,150

  Geo Method

  $2,032,150

• Alternative Use

  Use

  Valuation

  Residential

  $1,234,426

  Hospitality

  $1,130,728

  Educational

  $940,752

  Medical

  $973,106

  Retail

  $1,463,392

Location Insight

City

Henderson

County

Clark

State

Nevada

Latitude

36.0359

Longitude

-114.986

CBSA code

29820

CBSA name

LAS VEGAS-PARADISE, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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