3505 Flamingo RdLas Vegas, NV 89121

Property Details for 3505 Flamingo Rd

Year built

1993

Construction

FRAME

Lot size

1.74 AC

Property size (Sq ft)

12,000 SF

Property type

Office buildings

APN

161-19-110-003

APU

16119110003

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,534,939

  6.5%

  $2,339,944

  7%

  $2,172,805

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,404,200

  Geo Method

  $2,404,200

• Alternative Use

  Use

  Valuation

  Residential

  $2,901,530

  Hospitality

  $2,657,786

  Educational

  $2,211,247

  Medical

  $2,287,295

  Retail

  $3,439,717

Location Insight

City

Las Vegas

County

Clark

State

Nevada

Latitude

36.1146

Longitude

-115.098

CBSA code

29820

CBSA name

LAS VEGAS-PARADISE, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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