1531 Las Vegas BlvdLas Vegas, NV 89104

Property Details for 1531 Las Vegas Blvd

Year built

1974

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

1.81 AC

Property size (Sq ft)

25,118 SF

Property type

Bars

APN

162-03-210-090

APU

16203210090

Description

This exceptional investment opportunity presents a fee-simple interest in a 24,980-square-foot nightclub on the Las Vegas Strip. The property boasts a brand-new 15-year absolute NNN lease with 1.5% annual rent increases, ensuring consistent income growth and inflation hedging. The tenant recently completed over $5 million in renovations to the building, which was originally constructed in 1974 and fully renovated in 2022. The property sits on a substantial 2.63-acre lot with 254 parking spaces and enjoys exceptional visibility, benefiting from over 40 million annual visitors to the Las Vegas Strip. Its prime location offers easy access from major hotels and casinos, as well as Interstate 15, a major artery with 325,000 vehicles passing daily. The property's C-2 zoning allows for general commercial use. The current Net Operating Income (NOI) is $1,440,000, representing an 8% cap rate on the $18,000,000 asking price. The strong demographics of the 5-mile trade area, with over 506,800 residents and 457,800 employees, further enhance the investment's appeal. This is a truly unique opportunity to acquire a high-performing, low-maintenance asset in one of the world's most dynamic entertainment destinations. The property's parcel number is 162-03-210-090. The average household income within the 5-mile radius is $61,259.

• CAP approach

  CAP return

  Valuation

  6%

  $8,712,777

  6.5%

  $8,042,564

  7%

  $7,468,094

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,681,626

  Geo Method

  $12,681,626

• Alternative Use

  Use

  Valuation

  Residential

  $6,784,204

  Hospitality

  $6,214,294

  Educational

  $5,170,220

  Medical

  $5,348,031

  Retail

  $8,042,564

Location Insight

City

Las Vegas

County

Clark

State

Nevada

Latitude

36.1524

Longitude

-115.151

CBSA code

29820

CBSA name

LAS VEGAS-PARADISE, NV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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