Highlights

• Credit Tenant Quest Diagnostics
• 11.4% Cash on Cash return
• Assumable 5% loan with 70% LTV

• 100% Occupancy
• Excellent Location
• CAP rate increased to 8.15%

Description

CAP rate just increased to 8.15%. Prime office investment property with 11.4% Cash on Cash return, assume an existing 5% loan with 30% down. The subject property is strategically located next to Desert Springs Hospital (see map) on Flamingo Rd. Credit tenant, Quest Diagnostics, occupies 38,125 square feet of the property or 86.5% of the total space. The balance of space is occupied by various tenants such as Doctors and Clinics. Quest Diagnostics is the world' s leading medical testing and information company with revenues up 3.5% to 1.9 billion dollars for the 2nd quarter of 2009! This company now worth over 9 billion dollars with 130 locations in Las Vegas alone. The subject property offices are there administrative headquarters for all of Southern Nevada. Their building located to the south of the subject property(see sight plan) is the laboratory processing from 10,000 to 20,000 lab tests a day! The building is constructed of concrete block and is 2 story with ample parking. Call Al for a detailed package.

This is an excellent location just 2.5 miles from the Las Vegas Strip and 3 miles from the I-15 freeway. Fronting on Flamingo Rd. across the street of Burnham next to Desert Springs Hospital. The area has several retail and restaurant locations near the subject property for convenience of tenants. This specific sub-market which is considered Central East has a overall vacancy factor of 15.9% and within the Class of the subject property it has a vacancy of 9.3% while the rest of the city has overall vacancy of 20.6%. (According to Grubb & Ellis office trends report for 2nd quarter of 2009)