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MUST SELL! - 9% CAP - Rainbow Plaza Retail
6711 & 6731 W. Alexander Road, Las Vegas, NV 89108
N/A
16,800 SF
Shopping Center
Neighborhood Center
Investment
9%
86%
1
Multiple
1997
1.35 AC
138-10-502-003
3.60 / 1,000 SF
-
Last Verified 4/29/2009
Listing ID 15768526
Highlights
100% Leased, Multi-Tenant Retail Investment Property- Located in Popular Northwest Las Vegas Area; +/- 4.8% 3rd Q 2008 Submarket Vacancy
- +/-18.13% 10 Year LIRR;+/-10.91% 10 Yr. Avg. Cash on Cash
- 100% Master Leased; +/-86% Leased (actual)
- Existing Rents Below Market - Upside Potential
- CALL BROKER FOR OFFERING MEMORANDUM
Description
PRICED WELL BELOW MARKET SALE COMPS. UPSIDE RENT POTENTIAL. The 100% leased neighborhood retail center, built in 1997 and totaling approximately 16,800 square feet, is located in one of the most popular areas of Las Vegas, the northwest region which includes Summerlin, a 22,000 acre master planned community. The attractive exterior finishes and signage visibility create a customer friendly environment and a high-image for the tenants. The Las Vegas retail market consists of +/-41.5 million square feet (not including factory outlet centers or malls). The massive growth in retail centers and tenants has been the result of the need to service the population of one of the fastest-growing cities in the country. The Las Vegas retail market has an average 5.4% vacancy level as of the 3rd quarter of 2008. Over the previous 18 months, retail vacancy rates have generally ranged between 2.8% to 5.4%. The Rainbow Plaza Retail Center is located in the popular northwest submarket, which has a 4.8% vacancy level as of the 3rd quarter 2008, with no new construction for neighborhood centers planned for the area. CALL BROKER FOR OFFERING MEMORANDUM.
The Rainbow Plaza Retail Center is located in the northwest region of Las Vegas, which general area is regarded as one of the preferred areas in Las Vegas to live and work. The center is surrounded by numerous residential neighborhoods and many business services. Well positioned, Rainbow Plaza Retail Center is conveniently located at the signaled intersection of two prominent streets and has direct street visibilty for tenant signage. In addition, Rainbow Plaza Retail Center is located near both the US 95-Cheyenne Ave. and US 95-Craig Rd. interchanges.
Map of 6711 & 6731 W. Alexander Road, Las Vegas, NV 89108 (Clark County)
Created 6/20/2008
The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.