1900 E Tropicana Ave
Las Vegas, NV 89119
Tropicana Royale · Multifamily Property For Sale · 324 Units

The Tropicana Royale Apartments is a 324-unit complex constructed in 1977 and sits on a sprawling 12.9 acres. The property has been owned and operated by the original developer/partnership for 40 years. The subject property offers potential tenants six different floor plans and a favorable unit mix of 144-one bedroom/one bath, 52-two bedroom/one bath, 104-two bedroom/two bath and 24-three bedroom/two bath units and has ample parking with 462 stalls. The asset is very well located on a main thoroughfare in a highly dense rental market with low vacancy near University of Nevada at Las Vegas (UNLV) and easy access to the world-renowned Las Vegas Strip and McCarran International Airport. Because of its unique location, the Tropicana Royale appeals to multiple types of tenancy, including workforce housing, families, as well as students from nearby UNLV. There is tremendous excitement surrounding the relocation of one of the NFL' s most storied franchises -- the Raiders -- and the proposed new stadium location is just 4.5 miles away. The hundreds of construction workers as well as the crew needed to run the completed stadium provide other sources for potential tenants in the immediate and long-term future. This value-add opportunity will appeal to any high net worth private or institutional investor looking for a significant rental upside potential. A new potential buyer can create value through an extensive renovation program of both common areas and units to increase rent levels, as well as lowering operational expenses.