Apartment DEVELOPMENT Opportunity. This shovel ready property is entitled, civil engineering complete, architectural plans complete, ready for permits. New Buyer will enjoy the ultimate shortcut to building an apartment project. Current owner spent 4 years on pre-development efforts on the site. The opportunity is priced at $35,000 per door.
Location Description:
Near the vibrant heart of downtown Las Vegas, Ascenso Apartments will offer residents an ideal blend of culture, convenience, and community. Situated mere minutes from iconic attractions such as the Neon Museum and the Las Vegas Natural History Museum, its location promises a blend of entertainment and education.
Families will appreciate the proximity to two elementary schools located directly across from the upcoming project, ensuring hassle-free school drop off and pick up. Recreational enthusiasts can rejoice, with Freedom Park just a stone's throw away, offering green spaces for relaxation and every sport area possible for play.
Accessibility is a breeze with the I-95 just a quick drive away via Eastern Ave. Unique to its surroundings, Ascenso Apartments will attract tenants from older projects, especially with no other new units being developed in the vicinity. This project is poised to address and fulfill a significant need for new apartment homes in the area.
Quiet neighbors - Sunrise Senior Village and legacy single family ½ acre estates. For those who enjoy a round of golf, the Desert Pines Golf Club is conveniently located nearby.
At Ascenso Apartments, residents will experience a harmonious blend of urban convenience and neighborhood charm.
UNIT TYPE # OF UNITS
1 BED / 1 BATH 8
1 BED / 1 BATH POOLSIDE 6
2 BED / 2 BATH 25
2 BED / 2 BATH POOLSIDE 12
STUDIO / 1 BATH (NON-LEASEABLE) 1
TOTAL UNITS (LEASEABLE) 51
TOTAL UNITS 52
NUMBER OF STORIES: 3
ACTUAL (FIRST FLOOR): 19,446 GSF (25,900 SF ALLOWABLE)
ACTUAL (SECOND FLOOR): 20,225 GSF (25,900 SF ALLOWABLE)
ACTUAL (THIRD FLOOR): 20,225 GSF (25,900 SF ALLOWABLE)
ACTUAL TOTAL: 59,896 GSF
The Market:
The Las Vegas market is not inundated with excessive construction given the huge influx of migration to the area, implying that it's not overbuilt. This, coupled with strong demand dynamics, means that Las Vegas remains an appealing investment destination. The sales pace might be slow, considering the broader capital market outlook, but the long-term supply and demand fundamentals hold promise.
Bottom line, both nationally and in Las Vegas, the multifamily market is exhibiting patterns that present a favorable investment environment.
