228 S 4th Street
±13,852 SF | Three-Story Professional Office Building in Downtown Las Vegas
Marketing description
Cushman & Wakefield is pleased to present for acquisition 228 South 4th Street, a three-story ±13,852 square foot professional office building located in the heart of Downtown Las Vegas, Nevada. The building is currently 70% occupied with a concentration of law firms including Hofland & Tomsheck, The Law Offices of Benjamin Nadig, CHTD, and Sullivan Hill. The second floor was recently renovated, and features upgraded finishes suitable for office users seeking premier space in the Downtown submarket. The Property presents optionality for a future owner because the seller is an existing tenant and has expressed that the length of their lease term can be amended or terminated. Therefore, a business owner has the opportunity to occupy the existing vacant suite or the seller’s suite and benefit from the additional income generated from the existing tenancy. Another option is for an investor to enjoy the benefits of owning this asset as an income-producing investment. Lastly, there is an opportunity for a developer to reposition and redevelop the parcel, capitalizing on the proximity to the Fremont Street Experience. In addition to having leasing interest for first-floor retail or medical space, Ownership previously designed and created plans for a 23-story, ±405,500 square foot boutique hotel. These plans are available to the purchaser of the Property. Similar developments, such as The English Hotel in Las Vegas’ Arts District, continue to entice visitors to the Downtown Las Vegas area. The architectural appeal of this building is its classic 1960’s design. The Property’s grounds are in excellent condition with attractive interior finishes and balconies on the second floor. The second floor’s access to outdoor balconies provides natural ambient lighting; a unique and rare feature in any central business district building.
Investment highlights
LOCATED IN THE HEART OF DOWNTOWN
Within walking distance of the new Regional Justice Center, Nevada Supreme Court, the U.S. Federal Courthouse, City
Hall and the Fremont Street Experience, this office building is ideally located for businesses seeking downtown convenience.
ACCESS TO HISTORIC DOWNTOWN AMENITIES
The Property has immediate proximity to the I-15 and US-95/I-515 freeways, providing convenient access to all master
planned communities as well as Las Vegas Boulevard (The Strip). The Building boasts easy connectivity to Downtown Las Vegas
amenities, including the Arts District, Las Vegas Premium Outlets, and the Fremont Street Experience. There are numerous
restaurants, cafes, shops, nightlife, and entertainment within mere blocks of the Property.
ADDITIONAL INCOME STREAM
The subject property benefits from a stable stream of parking and antenna revenue. The rooftop antenna has a five-year term
with five-year options (lessee is currently in its first option).
ON-SITE PARKING
The Property has 39 parking spaces on-site for a ratio of 2.82:1,000 SF, a premium amenity for downtown businesses. The
large majority of downtown parking is provided by public parking garages.
BARRIERS TO ENTRY
Today, the Downtown Las Vegas office submarket has zero office projects under construction. Additionally, with minimal
planned projects on the horizon, the current inventory provides businesses with a fixed number of opportunities to consider.
Multi-family construction continues which will necessitate additional office and retail construction in the near future.
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