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Opportunity Zone

The SQUARE

Prime Retail Property off the I15 and Lake Mead 6.75% Cap in the Downtown Core Redevelopment Area

Listing Contacts

Active

Asking Price: $8,000,000
Earnest Money  Deposit: $75,000 min.
Address 

1820 E Lake Mead Blvd, North Las Vegas, NV 89030

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Date Added
Oct 9, 2024
Days on Market
168 days
Time Since Last Update
82 days

Details

Property TypeRetail
SubtypeBar, Pharmacy/Drug, Shopping Center
Investment TypeNet Lease
ClassB
Lease TypeNNN
TenancyMulti
Number of Tenants12
Square Footage28,129
Net Rentable (sq ft)28,129
Price/Sq Ft$284.40
Pro-Forma Cap Rate6.77%
Occupancy92%
Pro-Forma NOI$541,223
Units12
Year Built1979
Year Renovated2018
Buildings2
Stories1
ZoningR-A-DC
Lot Size (acres)1.91
Rent BumpsYes
Broker Co-OpYes
APN13923601009

Marketing Description

The Cambridge Group as exclusive advisors are pleased to present the

opportunity to acquire The Square (the property), a +/- 28,129 square foot

neighborhood retail project in North Las Vegas, Nevada.​ The offering consists of 2

buildings with 3 different Ingress/Egress’.​ The shopping center is located on the

corner of Lake Mead Blvd.​ and McDaniel St.​, just off of the I-15 and Lake Mead

Blvd.​ giving patrons easy access off the highway.​

Investment Highlights

Currently 92% leased, Seller will guarantee lease for 12 months on vacant unit if not leased by closing date. Built in 1979. Many of the tenants have a long history in the shopping center providing an investor a stable asset with successful long-term occupancy. Furthermore, The Square supports a very diverse tenant structure including a variety of retail and professional services including national brands like Pearl Vision and Cricket Wireless. The property also has one large pylon sign that is showcased to the intersection of Lake Mead and McDaniel which generates over 34,000 vehicles per day.

Recent Improvements:

Over $100,000 invested in updated heating and cooling systems

$70,000 in upgrades to the sewer system to ensure reliable infrastructure

Over $100,000 in improvements to tenant spaces

The roof was resealed in 2020

The center's pylon sign was upgraded in 2018 The Building facade upgraded in 2018.

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Due Diligence

Due diligence information will be provided.
Please reach out to the listing contacts for details.

Contact

Listing Contacts


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Broker Information
Broker Name
Jordan Hanley
Broker License
NV BS.014889
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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