Lease Overview
Welcome to the Flamingo Business Park, a prime, value-add, investment opportunity in the vibrant core of Las Vegas! This unique +12,000 SF multi-tenant building offers a perfect balance of location convenience and tranquility, promising significant returns through focused management and effort. With an offering price of $1.975 MM and a price per square foot of $164.58, this property is a remarkable find for savvy investors looking for long-term growth potential and ancillary revenue opportunities through parking and signage benefits.
The three-tenant property currently boasts 100% occupancy with staggered leases ranging between one (1) to five (5) years remaining on term. Additionally, current income is below market rate, making this investment a lucrative opportunity for discerning buyers. Situated within 5 miles of iconic landmarks such as The Las Vegas Strip, T-Mobile Arena, and UNLV, this investment gem at 3505 E Flamingo Rd is in a bustling area characterized by growth, tourism, and unique business opportunities. Las Vegas, a city with no state income tax and thriving in various sectors like gaming, hospitality, and construction, is the ideal backdrop for this exceptional property.
Highlights
Current Tenancy: Three tenants with staggered leases, ranging from 1 to 5.5 years remaining.
Comparative Value: Priced below the rate for fully developed properties in the area, indicating a value-add opportunity.
Zoning: Commercial General (CG), allowing for diverse commercial uses.
Lease Terms: Long-term leases set below current market rates, with a 5% annual escalation clause, which is above the 3% market average.
Income Diversification: Property generates parking revenue from adjacent properties. Potential for ancillary income from billboard signage.
Renovation Opportunities: Significant scope for interior renovations and re-tenanting at higher market rates.