SunCommercial Real Estate, Inc.
Vacant Hard corner Former car dealersHip|oFFering memorandum
±8.23 Acres | ±57,110 SF across Seven Buildings |C-2 Zoning2025 E. Sahara Avenue, Las Vegas, Nevada 89104
Roy FritzSenior Vice President
Cathy Jones, CPA, SIOR, CCIMCEO
Taylor VasquezAssociate
Sun Commercial Real Estate, Inc.6140 Brent Thurman Way, Suite 140, Las Vegas, Nevada 89148
702 | 968 | 7300 Ph • 702 | 968 | 7301 Faxwww.SunCommercialRE.com
Jessica CegavskeVice President702-968-7321
Paul MiachikaExecutive Vice President
contacts
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SUN COMMERCIAL REAL ESTATE, INC. (the “Broker”) has been retained on an exclusive basis to market the property described herein (the “Property”). Broker has been authorized by the Seller of the Property (the “Seller”) to prepare and distribute the enclosed information (the “Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate.
The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma.
Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.
Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information.
Cathy Jones, CPA, SIOR, [email protected]
conFidentiality & disclosure
4 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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Investment HighlightsProperty SummaryProperty PhotosSite PlanSurrounding AerialAssessor Parcel MapLas Vegas Valley Location MapOpportunity Zone - Henderson Map
Las Vegas Valley Overview Section 3
Market Overview Section 2
Las Vegas Office & Southeast Las Vegas/Henderson Submarket ReviewArea Demographics
Investment Overview Section 1
table oF contents
5 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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THE OFFERING
Sun Commercial Real Estate, Inc. is pleased to offer an exceptional owner/user or value-add investor opportunity to purchase a ± 57,110 SF seven building ± 8.23 acre former new & used car dealership located in the heart of the auto dealership row on East Sahara Avenue. The offering includes the main showroom and service area, two body shop buildings, one additional service building, two office buildings and one storage building. The ± 5.1 acre secured rear yard is being used for storage.
INVESTMENT HIGHLIGHTS
• Owner User or Value-Add Opportunity – Vacant ± 57,110 SF across (7) seven buildings located on ± 8.23 Acres • Former Used Car Dealership – Former used car dealership located on Car Dealership Row on E. Sahara • Rare Oversized Lot – Oversized lot of ± 8.23 acres provides Buyers and Tenants Maximum Flexibility in Potential Uses at the site• Secure Yard - Fenced secured ± 5.1 acre rear yard• Car Row Location - On Sahara Car Row in Central East Las Vegas Sub-market near The Strip & McCarran Airport• Strong & Improving Sub-Market - The sub-market vacancy rate has been steadily improving and is currently at 10.7%• Hard Corner - Hard corner location with 297 feet of frontage along busy East Sahara Avenue • Free & Clear - Offered free and clear of existing debt
Asking Price:
Lot Size (Net):
$8,950,000 ($157 PSF)
± 57,110 SF ± 8.23 Acres
SUMMARY
Total Square Footage:
Zoning: C-2
Occupancy: Vacant
Ownership: Fee SimpleNumber of Buildings: Seven (7)
6 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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Property Location:
Property Description:
Assessor Parcel Number:
2017/2018 Property Taxes:
Site Size:
Combined Building Sizes:
Zoning:
Front Parking Area:
Construction Type:
Construction Year:
Traffic Counts:
The Property is located on East Sahara Avenue, west of South Eastern Avenue, having the civic address of 2025 East Sahara Avenue, Las Vegas, Nevada. The property is located in the East Sahara Car Dealership Row.As of 2018, there were 549,881 residents within a 5-mile radius with an median household income of $36,007.
The Property is a former new & used car dealership that includes seven (7) buildings located on 8.23 acres. The current owner has made substantial improvements to the property including fully sprinkling the showroom and adding extensive power in the rear yard.
The site include: the main showroom and service area, two body shop building, one additional service building, two office buildings and one storage building.
162-11-502-003
$29,404.18
± 8.23 Acres
Total ± 57,110 SF
Showroom & Service Area: 35,050 SF (inclusive of 2,770 SF of Mezzanine)Office Building 1: 3,975 SFOffice Building 2: 2,870 SFBody Shop 1: 5,570 SFBody Shop 2: 3,975 SFService Building: 5,125 SFStorage Building: 385 SFDrop Off Booth: 160 SF
C-2 (General Commercial - Clark County)
182 Surface Parking Spaces
Masonry
2000 - upgraded in 2011 (added sprinklered main showroom and added power to the rear yard)
On E. Sahara Avenue, W. of Burnham Avenue: ± 41,325 CPD
property summary
7 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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8 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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9 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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MAIN BUILDING35,050 SQ FT TOTAL
2570 BRUCE STREET
OFFICE BUILDING 22,870 SQ FT
BODY SHOP BUILDING 15,570 SQ FT
BODY SHOP BUILDING 23,975 SQ FT
SERVICE BUILDING5,125 SQ FT
OFFICE BUILDING 13,975 SQ FT
STORAGE BUILDING385 SQ FT
2025
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DROP OFF BOOTH160 TOTAL SQ FT
Showroom & Service Area: 35,050 SF (inclusive of 2,770 SF of Mezzanine)Office Building 1: 3,975 SFOffice Building 2: 2,870 SFBody Shop 1: 5,570 SFBody Shop 2: 3,975 SFService Building: 5,125 SFStorage Building: 385 SFDrop Off Booth: 160 SF
Total: ± 57,110 SF
10 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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esurrounding aerial
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11 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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NO
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This map is for assessment use only and does NOT represent a survey.
No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.
This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.
MA
P LE
GE
ND
USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
ASSESSOR'S PARCELS - CLARK CO., NV.
Scale: 1" = 200' 2/10/2015
T21S R61E 11 N 2 NE 4 162-11-5
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Michele W. Shafe - Assessor
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511
"C"
9
1
PM 92-90
PM 64-96
002
PM 31-14
PM 5-74 PARADISOVALLEY DEL
010
009
18192021
17
22
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28
23
252627
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TARRY TOWNE 2
15
1
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016 017 018 019 020 021 022 028 029030
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PROFESSIONALCENTER
2ND AMDPB 49-8
"C"
3RD AMD513PB 144-70
30
3
149.611
328.63
VAC 1637:1596452
PM 31-17448.17
298.61149
BRUCE STREET MEDICAL BUILDING
PB 148-04
173.
33514"D"
001
020019 023022018 021
012
007006005004003002
031003
014
015
016
017
001
013
See Condo List Page
See Condo List Page
See Condo List Page
See Condo List Page
See Condo List Page
0121.32
0140.79
01011.23
0158.04
0131.05
0070.68
0030.69
0101.46
00116.72
0020.46
0010.51
0040.57
0060.4005
0.18
0092.95
0038.23
0090.04
0031.27
NO
TES
This map is for assessment use only and does NOT represent a survey.
No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.
This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.
MA
P LE
GE
ND
USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
ASSESSOR'S PARCELS - CLARK CO., NV.
Scale: 1" = 200' 2/10/2015
T21S R61E 11 N 2 NE 4 162-11-5
31
30
19
1
1314
121110987
6 5 4 3 2
3635343332
29 28 27 26
24
25
23222120
18 17 16 15
BO
OK
SEC
.
MA
P
2
3
4
5
6
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2
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PARCEL BOUNDARYSUB BOUNDARY
ROAD EASEMENTPM/LD BOUNDARY
HISTORIC LOT LINEMATCH / LEADER LINE
ROAD PARCEL NUMBERPARCEL NUMERACREAGE
PARCEL SUB/SEQ NUMBER
PLAT RECORDING NUMBERBLOCK NUMBERLOT NUMBERGOV. LOT NUMBER
10010011.00
202PB 24-45
55
GL5
HISTORIC SUB BOUNDARYHISTORIC PM/LD BOUNDARY
15
8 4
Rev:
TAX DIST
0 200 400 600 800100 SECTION LINE
CONDOMINIUM UNITAIR SPACE PCLRIGHT OF WAY PCLSUB-SURFACE PCL
176
124125
141138 139
161162163
179177 178
123 122
160
140
Michele W. Shafe - Assessor
12 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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eopportunity Zone - unlV/stadium/airport
The Opportunity Zones program offers three tax benefits for investing in low-income communities through a qualified Opportunity Fund:
1. A temporary deferral of inclusion in taxable income for capital gains reinvested in an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is disposed of or December 31, 2026.
2. A step-up in basis for capital gains reinvested in an Opportunity Fund. The basis is increased by 10% if the investment in the Opportunity Fund is held by the taxpayer for at least 5 years and by an additional 5% if held for at least 7 years, thereby excluding up to 15% of the original gain from taxation.
3. A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in an Opportunity Fund if the investment is held for at least 10 years. This exclusion only applies to gains accrued after an investment in an Opportunity Fund.
Once certified by the Secretary of Treasury, an Opportunity Zone designation lasts until December 31, 2026.
Satellite
UNLV / Stadium / Airport Opportunity Zone
14 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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elas Vegas retail &
central east las Vegas submarket reView
8 CoStar Retail Statistics ©2018 CoStar Group, Inc.
Las Vegas � First Quarter 2018
Las Vegas Retail MarketFirst Quarter 2018 – Las Vegas
Las Vegas Retail Market
©2018 CoStar Group, Inc. CoStar Retail Statistics 9
General Retail Market Statistics First Quarter 2018
YTD Net YTD Under Quoted
Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates
Central East Las Vegas Ret 642 5,294,418 338,779 443,216 8.4% (4,228) 0 0 $13.48
Central West Las Vegas Ret 704 6,251,641 131,732 131,732 2.1% (22,803) 9,000 78,600 $16.67
East Las Vegas Ret 305 2,088,303 31,589 31,589 1.5% (248) 0 90,000 $20.41
North Las Vegas Ret 262 1,831,875 41,817 41,817 2.3% 18,855 15,256 62,965 $19.66
Northeast Las Vegas Ret 466 2,749,314 267,552 274,552 10.0% (206,032) 0 0 $16.62
Northwest Las Vegas Ret 152 1,815,894 28,344 28,344 1.6% (17,016) 3,344 4,500 $14.50
Outlying NE Clark Cnty Ret 79 953,583 36,869 36,869 3.9% 385 0 0 $12.52
Outlying NW Clark Cnty Ret 3 8,572 0 0 0.0% 0 0 0 $0.00
Outlying S Clark Cnty Ret 23 87,583 0 0 0.0% 0 0 0 $0.00
Resort Corridor Ret 317 3,639,779 155,227 155,227 4.3% (24,857) 0 0 $25.22
Southeast Las Vegas Ret 530 5,073,717 136,799 139,103 2.7% 41,654 5,400 94,085 $19.49
Southwest Las Vegas Ret 283 2,713,393 59,080 64,949 2.4% 4,948 22,027 109,366 $29.72
West Las Vegas Ret 180 2,239,598 46,355 46,355 2.1% (88) 0 0 $30.97
Totals 3,946 34,747,670 1,274,143 1,393,753 4.0% (209,430) 55,027 439,516 $18.60
Source: CoStar Property®
Mall Market Statistics First Quarter 2018
YTD Net YTD Under Quoted
Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates
Central East Las Vegas Ret 5 2,742,317 210,760 210,760 7.7% 0 0 0 $15.62
Central West Las Vegas Ret 1 970,304 9,265 9,265 1.0% 24,172 0 0 $0.00
East Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00
North Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00
Northeast Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00
Northwest Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00
Outlying NE Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00
Outlying NW Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00
Outlying S Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00
Resort Corridor Ret 3 2,951,697 0 0 0.0% 0 0 0 $0.00
Southeast Las Vegas Ret 3 1,600,250 46,098 46,098 2.9% (1,148) 0 0 $41.88
Southwest Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00
West Las Vegas Ret 3 1,171,146 98,373 98,373 8.4% (3,125) 0 0 $27.00
Totals 15 9,435,714 364,496 364,496 3.9% 19,899 0 0 $18.40
Source: CoStar Property®
Power Center Market Statistics First Quarter 2018
YTD Net YTD Under Quoted
Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates
Central East Las Vegas Ret 1 622,094 59,260 59,260 9.5% 29,909 0 0 $12.12
Central West Las Vegas Ret 2 1,042,228 83,792 83,792 8.0% (64,976) 0 0 $0.00
East Las Vegas Ret 2 944,605 42,091 42,091 4.5% (1,280) 0 0 $14.66
North Las Vegas Ret 5 1,828,599 147,964 147,964 8.1% 2,140 0 0 $19.57
Northeast Las Vegas Ret 1 350,554 4,000 4,000 1.1% 0 0 0 $0.00
Northwest Las Vegas Ret 3 1,301,218 57,725 57,725 4.4% 0 0 0 $24.96
Outlying NE Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00
Outlying NW Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00
Outlying S Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00
Resort Corridor Ret 1 959,065 149,993 149,993 15.6% (9,422) 0 0 $30.30
Southeast Las Vegas Ret 5 2,147,965 58,174 58,174 2.7% 0 0 0 $27.45
Southwest Las Vegas Ret 4 4,133,999 107,842 110,242 2.7% (3,028) 0 0 $20.74
West Las Vegas Ret 4 2,011,022 100,328 100,328 5.0% (21,119) 0 0 $20.38
Totals 28 15,341,349 811,169 813,569 5.3% (67,776) 0 0 $20.42
Source: CoStar Property®
Existing Inventory Vacancy
Existing Inventory Vacancy
Existing Inventory Vacancy
Figures at a Glance
10 CoStar Retail Statistics ©2018 CoStar Group, Inc.
Las Vegas � First Quarter 2018
Las Vegas Retail MarketFirst Quarter 2018 – Las Vegas
Las Vegas Retail Market
©2018 CoStar Group, Inc. CoStar Retail Statistics 11
Shopping Center Market Statistics First Quarter 2018
YTD Net YTD Under Quoted
Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates
Central East Las Vegas Ret 155 6,994,064 879,194 987,354 14.1% (45,593) 0 0 $14.10
Central West Las Vegas Ret 200 9,060,108 791,517 851,912 9.4% (19,085) 0 0 $14.50
East Las Vegas Ret 56 2,528,033 202,529 213,729 8.5% (6,792) 0 0 $16.83
North Las Vegas Ret 74 5,646,258 404,258 468,177 8.3% 119,941 0 50,000 $13.92
Northeast Las Vegas Ret 89 3,648,157 324,652 373,334 10.2% (57,891) 0 0 $14.81
Northwest Las Vegas Ret 52 3,746,433 267,909 270,582 7.2% 29,793 65,200 23,722 $20.15
Outlying NE Clark Cnty Ret 10 459,275 63,520 63,520 13.8% (9,487) 0 0 $14.56
Outlying NW Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00
Outlying S Clark Cnty Ret 3 146,296 55,318 55,318 37.8% (4,318) 0 0 $1.02
Resort Corridor Ret 22 426,428 18,249 18,249 4.3% 2,150 0 0 $30.04
Southeast Las Vegas Ret 183 11,959,944 1,151,373 1,275,475 10.7% 160,664 26,943 25,000 $16.67
Southwest Las Vegas Ret 102 3,938,502 275,249 275,249 7.0% 39,048 0 16,940 $19.55
West Las Vegas Ret 81 4,818,954 369,194 369,194 7.7% 6,074 0 0 $18.48
Totals 1,027 53,372,452 4,802,962 5,222,093 9.8% 214,504 92,143 115,662 $15.90
Source: CoStar Property®
Specialty Center Market Statistics First Quarter 2018
YTD Net YTD Under Quoted
Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates
Central East Las Vegas Ret 1 182,863 0 0 0.0% 0 0 0 $0.00
Central West Las Vegas Ret 2 284,316 0 0 0.0% 0 0 0 $0.00
East Las Vegas Ret 1 10,000 0 0 0.0% 0 0 0 $0.00
North Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00
Northeast Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00
Northwest Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00
Outlying NE Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00
Outlying NW Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00
Outlying S Clark Cnty Ret 2 622,071 48,193 48,193 7.7% 8,070 0 0 $30.54
Resort Corridor Ret 3 1,194,078 143,688 143,688 12.0% 0 0 0 $18.90
Southeast Las Vegas Ret 2 592,455 57,514 57,514 9.7% 10,736 0 0 $16.43
Southwest Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00
West Las Vegas Ret 1 74,069 4,912 4,912 6.6% 0 0 0 $19.80
Totals 12 2,959,852 254,307 254,307 8.6% 18,806 0 0 $18.97
Source: CoStar Property®
Total Retail Market Statistics First Quarter 2018
YTD Net YTD Under Quoted
Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates
Central East Las Vegas Ret 1,058 15,835,756 1,487,993 1,700,590 10.7% (19,912) 0 0 $14.13
Central West Las Vegas Ret 1,204 17,608,597 1,016,306 1,076,701 6.1% (82,692) 9,000 78,600 $14.73
East Las Vegas Ret 486 5,570,941 276,209 287,409 5.2% (8,320) 0 90,000 $16.99
North Las Vegas Ret 630 9,306,732 594,039 657,958 7.1% 140,936 15,256 112,965 $15.20
Northeast Las Vegas Ret 689 6,748,025 596,204 651,886 9.7% (263,923) 0 0 $15.22
Northwest Las Vegas Ret 394 6,863,545 353,978 356,651 5.2% 12,777 68,544 28,222 $19.53
Outlying NE Clark Cnty Ret 100 1,412,858 100,389 100,389 7.1% (9,102) 0 0 $13.64
Outlying NW Clark Cnty Ret 3 8,572 0 0 0.0% 0 0 0 $0.00
Outlying S Clark Cnty Ret 31 855,950 103,511 103,511 12.1% 3,752 0 0 $21.31
Resort Corridor Ret 383 9,171,047 467,157 467,157 5.1% (32,129) 0 0 $26.21
Southeast Las Vegas Ret 1,279 21,374,331 1,449,958 1,576,364 7.4% 211,906 32,343 119,085 $17.52
Southwest Las Vegas Ret 666 10,785,894 442,171 450,440 4.2% 40,968 22,027 126,306 $21.27
West Las Vegas Ret 540 10,314,789 619,162 619,162 6.0% (18,258) 0 0 $19.62
Totals 7,463 115,857,037 7,507,077 8,048,218 6.9% (23,997) 147,170 555,178 $16.80
Source: CoStar Property®
Existing Inventory Vacancy
Existing Inventory Vacancy
Existing Inventory Vacancy
Figures at a Glance
15 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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16 CoStar Retail Statistics ©2018 CoStar Group, Inc.
Las Vegas � First Quarter 2018
Las Vegas Retail Market
©2018 CoStar Group, Inc. CoStar Retail Statistics 17
First Quarter 2018 – Las Vegas
Las Vegas Retail MarketMarket Highlights – Class “A, B & C”
C e n t r a l E a s t L a s V e g a s M a r k e t
Deliveries, Absorption & Vacancy Historical Analysis, All Classes
Source: CoStar Property®
Vacant Space Quoted Rental RatesHistorical Analysis, All Classes Historical Analysis, All Classes
Source: CoStar Property® Source: CoStar Property®
Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates
2018 1q 1,058 15,835,756 1,700,590 10.7% (19,912) 0 0 0 0 $14.13
2017 4q 1,058 15,835,756 1,680,678 10.6% 221,127 1 3,600 0 0 $14.08
2017 3q 1,057 15,832,156 1,898,205 12.0% 90,110 0 0 1 3,600 $14.06
2017 2q 1,057 15,832,156 1,988,315 12.6% (70,192) 0 0 0 0 $14.04
2017 1q 1,057 15,832,156 1,918,123 12.1% (87,587) 1 14,160 0 0 $13.72
2016 4q 1,056 15,817,996 1,816,376 11.5% 29,538 2 20,240 1 14,160 $13.35
2016 3q 1,054 15,797,756 1,825,674 11.6% 77,556 0 0 3 34,400 $13.41
2016 2q 1,054 15,797,756 1,903,230 12.0% 105,788 1 6,430 2 20,240 $13.14
2016 1q 1,052 15,782,146 1,993,408 12.6% (85,994) 0 0 4 35,850 $13.10
2015 4q 1,052 15,782,146 1,907,414 12.1% 92,656 2 45,864 4 35,850 $12.91
2015 3q 1,050 15,736,282 1,954,206 12.4% 39,873 1 2,129 5 72,534 $12.75
2015 2q 1,049 15,734,153 1,991,950 12.7% (5,411) 0 0 5 71,583 $12.64
2015 1q 1,048 15,732,178 1,984,564 12.6% (68,894) 1 60,000 5 71,429 $12.26
2014 4q 1,047 15,672,178 1,855,670 11.8% (2,380) 0 0 4 107,839 $13.96
2014 3q 1,048 15,675,026 1,856,138 11.8% (838) 0 0 2 100,000 $14.62
2014 2q 1,049 15,680,246 1,860,520 11.9% (3,534) 1 40,258 1 60,000 $14.75
Source: CoStar Property®
UC InventoryDelivered InventoryExisting Inventory Vacancy
(0.150)
(0.100)
(0.050)
0.000
0.050
0.100
0.150
0.200
0.250
2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q 2018 1q
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
12.5%
13.0%
Delivered SF Absorption SF Vacancy
$13.50
$13.60
$13.70
$13.80
$13.90
$14.00
$14.10
$14.20
2017 1q 2017 3q 2018 1q
Dollars
/SF/Y
ear
0.00
0.50
1.00
1.50
2.00
2.50
2017 1q 2017 2q 2017 3q 2017 4q 2018 1q
Direct SF Sublet SF
16 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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KEY FACTS
26,416Population
35.93.0
AverageHousehold Size
$34,261Median Household
Income
INCOME
$34,261Median Household
Income
$16,219Per Capita Income
$15,632Median Net Worth
KEY FACTS
26,41635.9
Median Age
8,639Households
$29,556Median Disposable Income
1,6001,2008004000
HOUSEHOLD INCOME
200000+
150000-199999
100000-149999
75000-99999
50000-74999
35000-49999
25000-34999
15000-24999
0-14999
EDUCATION
31%
No HighSchool
Diploma 33%High School
Graduate
24%Some College 11%
Bachelor's/Grad/ProfDegree
EMPLOYMENT
35%White Collar
17%Blue Collar
47%Services
8.1%
UnemploymentRate
17 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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KEY FACTS
211,922Population
36.72.6
AverageHousehold Size
$32,403Median Household
Income
INCOME
$32,403Median Household
Income
$17,849Per Capita Income
$13,889Median Net Worth
KEY FACTS
211,92236.7
Median Age
78,646Households
$28,005Median Disposable Income
16,00012,0008,0004,0000
HOUSEHOLD INCOME
200000+
150000-199999
100000-149999
75000-99999
50000-74999
35000-49999
25000-34999
15000-24999
0-14999
EDUCATION
28%
No HighSchool
Diploma 31%High School
Graduate
28%Some College 13%
Bachelor's/Grad/ProfDegree
EMPLOYMENT
39%White Collar
19%Blue Collar
42%Services
8.1%
UnemploymentRate
18 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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KEY FACTS
549,881Population
34.42.9
AverageHousehold Size
$36,007Median Household
Income
INCOME
$36,007Median Household
Income
$17,375Per Capita Income
$15,364Median Net Worth
KEY FACTS
549,88134.4
Median Age
188,147Households
$30,869Median Disposable Income
30,00020,00010,0000
HOUSEHOLD INCOME
200000+
150000-199999
100000-149999
75000-99999
50000-74999
35000-49999
25000-34999
15000-24999
0-14999
EDUCATION
28%
No HighSchool
Diploma 32%High School
Graduate
27%Some College 13%
Bachelor's/Grad/ProfDegree
EMPLOYMENT
40%White Collar
22%Blue Collar
38%Services
7.9%
UnemploymentRate
19 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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$13.6 Billion in New Capital Investment is Driving Growth
1. Resorts World Las Vegas - $4.0 Billion 2. Las Vegas Stadium - $1.9 Billion
• $4 billion Strip resort project with a heavy Asian theme began construction in 2017. • Resorts World, developed by the Genting Group, is being built at the former site of the Stardust and Echelon. • Genting, which bought the site from Boyd in 2013 for $350 million, will be using the partially constructed Echelon structures for this property. • With a projected opening set for 2020, the initial phase will have 3,100 rooms, a 100,000-square-foot casino, shops and restaurants spread across its 88-acre site.
• The Oakland Raiders will move to Las Vegas for the 2020 NFL season. • The groundbreaking ceremony took place in November 2017 for a new $1.9 billion stadium just west of the Strip. • The venue’s horse-shoe shape, designed by Manica Architecture, would accommodate 65,000 spectators, 8,000 cars, tailgating amenities and mixed-use commercial facilities. • The design shows a retractable natural turf field. • This venue would also allow Las Vegas to host the annual Super Bowl.
1
2
34
5
6
7
8
910
20 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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3. Wynn Paradise Park - $1.5 Billion
5. Union Village - $1.2 Billion
4. Convention Center Expansion - $1.4 Billion
6. Switch - $1 Billion
• Wynn Resorts Ltd. is building its third hotel behind its two Las Vegas casinos, an ambitious Carnivale themed project called Wynn Paradise. • The $1.5 billion resort will take the place of the golf course and feature 1,500 rooms around a 38-acre lagoon, a small casino, restaurants and nightclubs. • The lake will have a white sandy beach, a boardwalk, water skiing, paddle boating, zip lines/gondola, and nightly fireworks.• Heavy duty construction should begin by spring 2018 with a 2020 debut.
• Union Village will be the first Integrated Health Village in the world, and is listed as the largest healthcare building project in the United States. • The $1.2 billion dollar, 155-acre planned development not only covers healthcare, but retail, entertainment, and senior living as well. • Approximately 355,000 square feet have been completed, totaling $300 million in work, with another 476,000 square feet to be under construction soon.
• Las Vegas Convention Center will be renovated and expanded into a $1.4 billion Las Vegas Global Business District. • Planned in four phases, new facilities will replace the 26-acre Riviera Hotel site, adding ±1.4 million square-feet of exhibit and meeting space. • Phase Two of the project is projected to be completed in 2020.• Expected to draw an additional 600,000 visitors a year, drive $2.1 billion in economic activity during construction and have an annual economic impact of $810 million when finished.
• Switch is a globally recognized leader in future-proof data center design, superscale cloud, unparalleled telecom gateways and energy sustainability. • Its Southern Nevada expansion includes a $1 billion data storage site on 200 acres near its two existing data storage facilities at South Jones Boulevard and the 215 Beltway. • Idea to link 50 million people within 14 milliseconds of data hosted at each of the company’s data hubs via a superloop of fiber optic cable connecting its Reno and Las Vegas supernaps sites, with a planned facilities in LA and SF.
21 The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness
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7. Project Neon - $1 Billion
9. Palms Renovation - $485 Million
8. Extreme Sports Park - $800 Million
10. Park MGM (Former Monte Carlo) - $450 Million
• Project Neon is the largest public works project in Nevada history. • $1 billion effort to redesign and widen Interstate 15 from the U.S. Highway 95 interchange to Sahara Avenue by July 2019. • Currently this road is the busiest stretch of highway in Nevada with 300,000 vehicles daily. Traffic through the corridor is expected to double by 2035.
• Station Casinos will enhance nearly every feature of the resort by investing $485 million in improvements. • Plans include redesigned/renovated hotel rooms, 60 new hotel rooms, 29,000 square foot nightclub, new 73,000 square foot pool club, several celebrity chef restaurants, new spa, meeting/convention space, new covered parking spaces, refresh of the Pearl Theater, renovated casino floor, and a new front desk registration area to name a few. • First phase underway and the second phase is expected to be completed by early 2019.
• Josh Kearney’s $800M extreme sports park called The Edge received county approval in 2017. • 130-acre at the SEC of Las Vegas Boulevard and Sunset Road, adjacent to Town Square Las Vegas, a 1.2M SF class A open air shopping, dining, office and entertainment center.• The Park is expected to have surfing/wake boarding/rock climbing/mountain biking/indoor skydiving/bungee jumping/zip lines and a 15-story, 640 room hotel with a casino, convention space, restaurants and two rooftop pools. • Project will take approximately 2.5 years to complete.
• A transformation occurring in Las Vegas is the conversion of the Monte Carlo into two hotels: a 2,700-room luxury resort Park MGM and a 292-room hotel NoMad Las Vegas. • This $450 million makeover is projected to be completed by the end of 2018. • The new resort will feature two hotels, redesigned rooms, an Italian market Eataly with cafes, walk-up counters and dine-in restaurants. • The properties will have amenities such as dining and casinos as well as a 5,300-seat theater at the Park MGM.
Roy FritzSenior Vice President
Jessica CegavskeVice President702-968-7321
Paul MiachikaExecutive Vice President
Cathy Jones, CPA, SIOR, CCIMCEO
Taylor VasquezAssociate
SunCommercial Real Estate, Inc.