Retail Building offered at $5,250,000 ($143.44/SF)7.94% Cap
Executive Summary
Flamingo Courtyard for exclusive acquisition—an opportunistic ±36,601 square foot multi-tenant retail/office property offering exceptional investment potential. Constructed in 1985 and renovated in 2016, this asset combines prime location and high occupancy to deliver robust cash flow, with significant opportunities to enhance curb appeal, re-tenant spaces, and increase rents for long-term value appreciation.
Fully leased with a WALT of two and a half (2.5) years, making it an attractive opportunity for value-add investors. The property is anchored by Movement Fitness, which occupies sixty-seven (67%) percent of the center, invested a significant amount into tenant improvements, and recently signed a five-year renewal. Additional tenants include a church, private salon suites, Allstate insurance agency, and an accounting firm, showcasing a well-rounded tenant mix.
Flamingo Courtyard is strategically located in the affluent, established area of Central East Las Vegas. Situated in between S. Eastern Avenue & S. Pecos Road with frontage along a busy E. Flamingo Road boasting an average daily traffic count of ±43,000. The asset is less than a 15-minute drive to and from the Harry Reid International Airport, Interstate-15, Interstate-215, and the Las Vegas Strip.
Property Facts
Sale Type Investment Property
Type Retail Property Subtype Storefront
Retail/Office Building Size36,601 SF Building Class C Year Built/Renovated1985/2016 Price$5,250,000Price Per SF$143.44 Cap Rate7.94% NOI $416,898
Percent Leased100%
Tenancy Multiple Building Height 1 Story Building
FAR0.27 Lot Size3.11 AC ZoningCG - General Commercial Parking139 Spaces (3.8 Spaces per 1,000 SF Leased) Frontage 120’ on Flamingo Rd