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    Residential Development Opportunity in Las Vegas Title is generated by Realmo AI

    W Patrick LOT, Las Vegas, NV 89118

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    Pending
    $775,000

    LAND - Las Vegas, NV

    Lot size:
    1.93 Acres
    Added:
    Nov 14, 2024
    Days on Market:
    541
    Last Refresh:
    May 9 at 6:06 am

    Property Features for W Patrick LOT

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    APN
    163-35-301-011
    Lot size
    1.93 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1870

    Utilities

    Utilities
    Electricity Available
    Water source
    Public

    We can help!

    Listing Contact
    Kameliya Durova

    Listing agent Kameliya Durova License #S.0174825

    Listing office Signature Real Estate Group 2200 Paseo Verde Pkwy 300, Las Vegas, NV

    Listing date Nov 14, 2024

    MLS# 2633036 Listing URL

    Copyright © 2026 Las Vegas REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Approved for 4‑LOT Single Family Residence subdivision.
    • 1.93 Acres Lot suitable for 4 Luxury Custom Homes.
    • No HOA fees.
    • Located in the heart of Spring Valley, surrounded by Multi‑Million Luxury Estates.
    • Minutes away from the Las Vegas Strip, Raiders Stadium, and T‑Mobile Arena.
    • Easy access to HWY 215 and Harry Reid International Airport.

    Overview

    This 1.93-acre lot presents a development opportunity for residential construction in Southwest Las Vegas. The property, located in the heart of Spring Valley, offers potential for building four luxury custom homes on spacious home sites of almost half an acre each. The subdividing process for a four-lot single-family residence has commenced and received approval. The property is surrounded by multi-million dollar luxury estates and has no Home Owners Association. Its location provides convenient access to the Las Vegas Strip, entertainment venues such as the Raiders Stadium and T-Mobile Arena, Highway 215, and Harry Reid International Airport.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Las Vegas
    County
    Clark
    State
    Nevada
    Longitude
    -115.234328
    Latitude
    36.077423

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    FAQs

    What type of property is this?
    Residential land & home lot - 1.93 acres for residential development, near the Las Vegas Strip.
    Where is this residential land & home lot located?
    The property is located at W Patrick LOT Las Vegas, NV.
    What is the asking price?
    The asking price for this property is $775,000.
    What are key features of this property?
    This property features: Approved for 4‑LOT Single Family Residence subdivision.; 1.93 Acres Lot suitable for 4 Luxury Custom Homes.; No HOA fees.
    (702) 666-2555
    We can help!
    Listing Contact
    Kameliya Durova
    Real Estate License ID: S.0174825
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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