EOS Fitness Anchored Retail
For Sale
$30,814,000
5045 W Tropicana Ave, Las Vegas, NV 89103
74,809 SF retail center anchored by EOS Fitness.
Property Size74,809 SF
Price / SF$411.90
Days on Market97
Property Features for 5045 W Tropicana Ave
General Information
Standard status
Active
Size
74,809 SF
Property subtype
Retail
Listing Agency:
Las Vegas
(702) 727-3778
Listed By:
Adam Malan · License #63542
(702) 727-3778
Source:
Colliers
Added: May 18
Changed: Aug 20
Last Checked: Aug 22 at 3:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Las Vegas
Investment Insights
Based on property information with market context.
Trop Plaza is a retail center of approximately 74,809 square feet, anchored by EOS Fitness and other national tenants, including Denny’s, Starbucks, and Walgreens (NAP). The property is located along W. Tropicana Avenue, a heavily trafficked east/west thoroughfare in Las Vegas, Nevada, near the Las Vegas Strip and Stadium District. Situated at the signalized intersection of W. Tropicana Avenue and S. Decatur Boulevard, the property benefits from visibility, dual-street frontage, and strong traffic counts of approximately 84,000 vehicles per day. It also has access to the I-15 Freeway (approximately 177,000 vehicles per day), I-11 Freeway (approximately 229,000 vehicles per day), the CC 215 Beltway (approximately 119,000 vehicles per day), and the Las Vegas Strip. The center features a mix of national and regional tenants and boasts a 78-month WALT and staggered lease expirations. Value-add potential exists through vacancy lease-up and mark-to-market rents. The center is adjacent to The Orleans Hotel & Casino (1,886 Rooms) and Tahiti Resort (174 Suites) and surrounded by a trade area with approximately 385,753 residents within a 5-mile radius and average household incomes exceeding $93,137. The immediate area features a daytime population of over 660,343 consumers.
Key Highlights
- EOS Fitness anchored retail center with national tenants like Denny’s, Starbucks, and Walgreens.
- Strategically located on W. Tropicana Avenue near the Las Vegas Strip and Stadium District.
- Exceptional visibility and high traffic counts (±84,000 VPD) at the intersection of W. Tropicana Avenue and S. Decatur Boulevard.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$1,688,845
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$33,776,900
$33.8M
Cap Rate 7%
$24,126,357
$24.1M
Cap Rate 9%
$18,764,944
$18.8M
Market Conditions
NOI Build-Up for 74,809 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$2.56M $34.20/SF
− Vacancy
−$145.8K −$1.95/SF
EGI
$2.41M $32.25/SF
− OpEx
−$723.8K −$9.68/SF
NOI
$1.69M $22.58/SF
Area
Las Vegas, NV
Vacancy
5.70%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$33,776,900
Cap Rate 7%
$24,126,357
Cap Rate 9%
$18,764,944
Alternative Uses
Best Use
Retail
$24.13M
$21.11M – $28.15M
NOI $1,688,845 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$25.85M
$22.62M – $30.16M
NOI $1,809,476 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,406
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89103, NV
49,461
Population
25,470
Households
1.9
Avg Household Size
39
Median Age
20%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
7,609
Density / Sq Mi
$48,311
Median Household Income
$33,520
Median Earnings
$1,300
Median Rent
$273,800
Median Home Value
Market
Vacancy Rate% for Retail in Las Vegas, NV
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - 74,809 SF retail center anchored by EOS Fitness.
Where is this shopping center located?
The property is located at 5045 W Tropicana Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $30,814,000.
What are key features of this property?
This property features: EOS Fitness anchored retail center with national tenants like Denny’s, Starbucks, and Walgreens.; Strategically located on W. Tropicana Avenue near the Las Vegas Strip and Stadium District.; Exceptional visibility and high traffic counts (±84,000 VPD) at the intersection of W. Tropicana Avenue and S. Decatur Boulevard.
