Freestanding Drive-Thru
For Sale
$5,320,000
8500 W Cheyenne Ave, Las Vegas, NV 89129
Absolute NNN Walgreens with drive-thru pharmacy on a large parcel with prominent building and pylon signage.
Property Size13,805 SF
Lot Size1.47 Acres
Price / SF$385.37
Days on Market98
Property Features for 8500 W Cheyenne Ave
General Information
Standard status
Active
Size
13,805 SF
Lot size
1.47 Acres
Property subtype
Retail
Site & Location
Traffic Count
54,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Tenancy
Single
Listing Agency:
Las Vegas
(702) 727-3778
Listed By:
Adam Malan · License #63542
(702) 727-3778
Source:
Colliers
Added: May 18
Changed: Aug 10
Last Checked: Aug 22 at 3:33AM
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.
Exclusive offering of an Absolute NNN leased Walgreens featuring a freestanding drive-thru pharmacy. The property includes a 13,805 SF building on a 1.47-acre parcel with prominent building and pylon signage.
The site is located just west of the I-11 Freeway at a signalized intersection of W Cheyenne Ave. and N Rampart Blvd, with 181,000 VPD on I-11 and combined traffic counts exceeding 54,000 VPD. Nearby national co-tenants in the area include Albertsons, Ace Hardware, CareNow Urgent Care, Ace Primary Care, Starbucks, McDonald’s, Bank of America, Burger King, and others.
The asset serves the northwest Las Vegas trade area, including Summerlin, Pueblo, and Desert Shores communities. Nearby demand drivers cited include MountainView Hospital, Summerlin Hospital, Suncoast Hotel Casino, Rampart Hotel Casino, and Bettye Wilson Soccer Complex.
The site is located just west of the I-11 Freeway at a signalized intersection of W Cheyenne Ave. and N Rampart Blvd, with 181,000 VPD on I-11 and combined traffic counts exceeding 54,000 VPD. Nearby national co-tenants in the area include Albertsons, Ace Hardware, CareNow Urgent Care, Ace Primary Care, Starbucks, McDonald’s, Bank of America, Burger King, and others.
The asset serves the northwest Las Vegas trade area, including Summerlin, Pueblo, and Desert Shores communities. Nearby demand drivers cited include MountainView Hospital, Summerlin Hospital, Suncoast Hotel Casino, Rampart Hotel Casino, and Bettye Wilson Soccer Complex.
Key Highlights
- Absolute NNN single‑tenant Walgreens with drive‑thru pharmacy
- ±13,805 SF freestanding building on a ±1.47‑acre parcel
- Prominent building and pylon signage
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
$333,915
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
6.28%
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%
$6,678,300
$6.7M
Cap Rate 7%
$4,770,214
$4.8M
Cap Rate 9%
$3,710,167
$3.7M
Market Conditions
NOI Build-Up for 13,805 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
$472.1K $34.20/SF
− Vacancy
−$26.9K −$1.95/SF
EGI
$445.2K $32.25/SF
− OpEx
−$111.3K −$8.06/SF
NOI
$333.9K $24.19/SF
Area
Las Vegas, NV
Vacancy
5.70%
Lease Rate
$34.20 /SF/Yr
Expense Ratio
25.00%
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%
$6,678,300
Cap Rate 7%
$4,770,214
Cap Rate 9%
$3,710,167
Alternative Uses
Best Use
Specialty Retail
$4.77M
$4.17M – $5.57M
NOI $333,915 @ 7.0% cap · market cap 6.28%
Second Best
Retail
$4.45M
$3.90M – $5.19M
NOI $311,654 @ 7.0% cap · market cap 5.86%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
54,000 VPD
Traffic count
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89129, NV
54,067
Population
21,941
Households
2.5
Avg Household Size
39
Median Age
33%
College-Educated
93%
High-School Grad
10.0 sq mi
ZIP Area
5,407
Density / Sq Mi
$87,544
Median Household Income
$48,690
Median Earnings
$1,767
Median Rent
$420,400
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.
Similar Off Market Nearby
- Eugene Naval — 8320 W Cheyenne Ave, Las Vegas, NV 891292147
- COVID-19 Drive-Thru Testing at Walgreens — 8500 W Cheyenne Ave, Las Vegas, NV 89129
- CVS Pharmacy — 8320 W Cheyenne Ave, Las Vegas, NV 89129
- Refill Pharmacy — 8536 Del Webb Blvd, Las Vegas, NV 89134
- Walgreens Pharmacy — 8500 W Cheyenne Ave, Las Vegas, NV 89129
Frequently Asked Questions
What type of property is this?
Drug store - Absolute NNN Walgreens with drive-thru pharmacy on a large parcel with prominent building and pylon signage.
Where is this drug store located?
The property is located at 8500 W Cheyenne Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $5,320,000.
What are key features of this property?
This property features: Absolute NNN single‑tenant Walgreens with drive‑thru pharmacy; ±13,805 SF freestanding building on a ±1.47‑acre parcel; Prominent building and pylon signage
