Historic Fremont Street Redevelopment
For Sale
$2,200,000
1512 East Fremont Street, Las Vegas, NV 89101
Redevelopment opportunity with high visibility on Fremont Street.
Property Size14,266 SF
Price / SF$154.21
Days on Market214
Property Features for 1512 East Fremont Street
General Information
Standard status
Active
Size
14,266 SF
Property subtype
Retail
Building Details
Building Size
14,266 SF
Year Built
1970
Listing Agency:
MDL Group
(225) 284-0985
Listed By:
Buck Hujabre · License #NV #BS.1002453
(225) 284-0985
Source:
Corfac
Added: Jan 26
Changed: Aug 25
Last Checked: Aug 28 at 9:13AM
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 MDL Group
Investment Insights
Based on property information with market context.
The former Western Theatre on Fremont, currently operating as American Printing, presents a multitude of potential uses including retail, warehouse, office, showroom, or redevelopment. The property has frontage on Fremont Street, with visibility from nearby hotels and multifamily residences. A 50¢ theater ticket with the name “Western Theater” was discovered during a renovation, along with a popcorn bag. After its time as a theater, the building housed a Bicycle & Lawn Mower Shop, a Barber Shop, and a Furniture Store. In 1967, a printing company opened with two employees, occupying 500 square feet of this historic building. In 1968, 4 feet of fill and concrete were placed in the old theater to accommodate larger printing equipment. The building was remodeled in 1993. The building is approximately 14,266 square feet and includes a next-door parking lot. The property is near the corner of E. Fremont and 15th Street, within walking distance to Fremont Village and in proximity to the Fremont Redevelopment District. It has 100+ feet of frontage on Fremont Street and is approximately 1.4 miles from I-11 Freeway and includes one grade loading door.
Key Highlights
- Prime redevelopment opportunity with 100+ feet of frontage on Fremont Street and exceptional visibility.
- Rare, ±14,266 SF Office/Industrial/Showroom building in the desirable E. Fremont corridor.
- Multitude of potential uses: retail, office, warehouse, mixed‑use, or continued use as a printing operation.
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
$102,907
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
4.68%
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%
$2,058,140
$2.1M
Cap Rate 7%
$1,470,100
$1.5M
Cap Rate 9%
$1,143,411
$1.1M
Market Conditions
NOI Build-Up for 14,266 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
$137.0K $9.60/SF
− Vacancy
−$15.9K −$1.11/SF
EGI
$121.1K $8.49/SF
− OpEx
−$18.2K −$1.27/SF
NOI
$102.9K $7.21/SF
Area
Las Vegas, NV
Vacancy
11.60%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$2,058,140
Cap Rate 7%
$1,470,100
Cap Rate 9%
$1,143,411
Alternative Uses
Best Use
Retail
$4.60M
$4.03M – $5.37M
NOI $322,061 @ 7.0% cap · market cap 14.64%
Second Best
Office B
$3.14M
$2.74M – $3.66M
NOI $219,554 @ 7.0% cap · market cap 9.98%
Theoretical Best
Specialty Retail
$4.93M
$4.31M – $5.75M
NOI $345,065 @ 7.0% cap · market cap 15.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,370
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89101, NV
42,465
Population
18,258
Households
2.3
Avg Household Size
35
Median Age
11%
College-Educated
66%
High-School Grad
5.4 sq mi
ZIP Area
7,864
Density / Sq Mi
$38,653
Median Household Income
$29,471
Median Earnings
$1,008
Median Rent
$258,100
Median Home Value
Market
Vacancy Rate% for Office 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?
Flex space - Redevelopment opportunity with high visibility on Fremont Street.
Where is this flex space located?
The property is located at 1512 East Fremont Street Las Vegas, NV.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Prime redevelopment opportunity with **100+ feet of frontage on Fremont Street and exceptional visibility**.; Rare, ±14,266 SF Office/Industrial/Showroom building in the desirable E. Fremont corridor.; Multitude of potential uses: retail, office, warehouse, mixed‑use, or continued use as a printing operation.
