Mixed-Use Property with Office
New
For Sale
$2,934,000
203 S Water St, Henderson, NV 89015
A gaming tenant occupies the ground floor, with Class B offices on the upper two levels.
Property Size13,019 SF
Price / SF$225.36
Days on Market1
Property Features for 203 S Water St
General Information
Standard status
Active
Size
13,019 SF
Class
Class B
Property subtype
Single-Tenant Office
Additional Details
Cap Rate
3.84%
Tenant in Place
Yes
Property Use
Mixed Use
Amenities
Prime Downtown Henderson Location- Situated in the heart of the Water Street District, a revitalized, walkable community featuring a dynamic mix of retail, dining, entertainment, and residentia
Outstanding owner-user opportunity, with the second and third floors currently occupied by month-to-month tenants, providing flexibility for an owner to occupy the space as needed
The ground floor is currently leased to Stick Tavern, allowing for immediate in-place income
Building Details
Building Size
13,019 SF
Year Built
2006
Buildings
1
Stories
3
Listing Agency:
Marcus & Millichap | Phoenix
Listed By:
Peter Bauman · License #License(s): AZ: SA647389000, NV: S.0186153
(602) 687-6685
Source:
Marcusmillichap
Added: Oct 30
Last Checked: Oct 30 at 3:00PM
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 Marcus & Millichap | Phoenix
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Investment Insights
Based on property information with market context.
This 13,019-square-foot, three-story mixed-use building was completed in 2006. A gaming tenant occupies the first floor, while Class B office space fills the second and third floors, creating a vertical mix of commercial uses within one property.
The building is at 203 S Water St in downtown Henderson, Nevada.
The building is at 203 S Water St in downtown Henderson, Nevada.
Key Highlights
- 13,019 square feet across three stories
- Gaming tenant on the first floor
- Class B office space on the second and third floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$213,632
Cap Rate
7.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,272,640
$4.3M
Cap Rate 7%
$3,051,886
$3.1M
Cap Rate 9%
$2,373,689
$2.4M
Market Conditions
NOI Build-Up for 13,019 SF
Gross rent
$345.3K $26.52/SF
− Vacancy
−$60.4K −$4.64/SF
EGI
$284.8K $21.88/SF
− OpEx
−$71.2K −$5.47/SF
NOI
$213.6K $16.41/SF
Area
ZIP 89015
Vacancy
17.50%
Lease Rate
$26.52 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,272,640
Cap Rate 7%
$3,051,886
Cap Rate 9%
$2,373,689
Alternative Uses
Best Use
Office B
$3.05M
$2.67M – $3.56M
NOI $213,632 @ 7.0% cap · market cap 7.28%
Second Best
Mixed Use
$2.57M
$2.25M – $2.99M
NOI $179,662 @ 7.0% cap · market cap 6.12%
Theoretical Best
Specialty Retail
$4.56M
$3.99M – $5.32M
NOI $319,244 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,355
Businesses Nearby
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Business Placement
Demographics for 89015, NV
41,203
Population
16,812
Households
2.5
Avg Household Size
41
Median Age
20%
College-Educated
89%
High-School Grad
37.3 sq mi
ZIP Area
1,105
Density / Sq Mi
$71,300
Median Household Income
$41,509
Median Earnings
$1,324
Median Rent
$373,700
Median Home Value
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - A gaming tenant occupies the ground floor, with Class B offices on the upper two levels.
Where is this mixed-use property located?
The property is located at 203 S Water St Henderson, NV.
What is the asking price?
The asking price for this property is $2,934,000.
What are key features of this property?
This property features: 13,019 square feet across three stories; Gaming tenant on the first floor; Class B office space on the second and third floors
