Retail Center Near 215
For Sale
Contact for pricing
2165 E Windmill Ln, Las Vegas, NV 89123
Vons shadow-anchored retail center in southeast Las Vegas.
Property Size5,529 SF
Price / SF$415.99
Days on Market288
Property Features for 2165 E Windmill Ln
General Information
Standard status
Active
Size
5,529 SF
Property subtype
Retail
Zoning
Commercial
Building Details
Stories
1
Listing Agency:
New Market Commercial Real Estate Advisors
Listed By:
Makayla Hicks · License #S.0182727
Source:
Crexi
Added: Nov 25, 2025
Changed: Sep 8
Last Checked: Sep 8 at 6:56AM
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 New Market Commercial Real Estate Advisors
Investment Insights
Based on property information with market context.
This retail property is a Vons shadow-anchored center situated in a prime southeast Las Vegas location. The property benefits from its proximity to the 215 beltway. The surrounding area is densely residential. Located at a signalized, high-traffic intersection, the center features a diverse tenant mix with a strong local presence. Ample surface parking is available, and the property offers excellent visibility. It is also located in close proximity to Henderson and Las Vegas International Airport. The property has a size of 5529 square feet.
Key Highlights
- Vons Shadow‑Anchored Center
- Signalized, High‑Traffic Intersection
- Prime Southeast Las Vegas Location
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
$124,819
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
5.43%
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%
$2,496,380
$2.5M
Cap Rate 7%
$1,783,129
$1.8M
Cap Rate 9%
$1,386,878
$1.4M
Market Conditions
NOI Build-Up for 5,529 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
$189.1K $34.20/SF
− Vacancy
−$10.8K −$1.95/SF
EGI
$178.3K $32.25/SF
− OpEx
−$53.5K −$9.68/SF
NOI
$124.8K $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%
$2,496,380
Cap Rate 7%
$1,783,129
Cap Rate 9%
$1,386,878
Alternative Uses
Best Use
Retail
$1.78M
$1.56M – $2.08M
NOI $124,819 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.91M
$1.67M – $2.23M
NOI $133,735 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,209
Businesses Nearby
148k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Groceries 32%
Shops & Services 24%
Electronics 2%
Smith's
Groceries
47,887 visits/mo
0.2 miles
McDonald's
Dining
33,727 visits/mo
0.2 miles
Smith's Fuel Center
Shops & Services
16,733 visits/mo
0.1 miles
Jack in the Box
Dining
16,592 visits/mo
0.1 miles
ARCO
Shops & Services
6,510 visits/mo
0.2 miles
Demographics for 89123, NV
55,584
Population
25,246
Households
2.2
Avg Household Size
42
Median Age
32%
College-Educated
92%
High-School Grad
10.4 sq mi
ZIP Area
5,345
Density / Sq Mi
$80,992
Median Household Income
$46,838
Median Earnings
$1,641
Median Rent
$424,900
Median Home Value
Market
Vacancy Rate% for Retail in Las Vegas, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Vons shadow-anchored retail center in southeast Las Vegas.
Where is this shopping center located?
The property is located at 2165 E Windmill Ln Las Vegas, NV.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Vons Shadow‑Anchored Center; Signalized, High‑Traffic Intersection; Prime Southeast Las Vegas Location
