Industrial-Zoned Flex
For Sale
Contact for pricing
2225 North Nellis Boulevard, Las Vegas, NV 89115
Hard-corner commercial property with industrial zoning and access to a major Las Vegas arterial.
Property Size7,500 SF
Price / SF$393.33
Days on Market46
Property Features for 2225 North Nellis Boulevard
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Retail, Industrial, Mixed Use
Zoning
IL
Site & Location
Traffic Count
47,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1985
Buildings
2
Tenancy
Multi
Listing Agency:
LIFE Realty District
Listed By:
Rene Escontrias · License #144067
Source:
Crexi
Added: Jul 16
Changed: Aug 29
Last Checked: Aug 29 at 3:32PM
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 LIFE Realty District
Investment Insights
Based on property information with market context.
This flex space is positioned at the intersection of North Nellis Boulevard and East Judson Avenue in Las Vegas. The property carries IL industrial zoning and was built in 1985. Potential applications identified for the site include warehouse, distribution, light manufacturing, showroom, and hybrid industrial-commercial operations, subject to independent verification of zoning, measurements, uses, and condition.
The hard-corner setting provides frontage along North Nellis Boulevard, where reported daily vehicle counts range from 31,000–47,000. The property is near I-15 and the Nellis Air Force Base community, with dense residential areas, schools, national tenants, and active commercial uses described in the surrounding area. Its location places business operations along a heavily traveled northeast Las Vegas corridor.
The hard-corner setting provides frontage along North Nellis Boulevard, where reported daily vehicle counts range from 31,000–47,000. The property is near I-15 and the Nellis Air Force Base community, with dense residential areas, schools, national tenants, and active commercial uses described in the surrounding area. Its location places business operations along a heavily traveled northeast Las Vegas corridor.
Key Highlights
- IL industrial zoning
- Hard corner at North Nellis Boulevard and East Judson Avenue
- Reported daily traffic of approximately 31,000–47,000 vehicles
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
$85,475
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
2.90%
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%
$1,709,500
$1.7M
Cap Rate 7%
$1,221,071
$1.2M
Cap Rate 9%
$949,722
$949.7K
Market Conditions
NOI Build-Up for 7,500 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
$121.5K $16.20/SF
− Vacancy
−$7.5K −$1.00/SF
EGI
$114.0K $15.20/SF
− OpEx
−$28.5K −$3.80/SF
NOI
$85.5K $11.40/SF
Area
ZIP 89115
Vacancy
6.20%
Lease Rate
$16.20 /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%
$1,709,500
Cap Rate 7%
$1,221,071
Cap Rate 9%
$949,722
Alternative Uses
Best Use
Specialty Retail
$1.22M
$1.07M – $1.42M
NOI $85,475 @ 7.0% cap · market cap 2.90%
Second Best
Warehouse
$1.15M
$1.01M – $1.34M
NOI $80,409 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$2.24M
$1.96M – $2.62M
NOI $156,960 @ 7.0% cap · market cap 5.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
47,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89115, NV
67,043
Population
21,670
Households
3.1
Avg Household Size
29
Median Age
9%
College-Educated
70%
High-School Grad
24.9 sq mi
ZIP Area
2,692
Density / Sq Mi
$49,648
Median Household Income
$32,198
Median Earnings
$1,294
Median Rent
$258,900
Median Home Value
Market
Vacancy Rate% for Industrial in Las Vegas, NV
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Nun But Flava — 5560 E Lake Mead Blvd, Las Vegas, NV 89156
Frequently Asked Questions
What type of property is this?
Flex space - Hard-corner commercial property with industrial zoning and access to a major Las Vegas arterial.
Where is this flex space located?
The property is located at 2225 North Nellis Boulevard Las Vegas, NV.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: IL industrial zoning; Hard corner at North Nellis Boulevard and East Judson Avenue; Reported daily traffic of approximately 31,000–47,000 vehicles
