Industrial Flex
For Sale
Contact for pricing
2441 WESTERN AVE LAS VEGAS NV 89102-4815, Las Vegas, NV 89102
M-zoned property combines substantial office, warehouse, and support areas within a fenced commercial facility.
Property Size27,204 SF
Lot Size1.32 Acres
Price / SF$216.88
Days on Market12
Property Features for 2441 WESTERN AVE LAS VEGAS NV 89102-4815
General Information
Standard status
Active
Size
27,204 SF
Class
B
Total Parking Spaces
60
Lot size
1.32 Acres
Property subtype
Retail, Industrial
Zoning
M
Lease Type
NNN
Investment Type
Owner/User
Warehouse & Industrial
Warehouse Space
15,580 SF
Office Build-Out
11,624 SF
Mezzanine
6,323 SF
Additional Details
Fenced Yard
Yes
Amenities
kitchen
breakroom
conference room
storage
bathrooms
security system
Building Details
Year Built
1980
Buildings
1
Units
1
Building Size
27,204 SF
Listing Agency:
Investors Realty Group
Listed By:
Mark Schnippel · License #B.0012136.LLC
Source:
Crexi
Added: Aug 24
Changed: Sep 1
Last Checked: Sep 1 at 9:14PM
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 Investors Realty Group
Investment Insights
Based on property information with market context.
This M-zoned flex property includes approximately 27,204 SF of improvements on 1.32 acres. The layout combines 11,624 sf of first-floor office space with 15,580 sf of warehouse area, including a 6,323 sf mezzanine. Interior support areas include approximately 27 offices, a bull pen area, kitchen, breakroom, conference room, storage, and bathrooms.
The building has a reported 20,881 sf footprint and was constructed in 1980. Security infrastructure includes card access tied to the alarm system and shutter operation. The site is enclosed by cinderblock walls with razor wire, a wrought iron front gate, and additional razor wire along the roof perimeter. The property is located at 2441 Western Ave. in Las Vegas, Nevada.
The building has a reported 20,881 sf footprint and was constructed in 1980. Security infrastructure includes card access tied to the alarm system and shutter operation. The site is enclosed by cinderblock walls with razor wire, a wrought iron front gate, and additional razor wire along the roof perimeter. The property is located at 2441 Western Ave. in Las Vegas, Nevada.
Key Highlights
- ±27,204 SF industrial building on 1.32 acres
- 11,624 sf first‑floor office area and 15,580 sf warehouse space
- Warehouse includes a 6,323 sf mezzanine
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
$418,670
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
7.10%
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%
$8,373,400
$8.4M
Cap Rate 7%
$5,981,000
$6.0M
Cap Rate 9%
$4,651,889
$4.7M
Market Conditions
NOI Build-Up for 27,204 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
$652.9K $24.00/SF
− Vacancy
−$94.7K −$3.48/SF
EGI
$558.2K $20.52/SF
− OpEx
−$139.6K −$5.13/SF
NOI
$418.7K $15.39/SF
Area
Las Vegas, NV
Vacancy
14.50%
Lease Rate
$24.00 /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%
$8,373,400
Cap Rate 7%
$5,981,000
Cap Rate 9%
$4,651,889
Alternative Uses
Best Use
Office B
$5.98M
$5.23M – $6.98M
NOI $418,670 @ 7.0% cap · market cap 7.10%
Second Best
Warehouse
$2.80M
$2.45M – $3.27M
NOI $196,234 @ 7.0% cap · market cap 3.33%
Theoretical Best
Specialty Retail
$9.40M
$8.23M – $10.97M
NOI $658,009 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2,016
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 89102, NV
36,035
Population
16,964
Households
2.1
Avg Household Size
36
Median Age
18%
College-Educated
75%
High-School Grad
5.3 sq mi
ZIP Area
6,799
Density / Sq Mi
$48,518
Median Household Income
$30,703
Median Earnings
$1,206
Median Rent
$363,200
Median Home Value
Market
Vacancy Rate% for Office in Las Vegas, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - M-zoned property combines substantial office, warehouse, and support areas within a fenced commercial facility.
Where is this flex space located?
The property is located at 2441 WESTERN AVE LAS VEGAS NV 89102-4815 Las Vegas, NV.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: ±27,204 SF industrial building on 1.32 acres; 11,624 sf first‑floor office area and 15,580 sf warehouse space; Warehouse includes a 6,323 sf mezzanine
