Vegas Valley Plaza Retail
For Sale
Contact for pricing
Pending
2835 S Nellis Blvd, Las Vegas, NV 89121
49,139 SF shadow-anchored retail center in Sunrise Manor, Las Vegas.
Property Size49,139 SF
Days on Market165
Property Features for 2835 S Nellis Blvd
General Information
Standard status
Pending
Size
49,139 SF
Class
B
Property subtype
Retail
Zoning
Clark County Commercial General (CG)
Occupancy
97%
Lease Type
NNN
Investment Type
Value Add
Building Details
Year Built
1992
Buildings
4
Stories
1
Units
22
Tenancy
Multi
Listing Agency:
Colliers - Las Vegas, Nevada
(702) 873-4500
Listed By:
David Grant · License #NV BS 21567
Source:
Crexi
Added: Mar 13
Changed: Aug 8
Last Checked: Jul 24 at 4:11PM
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 Colliers - Las Vegas, Nevada
Investment Insights
Based on property information with market context.
The Vegas Valley Plaza is a 49,139 square foot retail center anchored by Albertson’s, CVS, and El Pollo Loco, with R Burgers as a shadow anchor. It is located in the established Sunrise Manor neighborhood of Clark County, Las Vegas, Nevada. The property is situated at the northwest corner of S. Nellis Boulevard and Vegas Valley Drive, approximately one and one-half miles east of the I-95 Freeway and one and one-half miles north of Boulder Highway. The plaza benefits from its location at a signalized intersection along Nellis Boulevard, surrounded by national retailers such as Smith’s Food & Drug, Walgreens, Auto Zone, Bank of America, Planet Fitness, DD’s Discounts, Dollar General, 7-Eleven, Arco-Rebel, McDonald’s Chevron, Popeye’s, Dutch Bros., Burger King, Starbucks, Taco Bell, Jack in the Box, Carl’s Jr., and the United States Post Office.
Key Highlights
- Shadow‑anchored by Albertson’s, CVS, and El Pollo Loco, providing consistent customer traffic.
- Located in a well‑established, mature neighborhood in Sunrise Manor, Las Vegas.
- Strategically positioned at a signalized intersection on the northwest corner of S. Nellis Boulevard and Vegas Valley Drive.
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
$660,944
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
5.54%
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%
$13,218,880
$13.2M
Cap Rate 7%
$9,442,057
$9.4M
Cap Rate 9%
$7,343,822
$7.3M
Market Conditions
NOI Build-Up for 49,139 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
$1.03M $21.00/SF
− Vacancy
−$87.7K −$1.79/SF
EGI
$944.2K $19.22/SF
− OpEx
−$283.3K −$5.76/SF
NOI
$660.9K $13.45/SF
Area
ZIP 89121
Vacancy
8.50%
Lease Rate
$21.00 /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%
$13,218,880
Cap Rate 7%
$9,442,057
Cap Rate 9%
$7,343,822
Alternative Uses
Best Use
Retail
$9.44M
$8.26M – $11.02M
NOI $660,944 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.75M
$11.16M – $14.88M
NOI $892,635 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89121, NV
68,692
Population
29,012
Households
2.4
Avg Household Size
39
Median Age
16%
College-Educated
78%
High-School Grad
9.2 sq mi
ZIP Area
7,467
Density / Sq Mi
$54,667
Median Household Income
$32,776
Median Earnings
$1,306
Median Rent
$288,400
Median Home Value
Market
Vacancy Rate% for Retail 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?
Shopping center - 49,139 SF shadow-anchored retail center in Sunrise Manor, Las Vegas.
Where is this shopping center located?
The property is located at 2835 S Nellis Blvd Las Vegas, NV.
What is the asking price?
The asking price for this property is $11,923,000.
What are key features of this property?
This property features: Shadow‑anchored by Albertson’s, CVS, and El Pollo Loco, providing consistent customer traffic.; Located in a well‑established, mature neighborhood in Sunrise Manor, Las Vegas.; Strategically positioned at a signalized intersection on the northwest corner of S. Nellis Boulevard and Vegas Valley Drive.
