Retail Property with
For Sale
Contact for pricing
2991 West Lake Mead Boulevard, North Las Vegas, NV 89032
Drive-through retail setup with an in-place laundromat tenant and a sizable vacant suite for owner use or leasing.
Property Size6,600 SF
Price / SF$212.12
Days on Market101
Property Features for 2991 West Lake Mead Boulevard
General Information
Standard status
Active
Size
6,600 SF
Total Parking Spaces
47
Property subtype
Retail
Zoning
Neighborhood Commercial (C-1)
Occupancy
48%
Lease Type
Gross
Investment Type
Value Add
Site & Location
Traffic Count
17,295 vehicles/day
Highway Access
Yes
Building Details
Year Built
2002
Units
2
Tenancy
Multi
Listing Agency:
Avison Young - Las Vegas
Listed By:
James Griffis, SIOR · License #S.0170947
(702) 715-0809
Source:
Crexi
Added: Jun 1
Changed: Aug 26
Last Checked: Sep 8 at 6:58AM
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 Avison Young - Las Vegas
Investment Insights
Based on property information with market context.
2991 W. Lake Mead Blvd. is a 6,600 SF retail property arranged to support both occupied and flexible space. The building includes a 3,440 SF vacant suite that can be used for owner occupancy or prepared for lease-up, alongside a long-term laundromat tenant providing in-place income. The property also offers drive-thru capability, pylon signage, and ample on-site parking to serve customer traffic effectively.
The asset is located on the Lake Mead Boulevard corridor in North Las Vegas and is positioned for visibility with approximately 17,295 vehicles per day, according to the provided materials. The site is also described as less than one mile from the future HYLO Park redevelopment, a planned 73-acre, $300M–$600M+ mixed-use project expected to add residential, retail, hospitality, and entertainment uses to the area.
This configuration can fit an owner-user who wants storefront visibility and a drive-thru approach while retaining a dedicated vacant suite for their own operations or for future leasing. For investors, the mix of a long-term tenant and an available suite provides straightforward options within a single retail asset on a high-traffic roadway.
The asset is located on the Lake Mead Boulevard corridor in North Las Vegas and is positioned for visibility with approximately 17,295 vehicles per day, according to the provided materials. The site is also described as less than one mile from the future HYLO Park redevelopment, a planned 73-acre, $300M–$600M+ mixed-use project expected to add residential, retail, hospitality, and entertainment uses to the area.
This configuration can fit an owner-user who wants storefront visibility and a drive-thru approach while retaining a dedicated vacant suite for their own operations or for future leasing. For investors, the mix of a long-term tenant and an available suite provides straightforward options within a single retail asset on a high-traffic roadway.
Key Highlights
- Two‑story retail building built in 2002 totaling 6,600 SF
- Includes 3,440 SF vacant suite for owner occupancy or lease‑up
- Long‑term laundromat tenant provides in‑place income
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
$79,501
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
5.68%
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%
$1,590,020
$1.6M
Cap Rate 7%
$1,135,729
$1.1M
Cap Rate 9%
$883,344
$883.3K
Market Conditions
NOI Build-Up for 6,600 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
$118.8K $18.00/SF
− Vacancy
−$5.2K −$0.79/SF
EGI
$113.6K $17.21/SF
− OpEx
−$34.1K −$5.16/SF
NOI
$79.5K $12.05/SF
Area
North Las Vegas, NV
Vacancy
4.40%
Lease Rate
$18.00 /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%
$1,590,020
Cap Rate 7%
$1,135,729
Cap Rate 9%
$883,344
Alternative Uses
Best Use
Retail
$1.14M
$993.8K – $1.33M
NOI $79,501 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.56M – $2.08M
NOI $125,025 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17,295 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
15k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 84%
Dining 16%
7-Eleven
Shops & Services
11,455 visits/mo
0.1 miles
Domino's Pizza
Dining
2,445 visits/mo
0.1 miles
U-Haul Moving & Storage at W Lake Mead Blvd
Shops & Services
1,302 visits/mo
0.1 miles
Demographics for 89032, NV
47,324
Population
16,514
Households
2.9
Avg Household Size
36
Median Age
16%
College-Educated
82%
High-School Grad
10.0 sq mi
ZIP Area
4,732
Density / Sq Mi
$74,661
Median Household Income
$40,155
Median Earnings
$1,646
Median Rent
$346,500
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Drive-through retail setup with an in-place laundromat tenant and a sizable vacant suite for owner use or leasing.
Where is this retail space located?
The property is located at 2991 West Lake Mead Boulevard North Las Vegas, NV.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two‑story retail building built in 2002 totaling 6,600 SF; Includes 3,440 SF vacant suite for owner occupancy or lease‑up; Long‑term laundromat tenant provides in‑place income
