Walgreens Drug
For Sale
Contact for pricing
2995 East Flamingo Road, Las Vegas, NV 89121
Freestanding drug store leased to Walgreens with extended renewal options and established operations at the property.
Property Size13,905 SF
Price / SF$285.68
Days on Market19
Property Features for 2995 East Flamingo Road
General Information
Standard status
Active
Size
13,905 SF
Property subtype
Retail
Lease Type
NN
Net Operating Income
$288,000
Additional Details
Traffic Count
47,000 vehicles/day
Building Details
Year Built
1996
Tenancy
Single
Listing Agency:
Bang Realty
Listed By:
Brian Brockman · License #BRK.200900214
(888) 737-2264
Source:
Crexi
Added: Aug 17
Changed: Sep 3
Last Checked: Sep 3 at 2:21AM
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 Bang Realty
Investment Insights
Based on property information with market context.
The 13,905-square-foot Walgreens drug store was built in 1996 and has operated at the property for over 29 years. The lease includes 5 years of firm term remaining, followed by 7 options of 5 years each. The asset occupies a prominent position on Flamingo Road, a major east-west corridor in Las Vegas with combined traffic exceeding 47,000 vehicles per day.
The property is positioned within an infill setting of retail and residential uses, with more than 194,000 residents within a 3-mile radius. UNLV’s Maryland Campus is approximately 2 miles away and enrolls more than 33,000 students while employing over 3,000 faculty and staff. The Las Vegas Strip and Harry Reid International Airport are each roughly 3 miles from the property; the airport handles more than 55 million passengers annually.
The property is positioned within an infill setting of retail and residential uses, with more than 194,000 residents within a 3-mile radius. UNLV’s Maryland Campus is approximately 2 miles away and enrolls more than 33,000 students while employing over 3,000 faculty and staff. The Las Vegas Strip and Harry Reid International Airport are each roughly 3 miles from the property; the airport handles more than 55 million passengers annually.
Key Highlights
- 13,905‑square‑foot Walgreens drug store built in 1996
- Over 29 years of Walgreens operations at the property
- 5 years of firm lease term remaining
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
$219,942
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%
$4,398,840
$4.4M
Cap Rate 7%
$3,142,029
$3.1M
Cap Rate 9%
$2,443,800
$2.4M
Market Conditions
NOI Build-Up for 13,905 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
$317.0K $22.80/SF
− Vacancy
−$23.8K −$1.71/SF
EGI
$293.3K $21.09/SF
− OpEx
−$73.3K −$5.27/SF
NOI
$219.9K $15.82/SF
Area
ZIP 89121
Vacancy
7.50%
Lease Rate
$22.80 /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%
$4,398,840
Cap Rate 7%
$3,142,029
Cap Rate 9%
$2,443,800
Alternative Uses
Best Use
Specialty Retail
$3.14M
$2.75M – $3.67M
NOI $219,942 @ 7.0% cap · market cap 5.54%
Second Best
Retail
$2.67M
$2.34M – $3.12M
NOI $187,029 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$3.61M
$3.16M – $4.21M
NOI $252,591 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
47,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
1,719
Businesses Nearby
Well-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.
Similar Off Market Nearby
- Back to Basics — 2373 Renaissance Dr, Las Vegas, NV 89119
- DOSE OF BEAUTY MED SPA — 4472 S Eastern Ave, Las Vegas, NV 89119
- PRIME CARE PHARMACY ( a specialty pharmacy ) — 4445 S Eastern Ave STE 2, Las Vegas, NV 89119
- Luscious Curves Beauty — 4472 S Eastern Ave Suite 7, Las Vegas, NV 89119
- Candy Moss — 4225 S Eastern Ave, Las Vegas, NV 89119
Frequently Asked Questions
What type of property is this?
Drug store - Freestanding drug store leased to Walgreens with extended renewal options and established operations at the property.
Where is this drug store located?
The property is located at 2995 East Flamingo Road Las Vegas, NV.
What is the asking price?
The asking price for this property is $3,972,413.
What are key features of this property?
This property features: 13,905‑square‑foot Walgreens drug store built in 1996; Over 29 years of Walgreens operations at the property; 5 years of firm lease term remaining
