Entertainment Mixed-Use Opportunity Zone
For Sale
$13,500,000
3355 Procyon St, Las Vegas, NV 89102
Prime location near Las Vegas Strip with existing licenses.
Property Size25,000 SF
Price / SF$540
Days on Market276
Property Features for 3355 Procyon St
General Information
Standard status
Active
Size
25,000 SF
Property subtype
Retail
Building Details
Building Size
25,000 SF
Year Built
2001
Listing Agency:
SVN | The Equity Group
(702) 502-1592
Listed By:
Al Barbagallo · License #NV #BS.20613
(702) 502-1592
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 22
Last Checked: Aug 24 at 3:23AM
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 SVN | The Equity Group
Investment Insights
Based on property information with market context.
This property is located at the southwest corner of Desert Inn Road and Procyon Street, approximately 1.5 miles west of the Las Vegas Strip. Situated on a 4.07-acre lot, the site features 318 feet of frontage on Desert Inn Road and 505 feet of frontage on Procyon Street, with traffic counts of 53,000 vehicles per day. The property includes 289 parking spaces. The existing building spans approximately 25,460 square feet, with an additional 4,000 square feet of storage including an electrical generation system. The property is equipped with interior and exterior cameras and iron fencing along the exterior property lines. Inside, there are separate rooms and a full kitchen. Previously operated as a night club, the property has existing liquor and entertainment use licenses. Zoned EM (Entertainment Mixed Use) and located within an Opportunity Zone, the property offers potential tax benefits and flexible zoning uses. It is strategically positioned between Area 15 and China Town on Spring Mountain Road. The property is suitable for entertainment, retail, high-rise residential, or hotel/casino development.
Key Highlights
- Prime "In‑Fill" property located 1.5 miles west of the Las Vegas Strip with high traffic counts.
- Priced below replacement cost at $156/SF.
- Zoned EM (Entertainment Mixed Use) and located in an "Opportunity Zone", offering potential tax benefits and liberal zoning uses.
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
$604,699
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
4.48%
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%
$12,093,980
$12.1M
Cap Rate 7%
$8,638,557
$8.6M
Cap Rate 9%
$6,718,878
$6.7M
Market Conditions
NOI Build-Up for 25,000 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
$855.0K $34.20/SF
− Vacancy
−$48.7K −$1.95/SF
EGI
$806.3K $32.25/SF
− OpEx
−$201.6K −$8.06/SF
NOI
$604.7K $24.19/SF
Area
Las Vegas, NV
Vacancy
5.70%
Lease Rate
$34.20 /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%
$12,093,980
Cap Rate 7%
$8,638,557
Cap Rate 9%
$6,718,878
Alternative Uses
Best Use
Specialty Retail
$8.64M
$7.56M – $10.08M
NOI $604,699 @ 7.0% cap · market cap 4.48%
Second Best
Retail
$8.06M
$7.05M – $9.41M
NOI $564,386 @ 7.0% cap · market cap 4.18%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,062
Businesses Nearby
Well-served
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 Retail in Las Vegas, NV
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Night club - Prime location near Las Vegas Strip with existing licenses.
Where is this night club located?
The property is located at 3355 Procyon St Las Vegas, NV.
What is the asking price?
The asking price for this property is $13,500,000.
What are key features of this property?
This property features: Prime "In‑Fill" property located 1.5 miles west of the Las Vegas Strip with high traffic counts.; Priced below replacement cost at $156/SF.; Zoned EM (Entertainment Mixed Use) and located in an "Opportunity Zone", offering potential tax benefits and liberal zoning uses.
