Las Vegas Music History
For Sale
$520,000
3701 Vegas Dr, Las Vegas, NV 89108
Former Musicians Union Building suitable for office, daycare, religious facilities.
Property Size1,346 SF
Price / SF$386.33
Days on Market210
Property Features for 3701 Vegas Dr
General Information
Standard status
Active
Size
1,346 SF
Class
C
Property subtype
Office
Building Details
Building Size
1,346 SF
Year Built
1954
Listing Agency:
MDL Group
(225) 284-0985
Listed By:
Buck Hujabre · License #NV #BS.1002453
(225) 284-0985
Source:
Corfac
Added: Jan 26
Changed: Aug 23
Last Checked: Aug 24 at 4:08AM
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 MDL Group
Investment Insights
Based on property information with market context.
This 1,346-square-foot property, formerly the Las Vegas Musicians Union Building, is located in the North Western Central submarket area and offers potential for office, daycare, and religious facility uses. The property includes air-conditioned, enclosed outdoor storage. Situated on a corner lot, the property features frontage on Vegas Drive and a large yard that could potentially be converted for parking. The location provides access to Rancho, the I-11 freeway, downtown, and the resort corridor.
Key Highlights
- Exceptional access to Rancho, the I‑11 freeway, downtown, and the resort corridor.
- Former Las Vegas Musicians Union Building - a piece of Las Vegas music history.
- Residential to Office conversion allows for a multitude of potential uses (office, daycare, religious facility, etc.).
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
$23,304
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%
$466,080
$466.1K
Cap Rate 7%
$332,914
$332.9K
Cap Rate 9%
$258,933
$258.9K
Market Conditions
NOI Build-Up for 1,346 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
$36.3K $27.00/SF
− Vacancy
−$5.3K −$3.92/SF
EGI
$31.1K $23.09/SF
− OpEx
−$7.8K −$5.77/SF
NOI
$23.3K $17.31/SF
Area
ZIP 89108
Vacancy
14.50%
Lease Rate
$27.00 /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%
$466,080
Cap Rate 7%
$332,914
Cap Rate 9%
$258,933
Alternative Uses
Best Use
Office B
$332.9K
$291.3K – $388.4K
NOI $23,304 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$455.5K
$398.6K – $531.5K
NOI $31,887 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 89108, NV
73,637
Population
28,377
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
80%
High-School Grad
8.9 sq mi
ZIP Area
8,274
Density / Sq Mi
$57,403
Median Household Income
$36,383
Median Earnings
$1,431
Median Rent
$304,400
Median Home Value
Market
Vacancy Rate% for Office 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?
Office space - Former Musicians Union Building suitable for office, daycare, religious facilities.
Where is this office space located?
The property is located at 3701 Vegas Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Exceptional access to Rancho, the I‑11 freeway, downtown, and the resort corridor.; Former Las Vegas Musicians Union Building - a piece of Las Vegas music history.; Residential to Office conversion allows for a multitude of potential uses (office, daycare, religious facility, etc.).
