Office Units with Corner Lot
For Sale
Contact for pricing
3701 Vegas Dr, Las Vegas, NV 89108
Corner lot office units with enclosed outdoor storage with air-conditioning and strong frontage on Vegas Drive.
Property Size1,771 SF
Price / SF$293.62
Days on Market239
Property Features for 3701 Vegas Dr
General Information
Standard status
Active
Size
1,771 SF
Property subtype
OFFICE
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
enclosed outdoor storage with air-conditioning
large yard
Listing Agency:
MDL Group
(702) 388-1800
Listed By:
Buck Hujabre · License ##BS.1002453
(225) 284-0985
Source:
Moodyscre
Added: Jan 20
Changed: Sep 12
Last Checked: Sep 15 at 9:10AM
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.
Office units built from a residential-to-office conversion, offering flexibility for a range of possible uses including day care and religious facility uses. The property also includes enclosed outdoor storage with air-conditioning, plus a large yard behind the building that could potentially be converted for parking. The total property size is 1,771 SF.
Located on a corner lot with excellent visibility and great frontage on Vegas Drive, the site provides strong access to the resort corridor, Rancho, I-11 Freeway, and central Las Vegas.
For buyers evaluating adaptive reuse or multi-purpose office-oriented space, the combination of frontage, enclosed storage, and a rear yard supports a variety of operational layouts.
Located on a corner lot with excellent visibility and great frontage on Vegas Drive, the site provides strong access to the resort corridor, Rancho, I-11 Freeway, and central Las Vegas.
For buyers evaluating adaptive reuse or multi-purpose office-oriented space, the combination of frontage, enclosed storage, and a rear yard supports a variety of operational layouts.
Key Highlights
- 1,771 SF office units built from a residential‑to‑office conversion
- Enclosed outdoor storage with air‑conditioning
- Corner lot with excellent visibility
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
$30,663
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
5.90%
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%
$613,260
$613.3K
Cap Rate 7%
$438,043
$438.0K
Cap Rate 9%
$340,700
$340.7K
Market Conditions
NOI Build-Up for 1,771 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
$47.8K $27.00/SF
− Vacancy
−$6.9K −$3.92/SF
EGI
$40.9K $23.09/SF
− OpEx
−$10.2K −$5.77/SF
NOI
$30.7K $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%
$613,260
Cap Rate 7%
$438,043
Cap Rate 9%
$340,700
Alternative Uses
Best Use
Office B
$438.0K
$383.3K – $511.1K
NOI $30,663 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$599.4K
$524.5K – $699.3K
NOI $41,956 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Las Vegas, NV
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Frequently Asked Questions
What type of property is this?
Office units - Corner lot office units with enclosed outdoor storage with air-conditioning and strong frontage on Vegas Drive.
Where is this office units 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: 1,771 SF office units built from a residential‑to‑office conversion; Enclosed outdoor storage with air‑conditioning; Corner lot with excellent visibility
