Multi-Tenant Retail NNN
For Sale
$4,218,065
4500 E Bonanza Rd, Las Vegas, NV 89110
Stabilized 17-tenant retail and business park with extensive frontage and triple-net lease structure.
Property Size12,320 SF
Lot Size1.09 Acres
Price / SF$342.38
Days on Market57
Property Features for 4500 E Bonanza Rd
General Information
Standard status
Active
Size
12,320 SF
Lot size
1.09 Acres
Property subtype
Shopping Strip
Financials
Cap Rate
6.75%
Business Included
Yes
Site & Location
Traffic Count
26,700 vehicles/day
Highway Access
Yes
Amenities
The Las Vegas-Henderson-Paradise MSA has surged beyond 2.3 million residents, driven by net inbound migration from higher-cost West Coast markets.
The region's employment base has steadily diversified beyond gaming and hospitality to include healthcare, logistics, construction, and professional services.
With over 42 million visitors annually, demand for retail, dining, entertainment, and experiential uses continues to expand — supporting commercial real estate across multiple asset classes.
Building Details
Building Size
12,320 SF
Year Built
1997
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Las Vegas
(702) 215-7120
Listed By:
Dustin Alvino · License #License(s): NV: BS.0143692, NJ: 2294556
(702) 215-7120
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 8
Last Checked: Aug 22 at 3:45AM
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 Marcus & Millichap - Las Vegas
Investment Insights
Based on property information with market context.
Bonanza Lamb Business Park is a stabilized, multi-tenant retail and business park totaling 12,320 square feet, occupied by 17 tenants operating under predominantly triple-net lease structures. The property is described as having many tenants that recently executed new lease agreements, supporting long-term occupancy and near-term cash flow stability. The asset sits on approximately 1.09 acres and provides substantial visibility for day-to-day commercial activity.
The property is located along East Bonanza Road, identified as a primary commercial corridor serving the eastern Las Vegas Valley. With 621 feet of frontage and exposure to more than 26,700 vehicles per day, the site benefits from strong access and visibility. Convenient access to Interstate 95 is also noted in the offering materials.
For investors seeking an income-focused retail asset, this park offers in-place diversification across 17 tenants within a single multi-tenant configuration. The emphasis on predominantly triple-net lease structures and the presence of recent lease activity are positioned as key considerations for buyers evaluating stabilized operations and tenant mix within a heavily trafficked corridor.
The property is located along East Bonanza Road, identified as a primary commercial corridor serving the eastern Las Vegas Valley. With 621 feet of frontage and exposure to more than 26,700 vehicles per day, the site benefits from strong access and visibility. Convenient access to Interstate 95 is also noted in the offering materials.
For investors seeking an income-focused retail asset, this park offers in-place diversification across 17 tenants within a single multi-tenant configuration. The emphasis on predominantly triple-net lease structures and the presence of recent lease activity are positioned as key considerations for buyers evaluating stabilized operations and tenant mix within a heavily trafficked corridor.
Key Highlights
- 12,320 SF retail and business park built in 1997, occupied by 17 tenants.
- Predominantly triple‑net lease structure with tenants operating under NNN‑style arrangements.
- Approximately 1.09 acres with 621 ft of frontage along East Bonanza Road.
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
$175,179
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
4.15%
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%
$3,503,580
$3.5M
Cap Rate 7%
$2,502,557
$2.5M
Cap Rate 9%
$1,946,433
$1.9M
Market Conditions
NOI Build-Up for 12,320 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
$273.5K $22.20/SF
− Vacancy
−$23.2K −$1.89/SF
EGI
$250.3K $20.31/SF
− OpEx
−$75.1K −$6.09/SF
NOI
$175.2K $14.22/SF
Area
ZIP 89110
Vacancy
8.50%
Lease Rate
$22.20 /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%
$3,503,580
Cap Rate 7%
$2,502,557
Cap Rate 9%
$1,946,433
Alternative Uses
Best Use
Retail
$2.50M
$2.19M – $2.92M
NOI $175,179 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.05M
$3.55M – $4.73M
NOI $283,616 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26,700 VPD
Traffic count
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
731
Businesses Nearby
Explore this area
Business Placement
Demographics for 89110, NV
73,954
Population
23,701
Households
3.1
Avg Household Size
32
Median Age
10%
College-Educated
68%
High-School Grad
9.6 sq mi
ZIP Area
7,704
Density / Sq Mi
$54,858
Median Household Income
$34,509
Median Earnings
$1,292
Median Rent
$304,300
Median Home Value
Market
Vacancy Rate% for Retail in Las Vegas, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Stabilized 17-tenant retail and business park with extensive frontage and triple-net lease structure.
Where is this strip mall located?
The property is located at 4500 E Bonanza Rd Las Vegas, NV.
What is the asking price?
The asking price for this property is $4,218,065.
What are key features of this property?
This property features: 12,320 SF retail and business park built in 1997, occupied by 17 tenants.; Predominantly triple‑net lease structure with tenants operating under NNN‑style arrangements.; Approximately 1.09 acres with 621 ft of frontage along East Bonanza Road.
