Anchored Retail Center in Las
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4945-5045 W Tropicana Ave, Las Vegas, NV 89103
74,809 SF retail center anchored by EOS Fitness.
Property Size74,809 SF
Price / SF$411.90
Days on Market108
Property Features for 4945-5045 W Tropicana Ave
General Information
Standard status
Active
Size
74,809 SF
Class
A
Property subtype
Retail
Zoning
Commercial General (CG)
Occupancy
94%
Lease Type
NNN
Net Operating Income
$2,066,623
Building Details
Year Built
2000
Tenancy
Multi
Listing Agency:
Colliers - Las Vegas, Nevada
(702) 735-5700
Listed By:
Deana Marcello · License #NV 174174
Source:
Crexi
Added: May 13
Changed: Aug 19
Last Checked: Aug 28 at 11:34AM
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 Colliers - Las Vegas, Nevada
Investment Insights
Based on property information with market context.
Trop Plaza is a retail center with approximately 74,809 square feet, anchored by EOS Fitness. The property is located in Las Vegas, Nevada, along W. Tropicana Avenue, near the Las Vegas Strip and Stadium District. National tenants include Denny’s, Starbucks, and Walgreens (NAP). The center is positioned at the signalized intersection of W. Tropicana Avenue and S. Decatur Boulevard, offering visibility and dual-street frontage. Traffic counts are approximately 84,000 vehicles per day. It also has access to the I-15 Freeway (approximately 177,000 VPD), I-11 Freeway (approximately 229,000 VPD) and the CC 215 Beltway (approximately 119,000 VPD) and the Las Vegas Strip. The tenant mix is internet resistant and service-oriented, with national and regional tenants. The center has a 78-month WALT and staggered lease expirations, providing in-place income alongside value-add potential through vacancy lease-up and mark-to-market rents. The center is adjacent to The Orleans Hotel & Casino (1,886 Rooms) and Tahiti Resort (174 Suites). The surrounding trade area has approximately 385,753 residents within a 5-mile radius and average household incomes exceeding $93,137. The immediate area features a daytime population of over 660,343 consumers.
Key Highlights
- EOS Fitness anchored retail center with national tenants like Denny's, Starbucks, and Walgreens.
- Strategically located on W. Tropicana Avenue near the Las Vegas Strip and Stadium District.
- Exceptional visibility and high traffic counts (±84,000 VPD) at a signalized intersection.
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
$1,688,845
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
5.48%
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%
$33,776,900
$33.8M
Cap Rate 7%
$24,126,357
$24.1M
Cap Rate 9%
$18,764,944
$18.8M
Market Conditions
NOI Build-Up for 74,809 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
$2.56M $34.20/SF
− Vacancy
−$145.8K −$1.95/SF
EGI
$2.41M $32.25/SF
− OpEx
−$723.8K −$9.68/SF
NOI
$1.69M $22.58/SF
Area
Las Vegas, NV
Vacancy
5.70%
Lease Rate
$34.20 /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%
$33,776,900
Cap Rate 7%
$24,126,357
Cap Rate 9%
$18,764,944
Alternative Uses
Best Use
Retail
$24.13M
$21.11M – $28.15M
NOI $1,688,845 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$25.85M
$22.62M – $30.16M
NOI $1,809,476 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,406
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 89103, NV
49,461
Population
25,470
Households
1.9
Avg Household Size
39
Median Age
20%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
7,609
Density / Sq Mi
$48,311
Median Household Income
$33,520
Median Earnings
$1,300
Median Rent
$273,800
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?
Shopping center - 74,809 SF retail center anchored by EOS Fitness.
Where is this shopping center located?
The property is located at 4945-5045 W Tropicana Ave Las Vegas, NV.
What is the asking price?
The asking price for this property is $30,814,000.
What are key features of this property?
This property features: EOS Fitness anchored retail center with national tenants like Denny's, Starbucks, and Walgreens.; Strategically located on W. Tropicana Avenue near the Las Vegas Strip and Stadium District.; Exceptional visibility and high traffic counts (±84,000 VPD) at a signalized intersection.
